New Fintech Platform Increases Approvals for Business Lines of Credit
NEW YORK, Nov. 19, 2021 /PRNewswire/ -- New York City based fintech firm, Iron Capital Equities, rolls out a bank application database system on www.lineofcreditdepot.com, that gives small businesses a better chance at receiving a bank's approval for a line of credit. The proprietary software allows for a single application to cross reference hundreds of local and national banks underwriting criteria. This gives the business owner better chances at scoring bank financing, instead of relying on manually and blindly applying to each bank individually.
"It is inherently difficult to apply for a business line of credit, because applicants don't know each bank's unique underwriting criteria upfront. That's what makes this tech so specil," says Matthew Elling, CEO of Iron Capital Equities. "The software on lineofcreditdepot.com analyzes all the applicant's business data points and chooses the correct pool of bank lenders. This makes affordable bank lines of credit more accessible to applicants, simply by pairing them with a bank that will approve them."
Unlike other online lenders, LineofCreditDepot.com acts as an Underwriting Funnel to move traditional bank line of credit applications faster than usual.
Given the amount of small banks in the country, how would a small business know which bank would be better suited for them? LineofCreditDepot.com has partnered with thousands of banks, both local and national, to offer a streamlined approach to applying for bank financing.
Matthew Elling explains, "the credit gap for near prime small businesses is still a problem in the economy, as businesses are seeking a recovery mechanism besides exhausted PPP and EIDL funds from the government."
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SOURCE Iron Capital Equities