A recent article published by Yahoo! Finance stated that big banks approved only 14% of small business loan applications. Smaller banks weren’t much better approving 19% of small business loan applications. This means that banks turn down over 80% of small business loans. That is a terrible track record! The reason for this is that banks have deposit insurance through a federal government agency (the FDIC).
Accordingly, banks are subject to hundreds of pages of laws and regulations governing lending. This regulatory red tape forces banks to maintain stringent underwriting standards. As a result, businesses and their owners must have have high credit scores and lots of collateral to get a loan from a bank. Red tape also means that is takes weeks for most banks to approve and fund a loan.
At EZ Biz Lending we know that we can do better. We have access to loan programs with flexible underwriting standards. Also, we can get your loan approved and funded in 2-5 days (in most cases). Fast approvals are ideal if your business needs money sooner, rather than later.
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