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Lender Offering Loans to Small Business Based on Business Performance -- Not Credit Scores

Lender Offering Loans to Small Business Based on Business Performance -- Not Credit Scores
Finding capital remains a big challenge for America's small business owners. One of their biggest challenges is finding a lender who values their performance history over credit scores. This is particularly important to new businesses who have little or no credit history established yet for their business. One lender is widening out in their requirements to help meet the needs of small business owners.

About credit scores

Typically, a score of 650 or higher is considered a good score by the lender. If your business credit score is 600 or lower, you may have trouble getting financing from a traditional lender like a bank or credit union. Swift Capital, which opened in 2011, also looks at credit scores but doesn't just rely on this in order to qualify a business for a loan. They are one of the few lending institutions that focus on serving the needs of small businesses who have historically been underserved by their banks. They take the time to look at each business's overall business health.

Benefits offered by Swift Capital

According to Swift Capital, they use technology that enables them to qualify small business lenders more quickly, like within an hour in some cases, and at more affordable rates. Since they began in 2011, Swift Capital has provided over $450 million in funding to over 10,000 businesses throughout the nation.

The company is headquartered in Wilmington, Delaware, and approves small business loans from $5,000 to $300,000.

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