QuickBridge is providing business owners with a new educational resource. QuickBridge’s “Traditional vs. Alternative Lenders: What to Expect in the Lending Process” white paper details the differences borrowers experience when applying for a loan with an alternative lender compared to a traditional bank.
Alternative lending has emerged as a mainstream financing option for small businesses. According to a study by the 12 U.S. Federal Reserve Banks, approximately 24 percent of small business loan applications were processed by online lenders in 2017. This marks a 3 percent uptick from the prior year and happens at a point when more businesses self-identifying as credit risks are seeking funding.
The new QuickBridge white paper explains the differences between Traditional vs. Alternative Lenders in respect to:
- Preparing for the loan application process
- Filing an application
- Getting qualified
- Typical loan options
- Consulting services
- Funding usage
- Obtaining and repaying loans
- Relational banking.
Starting and growing a business requires a variety of skills, from operations management to negotiation and decision-making abilities. Add creative, analytical, and communication skills to the mix, and an owner’s bandwidth is stretched to the limit. QuickBridge is committed to helping educate small business owners through its topic-specific white papers. The new white paper’s comparative look at the two lending processes will give owners an easy-to-grasp overview of their funding options.
“This white paper was created to provide a simple, straightforward explanation of the funding options available to small businesses, so they can make better-informed choices,” said QuickBridge President Ben Gold. “We want all small businesses to feel empowered and confident in their borrowing decisions, no matter who they choose to fund their cash flow needs.”
Download the “Traditional vs. Alternative Lenders: What to Expect in the Lending Process” white paper here.