Small businesses often find an oasis of credit opportunity in a much-discussed draught of SME lending in today’s market. Small enterprise lending is on the rise, however, according to the latest data, and one alternative lender is looking to boost that trend further with a new way for businesses to surpass the lofty application process.
Online alternative financer SnapCap revealed last week that it has rolled out a new option for small business owners looking to access working capital without the wait. Its new Express Review option provides instant funding to qualified SMEs in need of funds.
“Applicants don’t need the added stress of a lengthy application, so Express Review offers a simpler solution,” said SnapCap co-founder and president Hunter Stunzi in a statement.
According to reports, the Express Review requires firms to submit basic information, a Social Security number and recent bank statements to apply for an immediate decision on their loan application. It’s an option for SMEs that acknowledge the convenience and speed of loan applications through the Web, as opposed to phone and email applications, the company added.
SnapCap’s new offering comes as the latest reports show that while small business lending is on the rise in the U.S., big, mainstream banks are actually behind the trend, as opposed to alternative lenders, which had slowed down their progress in thwarting mainstream financing to SMEs in recent years.
More long-term research from Thomson Reuters and PayNet revealed that while small businesses are feeling more optimistic about their ability to access working capital, the enthusiasm behind alternative lenders should perhaps be tempered due to the newness of the market as a whole. Still, alternative lenders, the research showed, have already made a significant, positive impact not only on SMEs’ ability to access funds, but on the overall sentiment among small business owners in the nation regarding their financial stability.