An in-depth study from Arrk Group has highlighted the importance of speed when it comes to business finance. According to the results, 89% of small businesses rated the speed of the approval process as “vitally important”.
Rated just as highly was the length of time it takes for the business to actually get their funds once the decision’s been made, followed by communication with the lender, the submission of supporting documents and the application process itself.
Another interesting result from the study focused on how long the entire process took the last time the business owners applied for finance.
45% of SME owners said they received their funds in under two weeks, and 36% said it took between two weeks and a month. The process took longer than a month for just under 20% of business owners.
At Boost Capital, we’ve always understood that speed is of the essence – when a business needs funding, they need it quickly. That’s why we’ve worked hard to make our application and approval processes as fast as possible.
Early last year, we successfully launched a piece of technology which automatically assessed loan applications of up to £25,000 without the need for human underwriting. We recently increased the amount to £35,000, meaning we can give more business owners a decision more quickly.
In fact, we can give them access to the funds they need in as little as one business day.
Here are some other interesting stats from the survey:
- 42% of business owners said they’d approach their bank first for a loan
- 46% said they last applied for business finance in person, followed by 38% who did so online
- When you break it down by age, the generational gap is obvious – 68% of owners aged 65 and over applied in person versus only 14% of 25-34-year-olds
If you’re looking for fast business funding, check your eligibility and apply online today.