At First Union Lending, we have a mission that revolves around more than just making money for our investors. Our investors know and are happy knowing that they come second to the small business owner.
We have an unwavering belief that small and medium-sized businesses deserve the right to access the capital they need to succeed.
99.9% of all businesses in the United States are small businesses operated by hard-working people who have the tenacity to take their life into their own hands as well as the incredible task of being responsible for the people they employ. First Union Lending applauds small businesses, the champions of our economy.
Small business owners employ close to 60% of the working population of the US and generate more than 50 trillion dollars in revenue yearly. They are also the highest contributor to taxes in our country, yet surveys show that the average business owner rates their happiness with their small business at a five on a scale of 1-10.
Why are such hard-working, dedicated people so “meh” when it comes to their businesses? The number one reason for the incredibly high failure rate, the loss of love, hope, and accomplishment that business owners once had when they were opening their business? The traditional banking system has forgotten about small businesses, therefore creating a lack of access to capital.
The era of your local bank and personal relationship is going by way of the dinosaur. Smaller banks are being consolidated by the already “too big to fail” banks that do nothing more than figure out every way possible to nickel and dime their customers to death, breaking laws without consequence and putting their profits before their customers. This is evident by the CEOs of the big banks raking in 10’s of millions of dollars in compensation. At the same time, being at the helm of those banks blamed for the financial crisis of 2008, the scandals of fraud, and fake customer account creation, not only cheating their customers but their investors too.
Traditional banks approved less than 25% of the business who applied for loans. Most of these businesses were required to be in existence for more than five years. The owners needed to have credit scores in the mid 700’s and so many other different, hard to meet criteria that make it almost impossible to qualify for a loan, such as collateral. Yet, those same banks helped devise the system that keeps most small business owners with lower credit scores due to credit card over-utilization because they have to run their businesses off their personal credit cards.
These are the same banks that will let you personally guarantee a business credit card and won’t report the credit card usage to the credit bureaus so that you can’t build personal or business credit, keeping you ineligible for loans with them in the future.
At First Union Lending, we see you, small business owner, we hear you, and we are on your side. We have a deep belief and a mission, no, a duty to provide business owners with easy access to the capital needed for them to achieve their dreams and goals. To continue to create, mentor, and grow the workforce that is the United States and, more importantly, for all of us to continue to be the main driving force behind our economy.
Our culture is not one of profits. It’s one of sticking to our beliefs and committing to our purpose of helping businesses prosper.
First Union Lending is the only alternative lender that provides so many different types of loans. From equipment financing to SBA guaranteed loans, lines of credit, fair merchant cash advances, and even the lowest cost credit card processing found anywhere.
At First Union Lending, our goal is to build long term lasting relationships by providing business owners with what they need when they need it. We pride ourselves on being educated, knowledgeable, and caring about how we conduct business. We have voluntarily acquired much of the same licensing required by more traditional banks to not only regulate ourselves but to cement our fiduciary responsibility to our clients, into our entire culture.
We are not here to sell money; we’re here to consult, help you save, and guide you and your business to success. Because when your business succeeds, so does ours.
The growing alternative lending (Fintech or Financial Technology) market provided close to 60% of small businesses with that same access to capital.
The alternative business lending space is growing at such a fast rate that it will take even more market share in the years to come. So much so that traditional banks are now trying to partner up with alternative lenders, but not for the reasons you may think. While they are trying to partner up, they are keeping quiet about it, only interested in retaining profits, the profits being stripped from them by the alternative lenders. The general public and business owners have been losing confidence in traditional banking institutions and now on the defense as they try to partner with alternative lenders.