With the rise of alternative and online lenders, more and more small businesses are beginning to realize their dreams of expansion and growth. Bank standards have become close to impossible for smaller companies to meet. From needing a high FICO to annual revenue criteria, if you're a newer business especially, you're probably going to find it very difficult to qualify for traditional financing. And this is precisely why online lending is so terrific for small businesses. Not only are you more likely to get approval, but the speed at which the entire process unfolds is much faster than with traditional lenders. So what types of businesses, according to recent surveys, seem to be going more toward online funding…
Home-based businesses. The great thing about living in a technologically driven world is that you can work from home far more easily than even just a decade ago. That said, people working out of their houses are doing some truly dynamic things. From selling products that they get wholesale, to offering handmade items such as furnishings and crafts, home-based businesses can now also qualify for commercial funding thanks to online lending.
Construction companies. Numbers are high, especially for those in residential construction as home buying is picking up. Builders need equipment and supplies—online lenders are a great resource. In construction, quite often deals need to be made quickly. Having to wait weeks or months for a bank to come through just won't work. With online lending, builders can get funded in as little as two days.
MedicalHealthcare offices. With the aging Baby Boomer population, the country's healthcare needs are on the rise. From physical therapy centers to general practices, to assisted living facilities, there is a huge demand for all sorts of medicalhealth-related organizations. And this is why online lenders are increasingly specializing in loan programs geared directly to the healthcare field.
There are so many companies out there in need of funding—all industries, across numerous fields, and unfortunately, traditional lending sources seem to be drying up as far as the smaller businesses go. At First Union, we love working with small companies. It doesn't have to be a struggle to get the money you need when you need it. Call today!