There are numerous features that are associated with the business loans, banks and private funders offer these and the features are completely different for each. Generally banks are not in favor of funding small businesses and the reason for this is simple, banks consider funding small businesses a ‘high risk investment’.
As a private funder Funding Easily does provide quick business loans to small businesses, and our qualification criteria are simple and practical, thus enabling small business to qualify for funding. Mentioned below here are our qualification criteria.
- The owner of the business should not be in any form of active bankruptcy at the time of the loan application.
- The business should be at least 12 months old and a running business for that duration of time.
- The gross monthly sale of the business needs to be at least $10 thousand or over for the business. This would be before taxes and expenses.
These criteria are very different from those of banks, and there are many reasons that it is so. Small businesses generally are unable to qualify for bank loans, no matter how hard they try. In a way the criteria of banks are designed to weed out those with weaker credentials. As a result on an average 90% of all small business loan applications are rejected by banks. On an average banks do not provide fast business loans, and basically there is no procedure of speed of funding associated with banks.
There are other advantages associated with the funding we provide for businesses. As mentioned here we do not require high credit scores. On the contrary we often work with credit scores that are below average and at times in the mid to low 500s, and we still provide them with easy business loans. Banks on the other hand require high credit scores and will not entertain an application whose credit scores are not above average or in the 700s.
To know more about our online business loans contact us. Our funding team will provide you with the information you require. On the other hand you can click on the ‘apply now’ tab and fill in our easy form yourself.