Under the best of circumstances, getting
financing for your small business is no
sure thing. About 4 in 10 small businesses with less than $1 million
in annual revenue were denied financing at small banks,
and more than half were rejected at big banks, according to the 2016
Federal Reserve Small Business Credit Survey.
It can be even harder for underserved
or less formal small-business owners to
access capital. There may be fewer
traditional financial institutions like banks or credit unions in
your area, or you may have tried to get financing at those institutions
but didn’t meet their underwriting or documentation requirements.
If either is the case, you might try your
luck with financing from community development financial institutions, or CDFIs. Why? The approval
rate for sub-$1 million revenue businesses was better than
75%, the Federal Reserve’s survey shows.
Lendistry offers a unique set of
loan programs designed for forward-thinking business owners who want
the speed and convenience of online
lending, the expertise of seasoned and responsible lending veterans,
and the stability and affordability of traditional bank financing.