Technology continues to change just about every component of our lives – even the way we now hail a cab. It’s also improved the ways that small business owners can get the much-needed capital to fuel their growth and fund projects. We’ll tell you how in this article.

Technology Widens Net for Connecting With Borrowers

In years past, small business owners in need of capital relied almost exclusively upon their local banks. Today, many business owners are taking advantage of the Internet to reach lenders thousands of miles away. Additionally, the banks they’re finding have a host of financing options that may not be available locally. There is also a myriad of crowdfunding sites that start-ups and already established business now have access to, including Crowdfunder, AngelList, Kickstarter and more.

Access to More Data Helps Lenders Evaluate Credit Worthiness

Yesteryear, banks relied almost exclusively upon collateral and credit scores to determine the risks associated with lending money to small businesses and startups. Thanks to technology, data points detailing cash flow analysis, transactional data and more make it easier for lenders to make their decision about whether or not to approve a business loan.

Quicker Decisions on Loan Approvals

Decisions about loans that used to take weeks can now be made in minutes or a few hours at the most. A “no” decision that is received quicker enables the business owner to get a head start on looking for other sources of capital.

Business Owners Can More Easily Stay On Track With Their Payments

A crucial component to establishing and building a vibrant business credit profile is making loan repayments on time. Automatic electronic debiting is an extraordinarily easy way to do this. Also, many lenders are now making it possible for business owners to make periodic payments throughout the month rather than making a lump sum at the end of each month.

Make Sure Your Business Takes Advantage of All Benefits Technology Offers; Call C3IT

We’d welcome the opportunity to leverage our expertise in growing your business. Give us a call at 800-728-1411 or get in touch online.