With small business lending still at lower levels than years preceding the recession, the pressure on small businesses to stay afloat and secure proper financing they need in order to grow is continually difficult. In order to better meet the financing demand of small business merchants, Merchant Cash and Capital (MCC) is now set to launch its new automated approval system, in hopes of bolstering lending access to such businesses.
The ASAP system looks to streamline submission-to-funding process by being fully automated for cash advances through provisions that allow for instant pre-approvals and contracts. What use to take a full day will now take no longer than a television commercial. That capability combined with underwriting documents being uploaded directly allows for the MCC to service many more in a faster and more accurate setting.
“Small businesses are critically important to job creation in the U.S., yet tight lending policies at banks means too many merchants are unable to secure approval on the traditional loans they need to run their businesses – and, most importantly, hire,” said MCC CEO Stephen Sheinbaum. “ASAP now makes obtaining financing approval as fast and simple as applying for a credit card. The goal of providing access to capital swiftly and easily to small businesses in America is accomplished through our release of the ASAP system.”
The process will now not only speed up the process, but the MCC’s partner will experience the following capabilities with ASAP:
Credit reports pulled at the time of submission, speeding up the process for both partners and merchants.
Pre-approvals and funding contracts from submissions within seconds.
Advance amounts, rates, and payback method options are both provided and selected in real time.
“For years, small businesses have been increasingly shut out of the traditional loan market,” said Mike Rozman Co-president and Chief Strategy Officer for BoeFly.com, an online marketplace that matches borrowers with compatible financing companies. “Our goal is to help as many small businesses get the financing they need, and partners like MCC allow us to do that quickly and efficiently. ASAP is a real game changer that’s going to benefit many in the small business community.”
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