Uprise - 2020/02/07
The online world is so diverse that businesses of any scale can find their way of survival and grow. Sadly, such cyber power has not cast much impact on the way loan approvals for small business loans works. Traditional lenders like banks are still reluctant to risk lending to seemingly unstable small businesses. But there is always a silver lining: the data-driven modal for loan assessment is on the rise. E-businesses have not been more welcomed by lenders as the innovative assessment modal unveiled the business potential in these loaners.
(Scroll down to the **TL;DR? section** at the bottom of the page for summary if you are in a hurry.)
It is not news that small businesses and e-businesses are easily turned down on financing applications. As conventional loan assessments rely heavily on credit records and proper business reports for evaluation, small business owners who may not have a convincing credit history or presentable tangible assets often fail to prove that they are financially stable and creditworthy.
While the business sector is getting more tech-savvy every day, and lenders like us should transform too. The data-driven modal, which is predictive in nature, includes alternative data as part of the credit score evaluation process. Take a look at our loan assessment model; 4 sets of data will be reviewed before make our lending decisions:
Yes, data from your website and your social media accounts are valuable. They tell us how your clients (or potential ones) think about your brand by tracking various online behaviour, such as monthly audience, monthly return users and marketing dollar spending. They also help us predict how your business will grow in the future.
This mode of loan assessment requires less documentation and is able to shorten the approval time as fewer papers need to be reviewed.
E-businesses base a large part of their services online and spend most of their efforts on online management. Therefore, we believe that the business potential of e-businesses cannot be presented comprehensively in traditional business reports, but is rather hidden in online performance and digital data.
With the adoption of data-driven assessment modal, e-businesses and other forms of small businesses finally have an equal chance to prove themselves trustworthy and creditworthy. Having Uprise as a trusted supporter, online business owners are no longer the underdogs in credit access.
Visit our ‘Blogs’ page to grow your online brand with Uprise.#businessloan #datadriven #smallbusinessloan #SMEloan #ecommerce #ebusiness #SME
A merchant cash advance to purchase your future credit card and e-payment sales. Flexible payment schedule according to your business volume. There is no interest – just one fixed fee you know upfront.
Unsecured small business loans to support entrepreneurs in a variety of financial situations. A quick and straightforward access to funding to grow your small business.
A B2B payment and credit platform for SMEs to pay invoices, rents and salaries. Enabling Vendors and Buyers to use credit cards to collect and make payments.