Balboa Capital Survey Reveals 65% of Small Businesses Obtained Lines Of Credit from Non-Bank Lenders
Summary
The results of a survey conducted by leading direct lender Balboa Capital reveal that 65% of small business owners obtained a business line of credit from a non-bank lender in the past 12 months, and applicants cited easier application processes and faster funding decisions as the main factors in their choice of lender. “Based on the results of our survey, over six in ten small business owners said they obtained a line of credit from a non-bank lender.” Mr. Lent believes this is the result of small business owners wanting an easier borrowing process. Balboa Capital developed an intuitive online platform that simplifies the entire financing process. Calculators provide instant estimates, applications can be completed and submitted in a matter of minutes, and sophisticated credit scoring technology provides instant decisions.