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The Huffington1 Post recently reported; that getting a loan for your small business, it may come down to where you go, not whom you know. Banking Grades2, a new grading tool found that some of the nation's biggest banks have the worst performance in terms of small-business lending.
Meanwhile, banks that recorded the best small-business lending performance are the ones most entrepreneurs could not readily identify by name.
This may not be a coincidence. Alternative lending institutions generally are much better at making small-business loans than bigger well-known banks. This is because loan officers and credit officers typically work more closely with loan applicants by working on a loan together, the officer can find the best way to get it done, based on your business’ specific needs . Small-business loans typically require careful thought and creativity.
Experian Business Loan Finder excels in matching you with the right type of loan for your needs.
One of the biggest ironies in the lending and banking world is the actual definition of “small” in the term “small business loan.” The Small Business Administration3 defines “small” as a retail business earning $7 million a year in revenue.
Ninety-eight percent of businesses earn less than $1 million a year in revenue. Classifying businesses in arbitrary size categories causes traditional banks to miss out on many sound and ultimately profitable investments. That’s why evaluating every business based on its need is at the forefront of how we match businesses with lenders.
By considering your business and its unique needs, we can match you with a lender and financial products and services tailored to meet your needs. Experian Business Loan Finder has worked with hundreds of businesses, both small and large. Each business is matched with a lender that works hard to understand the specific needs of the business and is dedicated to finding creative lending solutions appropriate for both parties.
Losina Art Center, located in San Diego, Calif., has created an environment where beginners, emerging artists, and accomplished professionals can learn and work creatively together. Almost immediately after the art center opened its doors, the need to expand to meet customer demand became apparent.
Owners Billy Beatty, and his wife Olya Losina, did what most small business owners do. They started visiting the banks in the area to find a loan. Unfortunately, going bank to bank isn’t the best way to find financing.
After completing a profile, the owners were connected to a lender willing to finance their business. Before long, the business had the capital it needed to expand and grow.
We work with thousands of small-business owners every year. Each business is matched with a lender that works hard to understand the specific needs of the business – and is dedicated to finding creative lending solutions that are most appropriate to the situation.
There are no fees to start or to set up your account, with your business loan information.
1Huffington Post, Best Banks For Small Business Loans, May 2012
2Banking Grades, bankinggrades.com
3USAGOVINFO.About.com, 13 CFR 121