Capital One Spark Business has developed a new loan for small businesses within the Houston area. According to Chron, “Spark Business said it has developed a digital and cost-effective direct loan offering that details the costs associated with a loan before applying. It also sets forth the expected interest rates for the loan.”
The main focus of the loan is the time it takes to win approval. Capital One has found that many small businesses tend to apply for loans with short approval wait times and low term loan costs. For those organizations already doing business with Capital One, no additional documents are required for any loan under $50,000.
This new loan from Spark Business is huge and I love the idea. For small businesses needing to focus on their company operations quick application times are a necessity. They say that you are either selling or trying to get funding, but I think that, in today’s environment, entrepreneurs should be afforded the opportunity to do both. Funding is an important part of business operations and with the low loan cost and quick time, the benefits for local suppliers should be big.