– Company bucks trend by alternative financing rivals to provide program to qualified companies –
Carlsbad, CA – September 7, 2017 – LendSpark, providers of equipment financing and alternative business loans to help companies grow over the long term, announced today the launch of its Interest Forgiveness business loan offering.
The program provides qualified applicants up to $150,000 in working capital funding, without prepayment penalties and with daily interest amortization.
Unlike the typical cash advance loan, where businesses must pay the full cost of the loan, the Interest Forgiveness product empowers businesses that pay the loan earlier than the full term. With terms up to 18 months, this small business loan allows the company to save money on interest when they pay off the loan early.
“Many alternative financing companies won’t allow owners to pay off a loan early. Even if they did, they most likely would still need to pay the full amount of interest, or the majority of the interest that was due over the life of the note,” said Todd Stichler, Founder and CEO of LendSpark. “We wanted a better working capital loan product available for our clients.”
Additionally, this small business loan solution does not require any security lean against a company that signs on to this offering. Applying for the loan will also not impact a business or its owner’s credit score. The three items needed to begin the process are:
- The last three (3) months of bank statements.
- Current outstanding balance of any daily or weekly loans and cash advances.
- Signed and dated LendSpark application.
“Qualifying for the Interest Forgiveness program is based on a variety of factors; including a company and its owner’s credit history, time in business, current tax liens and the like,” said Steve Overlock, Vice President for LendSpark. “We’re looking to speak to as many folks as possible to see if they can apply for this unique program.”
More information on the Interest Forgiveness offering is available at https://lendspark.com/what-we-offer/interest-forgiveness/.
With access to multiple lines of financing, including traditional and alternative banks, LendSpark has arranged more than $200 million to hundreds of businesses in a wide variety of industries. Depending on the industry, the economy and individual business details, LendSpark can even provide equipment leasing and business financing for bad credit borrowers. Most applicants qualify within days and receive several options. For more information, visit www.lendspark.com.