How Fundera Can Help Finance Your Small Business

Fundera logoNearly all businesses face the need for financing in one form or another to help fund operations, ensure cash flow is positive, or take on a new project or expansion. But financing for a small business can be a tough road. Not all lenders are quick to approve conventional loan applications for business because of the perceived risk involved, and tapping the shoulders of a friend or family member for financial help is rarely a comfortable choice for business owners. Fundera, an online business lending broker, was created to solve the conundrum of business financing for companies operating in just about any industry. Here’s how Fundera can help finance your business needs.

How it Works

Established in 2014, Fundera is a lending network powered by an online platform. The company does not make or fund loans in-house but instead works as a connector between individuals who need funding for their small business and those individuals and lenders who are willing to provide that funding. As a different type of lending broker, Fundera is designed to help the small businesses that have a difficult time securing the funding they need from traditional banks. Instead of partnering with large financial institutions, the company works with lenders that require less from business borrowers from an underwriting perspective, making it easier to qualify for the type of financing the business needs.

Fundera provides each potential borrower with a loan consultant who helps match the business with the appropriate funding type. There are numerous financing vehicles available to qualified businesses, and it can be a challenge to determine which is the best option at the right price. Fundera lending consultants take some of the pain out of the process, and they work with the borrower to submit financing applications to available lenders in the company’s network. Borrowers may be matched with a lender who offers a long-term fixed loan, SBA loans, accounts receivable or equipment financing, or short-term loans and lines of credit. In return for making the connection and walking prospective borrowers through the application process, Fundera collects a finder’s fee from the lender once a new loan is completed.

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Who Benefits from Fundera

Conventional bank loans are often the most cost-effective choice for small businesses, but with their rigid requirements and lengthy processing times, financing business needs in this way leaves something to be desired. For business owners who are seeking a better, more efficient and transparent way to secure the money they need to cover expenses, finance a new piece of equipment of inventory, or invest in business growth, Fundera has a solution. Any business owner can benefit from working with a Fundera loan consultant to get a stronger understanding of the types of financing available, as well as the loan that best fits their unique business needs.

Things to Consider

Most lending partners connected to Fundera do carry some requirements for prospective business borrowers, such as time in business, financial history, and credit information. It is important for business owners to understand where their company stands in terms of its financial footing, and how new funding will be used to move the needle forward. Additionally, lenders want to feel confident that the borrowed funds will be repaid over time per the terms of the initial agreement, so borrowers should crunch the numbers to ensure there is enough positive cash flow to cover required payments. Fortunately, the qualification requirements through Fundera partners are often more flexible than conventional bank lenders, giving business owners the upper hand in the process. One of our favorites is OnDeck which provides small businesses with loan amounts up to $500,000 and lines of credit of up to $100,000.

Fundera is a great tool in helping business owners find and understand their financing options in a streamlined, transparent way. Before heading to the bank to apply for a traditional business loan, check out what Fundera has to offer has to offer and see if it might be a good fit for your business financing needs.

Posted on May 11, 2017 by in Business Loans,

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