SnapCap is fortunate to interact on a daily basis with the small business owners that are the driver of the American economy. We hear directly from owners about incredible new projects that are being undertaken, opportunities that are being seized, and creative solutions that are developed to solve unique problems. We are proud to be a useful asset and partner when these business owners need capital to accomplish their goals.
WHY ARE BUSINESS OWNERS APPLYING?
Our funding options are a preferred option because we move quickly to provide a decision and the use of funds is flexible. We hear from business owners that they are applying online with SnapCap because:
Speed– Opportunities may arise unexpectedly and the time window in which the owner is able to take advantage of the opportunity is small. Do you have a $100,000 inventory purchase that needs to be made by the beginning of next week to take advantage of limited time pricing? We can have the funds deposited in your account by the deadline to help you capture this one-time opportunity.
More likely to get approved– Banks have high transaction costs associated with underwriting loans tailored to small business as banks remain reliant on legacy technology. Banks are also tightly regulated following the financial crisis of 2008. Thus, banks simply turn down small business owners’ loan applications at a much higher rate. Online lenders have stepped in to fill the gap and provide the access to capital business owners need.
SnapCap is unique from other online lending options in that multiple credit models are leveraged to provide the highest likelihood of approval. If one model restricts your industry, we will leverage other models to get you approved.
Ease and Simplicity- Business owners have competing priorities and need to focus on running the day-to-day operations of the business. We only ask what we absolutely need to know to qualify and fund your business as quickly as possible.
WHAT THE DATA TELLS US
- What are the funds being use for?
- 48% are looking for working capital.
- 17% want to expand and grow.
- 13% need to purchase equipment.
- 11% have a need to purchase inventory.
- 64% of those looking for funding are making at least 5 deposits into their business bank account each month
- 25% of applicants are home-based businesses
- 65% of business owners have a personal credit score over 600
- 30% of those applying have annual revenue exceeding $250,000.
- 35% of applicants have been in business for 5 years or more.