The Alternative Financing industry is a trillion-dollar industry in the US. However, many businesses are still unaware of the options that this industry offers. WeCompete Lenders came up with a quick guide to understanding alternative financing solutions.
What is alternative finance?
Alternative finance refers to a variety of new financial channels that are not part of traditional banking systems. They emerged from the credit crunch brought about by the recent recession; banks restricted lending options for small time businesses thus requiring new sources of financial backing.
What are the roles of alternative financing institutions?
Our economy is driven mostly by small and medium-scale enterprises. These companies often need capital to propel their businesses and expand operations. After the economy broke down in 2008 traditional financing institutions, such as banks, became more stringent with their regulations and requirements for Loan approvals.
To address the issue, alternative financing institutions like WeCompete Lenders, joined the lending industry. Banks approve only around 20% of loan applications, the remaining 80% turn to alternative financing institutions for options. These institutions offer a more diverse range of loan products and financial services to cater to the demands of the industry.
More and more business owners turn to alternative financing for their needs because they provide more leeway for small and medium-scale enterprises when it comes to qualifications and requirements. There are also more options to choose from. WeCompete Lenders even tailors business loans to fit the qualifications of our clients.
The rates and terms offered by alternative financing are clearer and more agreeable compared to that of banks. The interest rates are lower, and terms are more comprehensive. Most importantly, the approval process is faster. WeCompete Lenders is committed to giving clients feedback on the same day as their application. We do not turn away customers. Funding is provided at the soonest possible time; for some loan options funding is made available the day after loan approval. Clients who cannot meet the requirements of their desired loan can choose from an array of several other credit options, or one of our experts can tailor a loan that is suitable for their qualifications.
Business owners and entrepreneurs know exactly what they want for their business, but they lack the funds to achieve it. If you are considering a loan to boost or kickstart your business, WeCompete Lenders can assist you in choosing the right business loan. Send us your inquiries at [email protected] or talk to our team of experts at (844) 516-0633.
