Business Loans for All Sizes & Styles of Businesses
- Lower interest rates – our automated systems and lower marketing costs translate into lower rates and fees to the business borrower;
- Far higher loan approval rates – the study above found that online lenders approve applicants 60% of the time. Large banks approved just 21% of applicants in the first quarter of 2015. [iv]
- All the safety and security bricks and mortar banks offer. It’s required by law! We have the same 128-bit encryption, banking level security as every lender in the United States.
- Convenience of online applications, approval notices, documentation uploads and more. Avoid intense, one-on-one interviews and get your business financed from the comfort of your home.
If you’re ready to see all the advantages First Financial can bring to your business through a business loan . . .
More facts about online lenders from the Harvard report:
- online alternative lenders’ popularity has been gaining exponentially since the Great Recession. Online lenders’ portfolios are doubling every year; conversely, traditional banking portfolio of business loans have been declining at a rate of 3% per year; someone’s getting it!
- non‐traditional lenders use unique, but secure ways to provide capital to small firms with greater efficiency and convenience;
- alternative lenders are more willing to assume greater risk, meaning easier qualification for businesses of all types and revenue levels. [v]
Interesting times, these . . . Our cars can act as one-ton smartphones,[i] ecologists are electrifying the ocean[ii] and according to a 2014 Harvard Business School Review report, “the emerging, dynamic market of online lenders is using technology to disrupt the small business lending market.”[iii]
Alternative, online lender First Financial is proud to be considered a “disruptor,” opening up opportunities the “old guard” banking system has for decades reserved for select business owners (and their cronies). We disrupt the business loan scene with:
Smart Business Loans for the Digital Era
You have to hand it to Bill Gates who in 1994 proclaimed “retail banks are dinosaurs.” It’s no wonder Forbes.com put him on their “Most Disruptive Names in Business” List in 2013.[vi] They define those on the list as being: “less content to improve the status quo than to blow it up.”
Still, big banks keep lumbering along, investing in retail branches, pricey Super Bowl commercials and teller training while online lenders have none of these expenses.
A business loans acquired through First Financial’s lending partners ensure you:
- get the right materials and labor at the right time so you can win top-dollar contracts;
- are protected if the business fails. The business itself is obligated to repay the business loan. The lender does not hold the individual business owner responsible. The business may go bankrupt, but the owner’s private assets are protected;
- get lower interest rates than credit cards, a very common financing method for new businesses. In the era of the 29.99% credit card, a business loan at a far lower rate keeps more profit available to reinvest in the business. Owners stay solvent.
- avoid using personal assets as collateral. The business loan keeps your home, car and other assets safe for you and your family.
Flexible Terms on Business Loans to Suit A Variety of Business Needs
During the past decade, starting up and branching out has been the go-to method entrepreneurs and downsized executives have used to keep their families fed and housed. Most enjoy it too much to ever give up the entrepreneur lifestyle. Surprisingly, big corporate may be enjoying it as well . . .
According to an extensive study conducted by software giant Intuit and reported in Business Insider, by 2020, 40% of the American workforce will be freelancers and entrepreneurs.[vii] These entrepreneurs will run a variety of businesses from bricks and mortar e-cigarette shops to online retailers and publishers. Every one of these has a different business model, varying cash flow features and product/ticket prices. Seasonal businesses live on business loans and lines of credit until their most lucrative months come around. More, consistent businesses like plumbers and veterinarians rely on business loans to cover for unexpected emergencies.
Because our business loan applicants run the gamut, we offer a variety of ways to pay. You can either pay a percentage of your monthly sales or a specific amount daily or weekly. We also give you the option to repay the loan in four months or two years, depending on the type of business loan you choose. If you need to restructure your loan, we have options for that as well.
Ready to get started today? Simply fill out the form above and a business loan representative will contact you within 24 hours to answer all your questions. We’ll step you through how to gather all the documentation and get it to us quickly and easily. As distruptors, we’re committed to white glove customer service. We look forward to fueling your business success!
[iii] Mills, Karen Gordon and Brayden McCarthy. “The State of Small Business Lending: Credit Access during the Recovery and How Technology May Change the Game” Harvard Business School. 22 July 2014