The SBA has hit its lowest level in history for funding small business loans under $150K
Hallertown, PA (PRWEB) December 12, 2013
Small business loans in New York are an important factor in the continued entrepreneurial growth of the state and in particular New York City and its surrounding areas. While small business loan requirements are making these traditional loans tougher to get, a new wave of alternative financing options lead by LendDeck.com is building rapidly to fill the gap.
A new online business financing service, LendDeck.com has emerged in the financial marketplace to help small businesses get the financing they need without the hassle of a traditional bank loan. Lisa Wolfrum, President of SBL Capital Partners, LLC stated that, ”Nearly gone are the days of a small business owner making a trip to their local bank to request a small business loan in New York.” With services like LendDeck.com, “These small business owners can now complete a short online form in about a minute and find out how much money their business qualifies for shortly after that, without ever leaving the comfort of their own office chair.”
A recent New York Times article stated that, “S.B.A.-guaranteed general business, or 7(a), loans for $150,000 or less have fallen from $3.5 billion in 2007, and about 24 percent of all such loans guaranteed by the agency, to $1.4 billion in 2009. .. while the agency’s loan programs have since fully recovered, the total lent in these small loans has remained flat, and constituted just 9 percent of the 7(a) program.. in 2012.”
In simple terms, these numbers reflect the fact that it is now more difficult than ever for a small business in New York – or anywhere in the country for that matter - to get a traditional small business loan. With small business owners struggling to meet financial commitments for operations and continued growth, small business services like LendDeck.com have been established to help fill that need with alternative financing options for small businesses.
“There are several options and creative ways that we can help small businesses get the cash they need when they need it. We look at the business as a whole and try to find the right financing solution to fit the business needs without looking so much at the personal credit score of the owner” said Wolfrum. She added that, “We are able to help these businesses secure amounts from as little as $2,500 to as much as $250,000 or more in some cases which is precisely where we see a gap in what the SBA has been able to do for these small business owners over the past few years.”
Small business owners in New York and elsewhere can simply log on to the website at http://www.LendDeck.com and complete a short form that starts the process. Most of the time the business owner will find out how much they qualify for that same day and then funding can happen in as little as three days after that. The paperwork required is minimal in comparison to traditional bank loans and the proprietors credit score is less important that the business operations.
Wolfrum concluded, “LendDeck doesn’t offer financing for true start-ups, but a business with legitimate operations of as little as 4 months can typically qualify for some type of financing to help with that early stage growth.”
For further information, please contact: Lisa Wolfrum, President of SBL Capital Group, LLC - 800-213-6456, or visit their website at http://www.LendDeck.com.