|By PR Newswire||
|February 11, 2014 07:05 AM EST||
NEW YORK, Feb. 11, 2014 /PRNewswire-iReach/ -- The New York Times Blog puts alternate lenders as a prized solution for small business loans. According to the post, businesses are being funded by sources other than banks and traditional lending institutions.
Nearly fifty percent (50%) of business loans are made on alternate channels, such as lender networks offered by http://www.loans.net, where small business owners simply need to enter basic data into a survey. The results are forwarded to several lenders who offer low cost small business loans directly to the borrowing business entity.
Secondary research initiated by Loans.net found that small business lending is on the rise and in fact rose to over $500 billion in 2012. Despite the surge in activities every day small business owners are facing rejection primarily due to credit issues and past delinquency problems. It appears that no matter how much is done, past credit woes do not loosen the grip on borrowers who continue facing eternal condemnation at the hands of lenders.
The study's findings provide solutions to such problems and predict 2014 to be a year of "opportunity and growth". The suggestions provided by Loans.net, include but are not limited to the following:
- Forge a strategic alliance with lenders. "Get to know your lender," says Yonni Rossa, founder of Loans.net. Developing a one-on-one relationship with lenders is critical during the loan approval process and can often help both parties visualize possibilities beyond credit score dynamics.
- Demonstrate a willingness to work closely with the lender. When borrowers work with lenders to mitigate issues and provide documentation quickly, the approval process becomes seamless.
- Provide relevant documents. Small business principals often ignore the documentation requirement and fail to submit all the relevant pieces on time. Overburdened lenders simply do not have the time to run after businesses. It is in the business' best interest to submit all relevant documents on schedule and as per the lender's internal requirements.
- Spruce up the business plan. A business plan not helps an entrepreneur as a roadmap, it is also a potential documentation and review source for lenders. It provides a glimpse into the borrowing entity's future and thus eliminate or hedge against risk scenarios.
A detailed report and associated recommendations can be found at http://www.loans.net/blog/alternate-lenders-lead-when-it-comes-to-small-business-loans
"Our mission is to help our site's users find, compare, and apply for interest friendly business loans. We consider our service to be an alternative to lenders and traditional banks and institutions," adds Rossa, who established Loans.net nearly fifteen years ago.
Loans.net is a contemporary site providing a suite of tools, information, resources, and also a loan comparison engine that helps borrowers compare and shop for low interest small business loans. The site's loans comparison engine is considered to be a cutting-edge advancement in the industry, one that has been replicated by newer enterprises.
Media Contact: Yonni Rossa, Loans Network Ltd, (646) 257-4131, [email protected]
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SOURCE Loans Network Ltd