“AltFi” – “FinTech” – “The Space” – You hear these terms, you may even read about them in articles as the world of finance, especially lending is changing. Analysts agree that it is good that the model is in fact “finally” changing; ?but how? Let’s take a look at some of these often used terms in the most basic sense, and how they apply to Small Business Loans .
Small Business Loans
“FinTech” is a simple combination of “Financial” and “Technology” . This term is defining companies that employ top of the line technology in their processing, and even decision making. Online decision making and contracts where are becoming the standard. Yes, there are algorithms and magic formulas used to determine if a business is credit worthy based on factors much different than most are likely used to.? There are lenders, like Skytop Business Loans, that present firm offers for a qualified merchant in hours, if not sooner. Fortunately long gone are the days where somebody needs to wait days, weeks, or even longer just to get a DECISION on the loan process, let alone an Approval . Even our Bad Credit Business Loans are secured by looking at factors other than FICO exclusively, they look at the big picture and they are able to do it in the blink of an eye thanks to the technology aspect of what we do. In “Alternative Lending”? we are able to move quick offering 48 Hour Business Loans routinely. The speed of this financing is truly a great advantage over other options, and it is largely due to technology and innovation which is always growing in our world.
I just used another one of those buzz words? “Alternative Lending” – under the “Alternative Finance” umbrella. Personally, when I first heard terms like Alternative Finance it was through “Alternative Investments” – and specifically investment vehicles like REITs (Real Estate Investment Trusts) when I was working exclusively as a financial advisor and offering products to round out our clients portfolios that were an ALTERNATIVE to Common Stock and Bonds. Before that, I thought the word Alternative was reserved for music – and that was always edgy and new, and finance is always boring, hunter green and rich mahogany – how could they possibly be combined? The way things are done in the world of lending ?is the way they will always be done; this simply isn’t so.
The world of Alternative Finance is anything that is “different” from the norm, such as our high approval rates, fast funding, low documentation required for closing, no collateral requirement, ?no minimum FICO requirement, the Alternative means we are looking at the business AS A WHOLE, we are looking at the business health through indicators like cash flow – not Fico and Collateral only. This is different. This IS the alternative, and we are helping businesses in all industries every single day. We offer programs for Contractors, Wholesalers, Restaurants, Retail Operations, Salons, we even serve the Medical Industry and everything in between.? We look at the business’ ability to pay us back for our small business loans? – we don’t get into restricting businesses because of the business they do – We fund all industries if the funds will HELP GROW THE BUSINESS – after all, isn’t that what is most important in a relationship between a company like Skytop Business Loans and yours?
There is never any commitment required to have a conversation with one of our agents about what you do, and what you’re trying to accomplish – in most cases you will find that there is?more than one option that is available to you based of course on your business, because to us Nothing about your business matters to us more than the business you are doing.