NEW ORLEANS – Owning and growing a small business is not a simple task. That’s why Capital One Spark Business is simplifying the lending application process for its small business customers based in Greater New Orleans and across Louisiana, bank reps said.
With the rise of financial technology (fintech), there are many options for small businesses that need access to business credit. However, small business owners (SBOs) are still confused by the process. In speaking with customers, Capital One Spark found SBOs want simplicity and guidance in order to better understand the lending process and select the right loan for their business needs, bank reps said. Many SBOs choose a loan solely based on the time it takes to be approved rather than the costs throughout the term of the loan. Spark Business reps said after factoring in payback schedules and interest rates, many small business owners end up paying considerably more.
Small businesses are vital to the economic vitality of Louisiana—comprising 97.3% of all businesses and 53.5% of all employees in the state, bank reps said. Spark’s new Direct Lending offering provides SBOs access to a simpler and expedited process to accessing a loan, they said. The Direct Lending offering is backed by Capital One, a top-10 bank, and customers can visit their local branch to apply via an all-digital process utilizing an iPad.
Spark’s Direct Lending discloses all costs associated with a loan, including interest rates, prior to application, so SBOs can fully understand the true cost of credit to make the best choice for their business, bank reps said.
