US Credit Source has revealed intentions to relax their credit requirements, for business loan products.
US Credit Source has revealed intentions to relax their credit requirements, for business loan products. This decision follows the findings of the Federal Reserve Bank of Kansas Citys Survey on Small Business Lending, which painted a concerning picture of tightening credit standards
The survey highlighted that 22% of participants reported reduced loan requests in Q4 2023 marking the quarter of declining demand for loans. Approval rates also saw a decrease with major banks experiencing a drop from 52% to 49% and sized banks decreasing from 68% to 66%.
"These figures highlight the obstacles entrepreneurs encounter in obtaining funding " noted Jessica Dupont, Funding Manager of US Credit Source. "Through our credit criteria we aim to counter this trend and provide assistance to small businesses that have been hindered by stringent requirements."
Interestingly the primary reason cited by 67% of respondents for loan denials was the borrowers situation. Nonetheless US Credit Source intends to give weight to data points such as revenue trends cash flow forecasts and business performance indicators.
Dupont further stated, "We believe that entrepreneurial success is not solely dependent, on a credit score. Our comprehensive approach assesses a business's potential enabling entrepreneurs to succeed."
The recent survey, by the Federal Reserve also showed that roughly a quarter of participants adjusted their credit criteria during the quarter of 2023 pointing to uncertainties in the economy challenges within industries and a decreased willingness to take risks as primary reasons. This represents the quarter of stricter standards.
US Credit Source is making it easier for customers to access a range of services, such as working capital loans, SBA loans, equipment financing, revenue based financing, term loans and lines of credit.
In a climate where small businesses are facing difficulties in obtaining loans US Credit Source’s new approach could serve as a needed support system by offering solutions and simplifying processes in line with their commitment to being an ally, for growth.
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US Capital Source makes the application process seamless and available to every Business owner.
Submit all the necessary information to a number of potential lenders in one place! We eliminate the need to fill out multiple applications and allow you to compareloan options from different lenders. Reduce the risk of errors and time to secure a loan, as all the necessary information is collected in one application.
By submitting all the required information in one place, businesses can speed up the loan application process and receive a loan decision much faster so you can start to grow your business, more quickly.
Interest rates and repayment timeline tailored to your chosen offer. Help finance the expansion of your business.
With relationships across the country, US Credit Source is able to provide quick Lines of Credit less than two points above WSP Prime
Access working capital quick and on short-terms so you can pay back your financing sooner. Use what you need, when you need it. US Credit Source has various options for all Business Owners
Upgrade your Business with financing for Business Equipment. Equipment keeps the busy running and US Credit Source has access to fast capital for all your equipment financing needs
Receive invoice factoring and provide your business with a source of working capital to fund operations and growth.
A Government Grant program under the CARES Act. US Credit Source has helped thousands of Business Owners receive employee tax credit from 2020 and 2021
