How the Small Business Loan Process Works

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Understanding the Small Business Loan Process Small Business Loan Process – Simplified

It really isn’t rocket science, although it sure feels like it when going through the traditional small business loan process. Banks tend to mystify their processes so customers can never figure out how much they are really paying for a loan – unless asked. Between application fees, set-up fees, loan doc fees, and interest, it adds up.

Over the past few years transparency has become more important to consumers and for good reason. Business people need to understand the financial details of bank loans with ease. The good news is that small business owners now have greater options than they’ve had in the past. It’s no longer necessary to work through a bank to get a business loan.

The traditional loan process is time-consuming and the steps required to apply are extremely tedious. It’s no surprise that so many business owners give up halfway into the process as it feels like a never ending, non-gratifying situation. Plus it can be humiliating and uncomfortable to watch one’s personal and business finances scrutinized to the nth degree.

There is no advantage in going through a lengthy process that generally results in a DECLINE. Online direct lenders have become the first choice in the small business loan industry for all the right reasons:

  • Smaller loan amounts are offered
  • Technology powers the process
  • Processing time is within hours not months
  • Competitive rates
  • No bureaucracy
  • No hard collateral

In order to understand the differences between a traditional lender versus a non-bank direct lender, take a look at the following flowcharts:

Traditional Lender – SMB Loan Process

Loan Process Flow

Non-Bank Direct Lender – SMB Loan Process

Canada Small Business Financing Loan Process

As you can see, traditional financial institutions are not viable options.Typically online small business loans range from $1,000 to $50,000 and don’t require hard collateral. However, when looking for a non-bank direct lender, it’s important to do your homework. Not all alternative funding options are equal. Look for speed, flexible terms, fee transparency, and cutting-edge technology. Add to that excellent customer service and you’ll have the best loan option, hands down.

Finally, small business owners looking for funding are in the driver’s seat!
Shake Hands

Greenbox Capital Offers Streamlined Service

When we say streamlined, we really mean it! Our terms are flexible and we provide several financing options to suit your specific needs. Amounts as small as $5,000 can be financed in as little as 24-hours and in many situations approvals are made in 3-5 business hours.

Our goal is to empower business owners by providing access to working capital when they need it. If you would like to consult with one of our expert finance specialists or simply get started contact us here.Our technology is so sophisticated, our system can handle most requests without ever having to speak to one of our representatives. And that’s what it is all about… speed, efficiency, and funds without playing the waiting game for nothing.

Greenbox Capital is a non-bank direct lender that specializes in providing funding to all types of businesses in all industries: Manufacturing, Services, and Retail companies such as  Construction, Pharmacies, Physicians, Retail,
Gas Stations, Dry Cleaners, Day Care centers, Law Offices, Dental offices, Restaurants, and many more.