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Which Type of Working Capital Financing Option is Right for Your Business?

 

There are several types of working capital financing options available to small business, but not every business will qualify for every option. There are hundreds of banks, credit unions and finance companies in the lending market, each with unique credit criteria and repayment terms. Choosing the provider(s) that best meet your business’ needs can save thousands of dollars in fees and many hours of confusing, frustrating research...

 

That’s where the Digital Commerce Group’s deep working knowledge of the lenders market will help! We are NOT a computer program matching generic data points to produce the easiest, fastest result. We know most business owners have questions they want answered before making an important financial commitment… ​

 

Evaluation / comparison of Lenders’ approval criteria & products saves $1,000s

 

Our objective is to get your business approved for the working capital amount requested, in the timeframe required, with the most favorable repayment terms possible. Our brief (4 minutes) pre-funding application  helps us understand your specific financing requirements. Once complete, we can identify the providers whose approval criteria best aligns with your requirements and credit history. The process moves quickly, with minimal administrative effort on your part because we manage the entire process on your behalf: ​

  • A dedicated funding consultant to work with you through the entire process​
  • Provide a checklist of required supporting documentation​ 
  • Create the loan evaluation package​
  • Complete the loan application(s) ​
  • Forward completed applications to you for electronic signature ​
  • Submit electronic applications and all supporting loan documentation to chosen providers​
  • All within 24 hours of your initial consultation with our credit experts ​
 

Understanding Your Funding Options​

 

Line of Credit
Learn More
Cash Advance
Learn More
Short Term Loan
Learn More

 

 

Nearly half of small business owners applied for a business loan at banks

 

Application Rates

 

Lender type Business Applicants
Large banks 48%
Small banks 47%
Online lenders 24%
Other lenders 18%
Credit unions 9%
CDFI 5%

* Source: 

https://www.fedsmallbusiness.org/medialibrary/fedsmallbusiness/files/2018/sbcs-employer-firms-report.pdf

 

 

 

Type of financing a businesses applies for impacts approval rates

 

Approval rates

 

Loan type Approval rate
Auto or equipment loan 82%
Merchant cash advance 79%
Line of credit 69%
SBA loan 54%

* Source: 

https://www.fedsmallbusiness.org/medialibrary/fedsmallbusiness/files/2018/sbcs-employer-firms-report.pdf

 

 

According to The Federal Reserve, identified the top reasons businesses applied for financing

 

Loan Reason

 

Borrowing reason Percent of businesses
Invest in a new opportunity
59%
Cover operating expenses
43%
Refinance
26%

* Source: 

https://www.fedsmallbusiness.org/medialibrary/fedsmallbusiness/files/2018/sbcs-employer-firms-report.pdf

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