Whether you’re here in San Diego or across the country, LendSpark embarks on a careful discovery process to ensure you get a business loans most likely to fuel your business for the long term.
You’ll be relieved to speak to finance experts with decades of experience who can carefully assess your opportunities and understand your challenges. Your situation may seem overwhelming, but Todd, Jan and Steve have most likely seen it before, probably scores of times. They will share examples of other businesses like yours that turned crisis into recovery using smart business financing.
Elements of the LendSpark Detailed Funding Analysis
LendSpark’s discovery process continues with the Detailed Funding Analysis. We explore:
- Credit Profiles of both owner and business. Aspects we’ll review include:
- Time in business
- Comparable business credit
- Personal credit, both current and historical
- Negative credit events
- Economic Environment
- Current state of borrower’s industry and its position in the economy
- Current trends in the industry
Keep in mind that LendSpark has reviewed hundreds of businesses and funded even those with no profits and low credit scores. As a private company, we have the freedom to assess the economic climate and unique opportunities of each business.
- Business Financials. We research the financial position of our clients, including collateral available or leveraged (keep in mind that many businesses overlook much of their available collateral.)
- Bank Statements. A business’s current cash flow helps us to uncover opportunities missed both by the business itself and traditional banks that have rejected them. We examine how the business collects and spends its revenues.
- Equipment Types. If you are seeking equipment financing, we will discuss and strategize the type of equipment you are seeking, the vendors or private-party you are seeking to buy from, and the use of the equipment for your business.
With these elements in front of us, we conduct an in-depth underwriting interview with the client. We gather the stories around the data that flesh out the business’s prospects, challenges and unique circumstances. With this comprehensive information, we can assess the “character” of the business so that our credit team understands the entire situation and opportunity.
Be Confident in Your Business Financing Decisions
After the analysis, we typically have several options to present, even to those with bad credit. We may recommend equipment financing, Small Business Administration (SBA) and term loans, as well as lines of credit and inventory financing and more. LendSpark’s highly experienced principals take the time to strategize which choices will meet your goals the best.
We invest the time required to understand the short and longer-term financing goals of every LendSpark customer. We educate our clients so they can make sense of and their options and, more importantly, make fully-informed, confident decisions.
Our business model is built upon this consultative approach and our goal is to create long-term partnerships with every LendSpark customer.