Although many small business owners still face difficulties when trying to apply for a loan, the loan application process may be getting a bit easier, WebProNews reported. According to the source, there has been some anecdotal evidence from entrepreneurs who have recently found success in getting the capital they need from traditional lenders.
The Federal Deposit Insurance Corporation released data showing that in January 2014 money loaned to small businesses by banks, finance companies and corporations was up four percent from the same time in 2013. While this increase may be a positive sign for ideal credit candidates, there are likely many small business owners who may be left in the lurch when in need of increased capital.
Because easier lending is slowly trickling in through a select few large financial institutions, many small business leaders are likely to come up against the same lending blocks that they have for years. Big banks are still prone to applying strict credit and lending standards to most businesses that apply for loans, leaving many entrepreneurs in difficult situations should they need new capital for equipment, hiring or expansion.
For those entrepreneurs, another option for business capital is alternative lending. Small business owners who are interested in learning more about their lending options should contact National Funding to find out more.