Small Business Loans: A Solution for Your Business?

October 17, 2018 Geekopedia 0 Comment App, Bank, Business, Capital, Credit, Financial, Loan

Aren’t you just a little curious about a small business loan? After all, your business seems to be at a standstill and traditional bank lenders are notoriously reluctant to lend to Latino and other minority-owned businesses. They see your business aspirations more of a risk than an opportunity. You’re concerned that if you apply, your application will be rejected. On the flip side, you realize that working capital is the mainstay of your business because if money is tight you can’t operate profitably.

Still, you have that nagging feeling that a small business loan is your next step forward. Here’s some good news. Not every lender sidesteps minorities. A growing number of lenders embrace the financial needs of minority businesses and help them achieve the goals written on their business plans. Here’s a real-life example.

Baldemar Started Small and Grew Exponentially

The former coal miner never dodged hard work while living in Mexico. After relocating to the U.S., he began a service business to install and repair equipment. With quality at the forefront of his business plan, Baldemar continues to take his business to the next level as the business grows.

Initially, he started out by securing a small business loan that enabled him to keep parts on hand and remain competitive in his field of expertise. He enjoys the freedom of being able to purchase supplies in bulk and provide employment to individuals within his community.

You can grow your business just like Baldemar continues to do and experience the advantages of getting a small business loan.

Lack of Assets Isn’t an Issue: Since collateral isn’t required for online loans, Baldemar didn’t take the risk of losing an asset should his business encounter an unexpected downturn.
Build Credit: Baldemar knew that borrowing from a relative or friend doesn’t build credit. By taking out a small business loan, he built a credit history when paying back the loan. By having a track record of payments, a lender can see that his business is creditworthy. Generally, paid off small business loans can increase your credit score. Baldemar also knew that if his credit score was below a level that traditional banks require, he’d never get a loan.
Pre-Qualify for a Loan in Hours Not Days: Because Latinos and other minorities feel the scorn of being overlooked for a loan, many individuals don’t dare enter the door of the nearest bank. Instead, like Baldemar, they turn to an online lender that processes and prequalifies an applicant for a loan within 24 hours. Baldemar filled out an online application and worked with a loan specialist to establish the terms of the loan. The pain-free process helps minority applicants relax providing hope that they’ll qualify.
Receive Funds Electronically: Once your loan is approved, your funds are deposited directly into your business checking account. Thereafter, you choose how to use the funds to expand your business.

Online Lenders Make the Loan Process Easy

After filling out an online application and providing basic business information, online lenders like Camino Financial determine if an applicant prequalifies for a small business loan. Using a secure and mobile-friendly app, you can apply from anywhere you happen to be using a smartphone or a computer.

Once you’re approved, you upload the required financial records and work with a loan specialist who answers any of your questions. The specialist also helps you decide the type of loan best suited for your specific business.

Loan approval isn’t as scary these days for Latinos and other minorities who dream about owning a business and making a positive impact on the economy. They just need to find a lender who’s willing to see their vision come to life.