Market Street Funders Expands Access to Alternative Lending
Market Street Funders launched a new website today that offers a fast, free search opportunity for business owners to find business financing. MarketStreetFunders.com helps businesses identify the right type of capital needed and then matches them with lenders eager to work with the business. Lending options include:
· Business Advance – Short term working capital matched to future revenue. Repayment is made through small daily drafts. Requires the least amount of documentation and funds within days.
· Business Loan –Traditional loan product for larger amounts or longer terms. Simple interest loans with no prepayment penalty. Requires greater documentation and a slightly longer approval process.
· Factoring Solutions – Ideal for businesses with large purchase orders, invoices, or accounts receivables. Get paid immediately on invoices and purchase orders or turn accounts receivable into cash.
MarketStreetFunders.com was developed as a solution to the existing business financing search ritual, which many business owners find to be inefficient, while at the same time, rarely leading to the most competitive offer. Concurrently, traditional, bank-originated small business lending continues to be on the decline: the unmet demand is estimated at $80 to $120 billion per year.
The company’s proprietary process leverages technology, deep industry knowledge and existing funder relationships to provide a fast, competitive and transparent growth solution for entrepreneurs. Most funding solutions will have a 3- to 18-month repayment period, with some loans up to $1,000,000 and 60-month repayment periods. Commissions are transparent and there are no origination fees.
Market Street Funders co-founder and CEO Tom Abel said, “Today, when you want to buy a plane ticket, you don’t call the airlines; you go to a search comparison site like Kayak or Expedia to find the best price. Market Street Funders provides the same kind of one-stop shopping for business loans and funding. Within hours of completing an application, business owners can compare financing offers side by side.”
There are minimum qualifications to apply. A business must be at least six months old and have $8,000 in monthly sales. The online application requires some documentation, typically a few months’ bank statements. Approval and pricing are based on the strength of a business, cash flows, predictable revenue streams, historical performance, and other common sense factors. Funding solutions can be tailored for a variety of purposes, including inventory and purchasing, working capital, marketing, expansion, renovations and repairs, and hiring.
Co-founder and COO Erik Williams added, “As entrepreneurs ourselves, we have first-hand knowledge of a sometimes untapped business culture of ingenuity and innovation. Our singular mission is to match entrepreneurial passion with the capital necessary to fuel it – and make the process simple.”
About the Founders
Prior to founding Market Street Funders Tom Abel was the Chief Operating Officer of Swift Capital, a recognized leader in the alternative lending industry. He also served as Executive Vice President and Director of Small Business Banking at MBNA America and later Bank of America. Abel is a small business owner, entrepreneur, and stakeholder in several early stage ventures.
Erik Williams comes to Market Street Funders with over 20 years of experience in the financial services industry. He has held various positions in finance, risk management and analytics at Bank of America, Citi Bank, Barclays Bank and PNC. Additionally, Williams has 11 years’ experience as a small business owner in the restaurant and bar industry.
About Market Street Funders
Founded by bank executives and entrepreneurs, Market Street Funders provides a fast, free search experience for business owners in need of capital. Market Street Funders is committed to bringing the lowest-cost, highest-quality funding solution to clients, representing the clients’ interests as if they were our own, respecting clients’ time by delivering products and services quickly, efficiently and in-sync with the demands of their businesses, delivering transparent, easily understandable funding solutions, and constantly innovating to ensure the needs of a growing business are met. In addition to alternative lending, Market Street Funders will be a resource for business owners, offering small business-specific news and advice through blogging, e-newsletters, and research.
For more information, visit www.marketstreetfunders.com or call 800-570-2320.
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