Out of every 100 small businesses, 70 wanted financing. Of those 70, 29 were too discouraged to apply. Of the 41 that applied for credit, only 5 received the amount they wanted.
Amityville, NY (PRWEB) December 31, 2013
ExpressBusinessLoans.com is proud to announce record growth for the year 2013. The surge in small business loan applications and approvals is attributable to new underwriting standards that better serve under-banked small business owners. Small business owners who lack collateral or who are seeking small business loans under $1 million dollars have the greatest trouble securing working capital to sustain their growing businesses.
A recently issued report by the Federal Reserve Bank of New York stated that "Out of every 100 small businesses, 70 wanted financing. Of those 70, 29 were too discouraged to apply. Of the 41 that applied for credit, only 5 received the amount they wanted." This demographic coupled with the segment of small businesses that have been established under 3 years have enjoyed the most success with ExpressBusinessLoans.com.
The introduction of new small business loan and financing programs coupled with new technology has allowed ExpressBusinessLoans.com to provide over $35MM in small business funding so far in 2013. The Express Business Loan program, which only requires one bank statement and can provide small business owners with working capital has seen the largest growth.
“Growth this year was fueled by our one bank statement approval process which has been successful beyond our wildest expectations,” says Michael Martin, Vice President of Business Development. Mr. Martin believes that “by expanding our programs into new industries and under served segments of the small business communities we can find growth and strengthen our current client base, we are very excited moving into 2014. Our pipeline will have several new financing opportunities available in 2014 especially small business loans for wholesale distributors and manufacturers.”
In 2013 ExpressBusinessLoans.com also completed its transition from the Citi Wide Merchant Funding name with the introduction of its new website and application process which can be completed entirely online.
ExpressBusinessLoans.com is an Amityville, NY based leader in the alternative business finance industry, including unsecured business loans and merchant cash advance transactions. Formerly known as Citi Wide Merchant Funding, ExpressBusinessLoans.com has been featured in Entrepreneur Magazine, The Street,has funded several of the small businesses featured on the Inc. 500/5000 lists. The team at ExpressBusinessLoans.com has worked with thousands of small business owners across the United States in securing working capital in amounts from $10,000 to $5,000,0000.