The alternative business loan provider surpassed $200 million in funding for US small businesses.
SnapCap, a leading alternative business loan provider, announced today that the company has deployed more than $200 million in capital to small businesses across the United States, roughly half of which came in the past year.
In reaching this milestone, SnapCap has had the privilege to support America's economic backbone -- small business owners. The company has helped to provide more than 4,000 loans spanning 143 different industries with an average loan size of $53,000 since launching in late 2012.
"We are very proud of this achievement. As an online lender we don't have a branch location, which creates both an opportunity and a challenge. The opportunity is serving a broader market, while the challenge is delivering a superior online customer experience that replaces the person-to-person branch experience. So when we invest in our business it's all about improving that experience," said Hunter Stunzi, co-founder and president of SnapCap. "This milestone reflects our commitment to providing efficient, affordable and flexible funding options for businesses nationwide in a market still in the early innings."
SnapCap prides itself on providing access to credit in as little as 24 hours with the most competitive short-term loan options available online. The company is very encouraged by the secular trends that underpin the growth of online lending and is pleased to see customer lifetime value improving as a function of improved terms for valued borrowers.
John Giotis, Headmaster of The School of the Immaculata, was able to secure a business loan with the company earlier this year and couldn't be happier with the loan process. "SnapCap has literally helped transform and change lives when the traditional financial institutions wouldn't. That's a story I will continue to share until the day I die," said Giotis. "We receive constant feedback like that, which is incredibly rewarding to know we have such a positive impact on businesses everywhere," said Greg Libon, senior vice-president of sales.
In the past year, SnapCap has tripled in size and expanded to a larger office to meet the needs of the under-served growing market.
View the original press release on PR Newswire.