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The Lending Circle, an online business capital marketplace where lenders can lend directly to small businesses, has launched a premium working capital product that now has a maximum of $2,000,000. These new products assist small businesses nationwide to access larger loans in a lending environment that is void of loans above $100,000.With May's small business sentiment index up 2.7% over last year, 2014 is going to be a year in which small business owners have more resources and options to continue to grow. Since the Lending Circle’s launch last year, alternative lenders have offered more credit than traditional banks by a wide margin. Even creditworthy businesses are now turning to alternative lenders due to the continued lack of lending and the long processes by traditional banks.
Before today’s announcement, the Lending Circle working capital products were limited to $100,000; however, being able to increase the loans limits the small business community will now have the ability to access larger loans they need to expand.
Jim Albertson, Executive Vice President of the Lending Circle, said: “The economy is continuing to improve, and the latest small business sentiment figures are a further sign that we are making it out of the woods. The banks are continuing not to lend due to the regulatory pressures, and that has provided an opportunity for companies like ours to meet the growing need. This year is going to be a robust one again for alternative lenders; however, there are new challenges that small businesses face and we plan to adjust quickly with innovative solutions to meet them.”
The Lending Circle believes that the flexibility offered by the new larger premier product line is a vital part of a responsible contribution to small businesses as the economy improves and is just one of many product developments planned for the coming year.
“We understand that access to working capital is also going to be important criteria for the success of small businesses in 2014; therefore, the Lending Circle has developed pioneering technology to enable our platform to offer the best solutions at premium or discounted rates. It’s new and innovative developments that are going to give our lending partners an extra edge in being able to offer their products in a competitive environment. We also know that small businesses will reap the rewards of saving time by obtaining the right loan the first time with our proprietary lending engine that delivers real-time proposals to qualified businesses.
With the economy set to improve through 2014, alternative lenders and business owners are going to be positioned for growth and job creation moving forward. The sentiment from over a thousand borrowers in the survey are positive and the latest sentiment index survey reveals that over 37% of existing small business that have taken out a working capital loan in the last twelve months plan on obtaining additional financing in the coming year.
About the Lending Circle:
The Lending Circle is a leading online lending platform specializing in helping small businesses that have healthy cash flows. The Lending Circle currently serves over 975 industry types and offers a broad range of small business loans and other alternative financing products, such as equipment leasing and accounts receivable factoring.
Their working capital products are offered at affordable, business-friendly rates and require no personal guarantees, no collateral, and have no prepayment penalty. They have extended their short-term, renewable business loans of up to $2,000,000 to qualified applicants within a few business days and have recently added an expanded lineup of lending products.
Contact Info:
Name: Jim Albertson
Email: Send Email
Organization: Lending Circle
Address: 7500 College Blvd, Suite 500, Overland Park, KS 66210
Phone: 855-243-7191
Website: http://www.commercialloanbusiness.com
Release ID: 52799
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