ORLANDO, FL – When it comes to loans for small and medium-sized businesses, the landscape can be quite tough. Current bank standards make it nearly impossible for any entity other than a large corporation to receive commercial funding. Enter: alternative lenders. While the rise of online and alternative lenders has been evident over the course of the past decade, perhaps now more than ever such financial institutions are really making their presence felt—especially as it pertains to helping out those companies otherwise overlooked by traditional banks.
One such trailblazer: First Union Lending. Orlando based, the company provided over 50 million in loans to businesses across the state of Florida and nationwide in 2019. The game-changer in the case of First Union Lending seems to be the flexibility they offer those who are otherwise used to receiving rejection after rejection. This is true across the finance industry. The way in which commercial loans are administered is increasingly evolving. Following the events of 2008, many small businesses had little hope of procuring any sort of funding, but companies such as First Union Lending are completely reinventing traditional mindsets regarding what constitutes an acceptable risk as far as business loans are concerned.
They are transparent and open about their commitment to getting small business owners the cash they require, and to this end, they’ve created several new funding programs that address the working capital needs of all types of companies. Not to mention, First Union Lending does not operate according to a “hurry up and wait” mindset; in other words, once the company supplies the requisite documents, on their end, First Union Lending is all about getting it done. They even offer programs in which a business is eligible to receive one of their brand new, even more, flexible lines of credit within as little as 24 hours. These new flexible lines of credit are a welcome addition to their existing business funding options which include SBA Loans, Merchant Cash Advances, Equipment Financing and just about any other funding products a business may need.
Additionally, the Florida-based alternative lender is invested in addressing the plight of startups. As it stands, brand new business ventures have little chance of finding any sort of funding anywhere. With no track record of which to speak, banks are quick to reject. While First Union Lending cannot provide loans to those right out of the gate, they do have a program in place in which a business that has been operational and has had cash flowing for three months can, in fact, qualify for one of their loan programs.
Beyond the efforts they are making to help smaller companies grow, First Union Lending is also all about giving back to the community they call home. This coming year they are doubling the donation to local charities as well as supplying computers to area Orange County schools. First Union Lending’s inclusive mentality without question extends to their local efforts while they continue to wholeheartedly embrace a small business-friendly approach.