Business Financing By The Numbers

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Business Financing By The Numbers

When it comes to alternative lending, there’s a lot of rhetoric online that goes both for and against this form of business funding. The end result is that there’s a lot of confusion, a lot of misunderstandings, and a lot of trouble when it comes to getting the straight dope on what is the real deal on what alternative lending really is worth. Thankfully, numbers don’t lie. In order to explain alternative lending, we decided to scoop up some of the most powerful statistics to help others understand the power of business financing.

  • 1%: The actual percentage of people who are approved for business loans via government backed SBA loans.
  • $94 million: How much money was put into alternative lending by investors LAST WEEK ALONE.
  • 70%: The percentage of applicants who are approved for a merchant cash advance the first time around.
  • 82%: The number of small to medium-sized businesses that hope to expand in 2017. They’re going to need that money from somewhere…
  • $2 million: How much PayPal alone funds in small business loans every single day.
  • $25,000: The typical minimum loan amount if you’re applying for a bank loan. Anything smaller often results in immediate dismissal.
  • $2,000: The smallest minimum loan amount for many alternative lenders. Obviously, this means you get a lot more flexibility.
  • 2 years: The average amount of time people have to be in business in order to qualify for a standard business loan in many banks.
  • 3 months: The minimum amount of time that you need to have under your belt in order to get an alternative form of funding from an alt lender.
  • 6 months to 1 year: How long it often takes just to finish the loan application at a bank, get approved, and actually see the money you need. In many cases, this time frame is actually way lower. Some loans can take multiple years to disburse.
  • 48 hours: How long it takes for a typical cash advance to go from application to disbursement.
  • 0: The amount of money in down payment you need in order to get a merchant cash advance.
  • 0: The amount of collateral you have to put down in order to get a cash advance to fund your business.

What we’re saying here is that there is a lot of good to be seen in alternative lending. If you want to talk about getting alternative funding for your company, you should call a qualified professional at CPS.

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