The internet has always been known as a way of connecting people to new things or things they can’t find locally. The same goes for small business owners looking for a small business loan. The internet has enabled banks and lenders to create new ways of connecting with potential borrowers. Companies like Fundera, Can Capital, and SmartBiz have created cloud based platforms that enable small business owners to simplify the process of finding and/or obtaining a small business loan. Gone are the days where small business owners are limited to seeking funding from their local banks and credit unions. Each of these companies have created unique, immediate ways (that are continuously growing in popularity) of connecting small business owners to cold, hard cash.
Find Funding Here — The Primary Players
There are 3 major online sources where you can find a combination of traditional small business loans, SBA guaranteed small business loans, and alternative small business loans. Below is a list and a brief description of the type of financing services they’re offering to small businesses like yours.
- Fundera – Fundera offers an online platform where entrepreneurs can pre-apply for funding through their network of certified lenders. Applicants are matched with lenders based on their initial pre-qualification application. Their lenders are very reliable and chosen through a rigorous grading system that consists of good online recommendations, low interest rates, and exceptional customer support. Small business owners can apply for a variety of different small business loans including term loans, lines of credit, etc.
- Can Capital – The good people at Can Capital offer a broader range of loan programs to small businesses based on their actual (and estimated) future sales. There is less of a focus on the personal credit history and assets of the borrower and more focus on the business sales and revenue. Small business owners can apply for merchant cash advances and short term business loans up to $150,000.
- SmartBiz – SmartBiz is catering to small businesses that want to take advantage of the billions in dollars of SBA guaranteed loans that are awarded each year. Their biggest appeal is the length of time it takes to get an SBA loan using their system. Typically, applying for and acquiring an SBA loan can take up to 90 days. However, SmartBiz shortens the process to as little as 2 weeks. Small business owners can apply for up to $150,000 in SBA loans using SmartBiz.
How They Can Benefit You
Finding a small business loan may sound easy but if you are not well-versed in finance, you may have quite a bit of trouble. If you want to find a bank or lender that’s most suitable for you, you’ll need to pool them together and weed them out based on your needs and their criteria. Online sources such as Fundera, Can Capital, and SmartBiz can help you with that. Their purpose is to simply the funding process and make your life easier. Seeking their help may be a wise decision!