$2 Million in small business loans financed to main street businesses
The Express Small Business Loan program launched in late February by Citi Wide Merchant Funding has been a rousing success. Business financing to the tune of $2MM has been offered to main street small businesses by Citi Wide Merchant Funding in the past month.
One of the first small businesses to receive working capital through this new program was a BBQ restaurant in Washington. The owner was looking to revamp his outdoor seating area before the summer season was in full swing. Chad Thompson, a gasoline service station owner in Oklahoma, was able to receive $35K in 2 days to complete some construction. Remarking on the process Chad had this to offer “ Kris [ Sands] introduced me to this new product. I couldn’t believe that I only had to send in an application and one bank statement for an approval”.
Citi Wide Merchant Funding utilizes a sophisticated algorithmic underwriting process that dramatically reduces the time frame needed to generate a credit decision. “What used to take several weeks now only takes hours” says Sands, referring to the older process of manual underwriting.
This turnaround has been of great service to small business owners who do not have the luxury of time to go through a retail bank or the SBA Loan Process. “The process is greatly simplified by not requiring any form of collateral, so our underwriting doesn’t not have to take these numbers into consideration. We are more concerned about the strength and revenue of the business then your personal credit score” says Kris Sands, Senior Vice President of Business Development. This market is underserved as the majority of main street small business owners have little to no assets that can be used as collateral for a loan.
Citi Wide Merchant Funding utilizes a sophisticated algorithmic underwriting process that dramatically reduces the time frame needed to generate a credit decision. “What used to take several weeks now only takes hours” says Sands, referring to the older process of manual underwriting.
Additionally Citi Wide Merchant Funding has extended the time frame projection on its merchant cash advance to 18 months. This the longest time frame in the industry and greatly reduces the cost of capital to small business owners.
To learn more about these programs call Citi Wide Merchant Funding at (631)608-2811 or apply at ExpressBusinessLoans.Com.
About Citi Wide Merchant Funding
Amityville, New York based Citi Wide Merchant Funding, INC is a provider of small business financing to small and mid-sized businesses across the United States. Our financing programs are individualized to the working capital needs of each client. Since 2007 Citi Wide has funded millions of dollars and provided a high level of personalized customer service to main street businesses underserved by traditional retail banks. Click here to learn more about small business financing.
