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…
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:
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:
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:
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:
Copyright © 2019 DueClix.com. All Rights Reserved.
Powered by DueClix.com