2/28/2007 Direct Lenders Needed to Fund the Small Businesses of America

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Direct Lenders Needed to Fund the Small Businesses of America
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iBank.com continues to be the fastest growing Commercial Loan/Lease search engine in North America, and with this it creates a necessity to bring on more direct lenders, to handle the large increase of small business online loan applications. Everyday iBank.com generates more and more leads for direct lenders that specialize in the small business loans, leasing and commercial markets.

““In addition to helping small businesses find insurance and investors, iBank.com is also dedicated to helping small business owners find funding sources,” said Erik Hamilton, Senior Business Development Manager-Lenders. “Direct lenders find fully automated, streamlined and standardized process applications on our website.”

Small business owners that need direct lending sources have overwhelmingly turned to iBank.com. The number of small business loans outstanding under $100,000 increased 25 percent between June 2004 and June 2005, according to a report released by the Office of Advocacy of the U.S. Small Business Administration. These small businesses have resorted to using credit cards to survive.

“Access to credit is vital for small business survival,” said Dr. Chad Moutray, Chief Economist for the Office of Advocacy. “That is why we produce our annual lending report, so that trends in small business finance are made clear. One evident trend is the increase in the number of micro business loans outstanding. Coupling that increase with the small increase in the dollar amount outstanding of those loans shows that the small business credit card market continues to be quite dynamic.”

These numbers prove that small business owners need access to funding for various reasons and that’s why iBank.com was created. Small business borrowers have the convenience and protection of using iBank.com’s online secured Vault, where they’re able to retain the data from their application while also having it available to the lender. Lenders see real time deal flow on their desktop or they have the option of getting the iBank reader which will contact them immediately when they have a qualified small business borrower.

“One of the more important features that iBank provides to its lenders is the ability to screen the applications,” said Hamilton. “Whether a lender is looking for A paper or borrowers who have been turned down, who they see is determined by the lender.”

There are many advantages for direct lenders that use iBank.com’s real time lead flow. The first is the online process management system which saves time, money and is extremely convenient. Next lenders can manage client data by collecting, transporting and retaining information, all in one place. Lenders and borrowers have 24/7 access to their online applications which is a 21st century business tool.