The process of borrowing money for a business at any stage of development is often confusing, complicated and prohibitive. We wanted to design a process that utilizes technology to make lending simpler, smarter and more efficient ...
Charleston, SC (PRWEB) December 24, 2012
A new start-up, SnapCap, has entered the business of alternative lending to help fill the significant gap small business owners are struggling with on a daily basis. SnapCap is a single source lender with an end-goal of becoming a full service lender. They offer short-term loan solutions for loans that range from as little as $5,000 to as high as $600,000.
“After months of development and carefully selecting a capital partner, we are proud to announce the launch of SnapCap.com. SnapCap was built to be a resource for the entrepreneur of the future,” said Hunter Stunzi, President and Co-founder. “The process of borrowing money for a business at any stage of development is often confusing, complicated and prohibitive. We wanted to design a process that utilizes technology to make lending simpler, smarter and more efficient, with the future of business borrowing in mind.”
SnapCap recognizes the huge void in approved loans from banks by small business owners, especially new business owners. Banks see new businesses as carrying a substantial risk and as a result, these businesses are forced to adhere to high underwriting standards. According to Bloomberg, in 2012 only 15% of small businesses were approved for the loan amount applied for.
“There’s clearly a disconnect between small business borrowers and the banking industry - we want to create an opportunity for small business owners to get the capital they need to grow their business,” said Stunzi.
SnapCap has a solution for every business owner, whether you’re a new business owner or expanding on an existing one. SnapCap currently offers four different business loans to meet your needs - general purpose, expansion, inventory, and equipment loans.
Loan approval with SnapCap is all about efficiency. Efficiency usually comes at the price of quality, but SnapCap uses advances in technology to their advantage by offering quick approval and fast funding within 48 hours of approval. “We’re able to provide funding to businesses in need of a loan because we evaluate business performance with proprietary cash flow analysis and industry back testing,” said Stunzi.
SnapCap currently approves business loans with minimal collateral and annual revenue requirements, little emphasis on personal credit and no card processing requirements.
SnapCap is focused on many groups, but especially women in business. Female entrepreneurs have traditionally had trouble obtaining a business loan, but that gap is slowly closing, partially due to the fact that they have that caring touch that sets their business apart from others, especially from large corporations.
Women owned businesses employ 40% more people than McDonalds, IBM and Wal-Mart combined, according to CNN Money Top Companies: Biggest by Employees 2012 - That’s a huge market.
“Businesses run by women tend to be oriented towards higher transaction industries that are more focused on the consumer,” said Stunzi. “From a risk standpoint, focusing on the female entrepreneur makes good business sense.”
Born out of the financial crisis, SnapCap is helping lead a revolution in hybrid finance by focusing less on the business owner’s credit score and more on the health of their business. Thanks to new technology we are able to evaluate business risk with greater speed and accuracy. SnapCap is a single source lender committed to investing in small businesses and reducing the complexities found in the lending process. Business lending needs to be personal and that is what drives SnapCap. For more information please visit http://www.snapcap.com.
855-476-2722 ext 3