According to the SBA, about half to two-thirds of small businesses are skipping the big banks and seeking financing from non-traditional sources.
Before you call the bank and begin a traditional loan process, review these three important reasons that an online application can be a good option for funding your small business, and learn how to get an SBA loan to grow!
There are lots of reasons small business owners might need a loan faster than traditional banks can offer. What if you had the chance to purchase deeply discounted inventory and expand your product line? Do you need to launch marketing initiatives or buy new equipment? These reasons might be time sensitive and banks are known to move very slowly.
Going the online route can speed up the process and help you avoid headaches. The opportunity to upload documents online makes the application process a breeze. No more mailing, faxing or hand delivery.
Have you considered an SBA loan? This type of funding is known as the “gold standard” with very low rates and long terms. However, you might have heard that the application process is cumbersome and takes lots of time. SmartBiz has solved that problem with a streamlined, online application process and dedicated Relationship Managers on hand to help guide borrowers. To learn about our “white glove concierge service, visit our TrustPilot review page featuring comments from real customers.
SmartBiz Loans isn’t a lender but we work with several traditional banks, helping to speed up the pre-qualification and application process. We match you with the bank most likely to fund your business loan so approvals are much higher. Not only are you more likely to get approved with SmartBiz, we don’t ask for unnecessary documents.
We only ask for the paperwork required by the bank funding your loan. As far as speed goes, your business can pre-qualify in 5 minutes and receive funds as fast as 7 days after the SmartBiz application is complete. Timing does depend on the required documentation and size of loan. Being organized can get the process going quickly.
2. Less Rejection
While there are signs that banks are increasing their lending to small businesses, it’s estimated that big banks still approve less than one in five small business loan applications. Sometimes, banks don’t explain the reason for the turn down at all. Since SmartBiz facilitates SBA loans from a number of banks, we are able to get you to a “yes” faster.
3. Long Repayment Terms
There are lenders who require weekly or even daily payments. Short terms equal large payments. Long terms keep small business owners from struggling to make payments and protects cash flow needed for day-to-day operations.