Market Street Funders Expands Access to Alternative Lending One hundred business owners walked into a bank. Eighty left empty handed. Thanks not a joke. It’s a stark reality of how the financing world works in 2015. Traditional bank financing is a great tool for growing your business – but we do not live in traditional times, and even as the American economy improves, access to this financing does not seem to be getting any easier. When traditional channels are no longer an option, the world of Alternative Lending is an excellent choice. These lenders offer competitively priced products, fast turn around times, transparent terms, and require minimal documentation. Market Street Funders offers a fast, free search for business owners to find business financing. MarketStreetFunders.com helps businesses identify the right type of capital needed and then matches them with lenders eager to work with the business. Lending options include:
Business Advance – Short term working capital matched to future revenue. Repayment is made through small daily drafts. Requires the least amount of documentation and funds within days. Business Loan – Traditional loan product for larger amounts or longer terms.Simple interest loans with no prepayment penalty. Requires greater documentation and a slightly longer approval process. Factoring Solutions – Ideal for businesses with large purchase orders, invoices, or accounts receivables. Get paid immediately on invoices and purchase orders or turn accounts receivable into cash.
MarketStreetFunders.com was developed as a solution to the existing business financing search ritual, which many business owners find to be inefficient, while at the same time, rarely leading to the most competitive offer. Concurrently, traditional, bank-originated small business lending continues to be on the decline: the unmet demand is estimated at $80 to $120 billion per year. The company’s proprietary process leverages technology, deep industry knowledge and existing funder relationships to provide a fast, competitive and transparent growth solution for entrepreneurs.Most funding solutions will have a 3- to 18-month repayment period, with some loans up to $1,000,000 and 60-month repayment periods. Commissions are transparent and there are no origination fees.
Market Street Funders co-founder and CEO Tom Abelsaid, “Today, when you want to buy a plane ticket, you don’t call the airlines; you go to a search comparison site like Kayak or Expedia to find the best price. Market Street Funders provides the same kind of one-stop shopping for business loans and funding. Within hours of completing an application, business owners can compare financing offers side by side.” There are minimum qualifications to apply. A business must be at least six months old and have $8,000 in monthly sales. The online application requires some documentation, typically a few months’ bank statements. Approval and pricing are based on the strength of a business, cash flows, predictable revenue streams, historical performance, and other common sense factors. Funding solutions can be tailored for a variety of purposes, including inventory and purchasing, working capital, marketing, expansion, renovations and repairs, and hiring. Co-founder and COO Erik Williams added, “As entrepreneurs ourselves, we have first-hand knowledge of a sometimes untapped business culture of ingenuity and innovation. Our singular mission is to match entrepreneurial passion with the capital necessary to fuel it – and make the process simple.” About the Author Prior to founding Market Street Funders Tom Abel was the Chief Operating Officer of Swift Capital, a recognized leader in the alternative lending industry. He also served as Executive Vice President and Director of Small Business Banking at MBNA America and later Bank of America.Abel is a small business owner, entrepreneur, and stakeholder in several early stage ventures.
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