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What Makes the Small Business Loan Program So Effective?

Small Business Loan Program

The small business community has changed a lot over the last few years. Some of these developments were spurred by necessity – as in, the banks got really nervous about lending money to anyone right around 2008, forcing companies to go elsewhere to secure the necessary capital. Sometimes, when an industry goes through these kinds of changes, they’ll never really go back.

Case in point: the trend toward alternative lending solutions. When banks grew weary of lending money during the economic crisis, many small businesses were left without a reliable source of funding. Even now, it’s not just the banks that are hesitant to pull the trigger. A lot of small businesses have become very debt averse, meaning that the prospect of such long-term loan commitments has made a lot of them shy away from traditional financing.

At RapidAdvance, our goal has always been to support business owners with a range of simple and convenient financial options. Our priority and responsibility as your financing partner is to make sure you have the funds you need in a timely manner.

The economy may be in recovery, but that doesn’t mean those traditional financial institutions have loosened up their restrictions. Over the years, we’ve been able to address this problem by offering our Small Business Loan Program. Our streamlined application process eliminates many of the traditional obstructions and complications that make traditional bank loans complex and stressful.

We’re not here to approve or deny your application based only on stringent FICO scores. Instead, we have developed an alternative approach to small business lending.

A Look at the Benefits

So what, exactly, makes our loan program stand out from traditional options?

1.  Quick and Simple Application Process

You don’t have to dread the application process when you leave traditional lending behind. We don’t require the same lengthy applications and documents that banks do. In fact, there is only a single page that you will have to fill out to apply.

Did you ever think you could complete a business loan application in around 30 minutes? Most small businesses average 25 hours filling out all the papers for a loan – and that’s with each bank they approach. That’s a lot of wasted time if it only ends in a denial.

At RapidAdvance, approval for small business loans can be determined within 24 hours and the funds deposited in your account within a few days. The sooner you get the financing, the sooner you can make those critical investments in your business.

2.  High Approval Rate

Over the years, we’ve provided more than $700 million in working capital to tens of thousands of small business owners. Our approval rates are higher than those at banks, which is possible because of our alternative methods to determine a company’s future potential.

Where traditional lenders look at a business owner’s personal credit history and various key metrics about the company, we focus on the future. We are more interested in your current cash flow and performance than some arbitrary numbers that may not actually have anything to do with your ability to generate revenue.

3.  Affordable Repayment Plans

Once you receive your loan, we will base the repayment plan on your individual business situation. We understand that every company is different, and our goal is to provide a method that works well with your unique circumstances.

4.  Qualifying for Additional Capital

If you qualify for funding through one of our programs, you might also be eligible for some of our other financial options and additional capital. As your business continues to grow, we want to be there to help.

Changing the Way You Do Business

In an article written for Harvard Business School, Karen Mills, the former SBA administrator, said: “these alternative players have the potential to fundamentally change the way in which small businesses access capital.” She went on to say that this is because the players in this space are “pushing innovation within the lending sector in the same ways in which other online startups such as Amazon.com changed retail and Square changed the small business payments business.”

A Forbes article about the same subject mentions a book by Charles Green, titled “Bankers Guide to New Small Business Financing,” in which the author stops using the term “alternative lenders” in favor of “innovative lenders.”

Our Small Business Loan Program can help change the way you do business. This might be the perfect time to learn about some alternatives – or should we say: innovations – to secure your business financing quickly and easily.

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