A north Wimington-based start-up is taking a page from the travel industry and its ability to seek out the best deals via the web.
MarketStreetFunders.com helps businesses identify the right type of capital needed and then matches them with lenders eager to work with the business, according to a release. 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 can come within days.
– Business Loan –Traditional loan product for larger amounts or longer terms. 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 billion to $120 billion per year, according to a release.
According to the release, 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 three- 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.”
The site requires that 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.”
Abel was the Chief Operating Officer of Swift Capital, north Wilmington, a business loan provider that also uses online tools. He also served as Executive Vice President and Director of Small Business Banking at MBNA America and later Bank of America.
Williams has more 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 of experience as a small business owner in the restaurant and bar industry.
