Before online lending, small businesses would have to jump through hoops to access the financing they needed to grow. Traditional lenders – the brick and mortar banks – require commercial borrowers to live up to strict lending requirements, making it next to impossible for startups and many smaller companies to get adequate financing. Not only that but the approval process for banks can take weeks – if not months.
This simply isn’t viable for businesses that need capital right now to take advantage of bulk discounts, invest in growth resources, or to fund their business expenses while waiting on payments from clients.
This is why the flexibility and agility of online lending companies and innovative lending solutions have become so important to small businesses. Online financial services companies like Capital Dude, an easy lending company based in New York, are changing the playing field – in a way that benefits the little guy.
Mom and pop shops, blossoming startups, and lean small businesses are using innovative lending solutions to power their growth.
Just how big are the benefits? A study by NDP Analytics, “The Economic Benefits of Online Lending to Small Businesses and the US Economy,” found that online lenders provided almost $12 billion in funding to 180,000 small businesses in the US between 2015 and 2017.
That’s huge!
This funding helped to generate $37.7 billion in gross output. It also is behind the creation of over 350k jobs, and added $12.6 billion in wealth to American communities.
At Capital Dude, we are so proud to be a part of this movement. Small businesses are the backbone of the American economy. And, without innovative lending, it’s difficult for them to thrive.
As an easy lending company, our customers can apply for a business loan fast. In fact, it takes less than five minutes! We understand business owners don’t have time to fill out a lot of paperwork and to go through a tedious process just to get the right funding, so we make the process seamless.
Once you apply online, we’ll get back to you within a few hours to let you know how much your business qualifies for. Even more useful, you can find out about financing without it impacting your credit score. This is critical as you can make a smart decision about your funding options without hurting your credit.
And the best part? Once you’re approved, you’ll see the funds in your business bank account in less than 48 hours.
It’s this level of speed, agility, and transparency that has made innovative online lenders such a huge benefit to businesses. When you can access funds right away, you can hire the talent you need now. You can invest in a technology solution that will help you get ahead of your competitors. You can use the capital to take advantage of a growth opportunity that’s time-sensitive or to expand your product line quickly. Essentially, with fast funding, you can grow.
According to the NDP report, for every $1 lent to small businesses, sales increased by $2.31. That’s how smart, efficient, easy lending works.
Ready to grow your business with fast, easy lending? Get in touch with us or apply for your loan today.
