ANAHEIM, Calif., Oct. 14, 2013 /PRNewswire/ -- American Finance Solutions (AFS), one of the fastest growing merchant cash advance companies for small- and mid-sized businesses, launched today its proprietary new funding platform that automatically evaluates how much capital a small business requires. The custom-built platform checks more than 20 qualifiers during the application process ranging from daily credit card sales to social media standings. This platform serves to quickly and efficiently approve funding for more businesses and ensure that business owners can responsibly pay back the advanced amount.
The latest research shows that traditional banks are still stringent in their lending practices and reject over 40% of small business owners who apply for loans. Banks turn down many businesses because they use a rigid set of guidelines that usually require multiple years in business, a high FICO score, assets and a high loan amount. Conversely, AFS' new platform provides a holistic look into the health of a business and has more flexible approval standards. For example, AFS considers candidates who have been in business for less than a year or who have a low personal FICO score, yet have healthy daily credit card sales.
"We are excited that our platform is out of a rigorous beta testing phase and now poised to help thousands of businesses navigate the often turbulent waters of lending," said Scott Griest, chief executive officer, American Finance Solutions. "We were one of the first merchant cash advance companies for Main Street America to launch in 2006, and now we have a sophisticated algorithm to make our application process as seamless as possible, helping as many viable businesses as we can."
The algorithm scans more than 20 unique qualifiers for businesses including:
- Merchant's assets (do they own or lease their business space?)
- Time in business
- Daily and weekly cash flow
- Business credit score and ratings
- Social media standings
AFS has deployed a total of $100M nationwide to businesses such as restaurants, doctor's offices, auto repair shops, florists and more. The company offers an approval turnaround of less than 72 hours, a wide range of cash advances from $10,000 to $500,000, a 90% approval rate, and flexible repayment options.
For more information or for a complimentary consultation, visit www.americanfinancesolutions.com.
About American Finance Solutions
American Finance Solutions (AFS) in Anaheim, CA is a top provider of merchant cash advances to small- and mid-sized businesses. Since 2006, AFS has provided thousands of business owners in all 50 states with working capital. Business owners in the restaurant, retail and other service-based industries use AFS capital to renovate, purchase new equipment and supplies, fund marketing campaigns, and manage unexpected or seasonal expenses. For more information about American Finance Solution's innovative working capital solution, call toll-free 1-800-760-5516 or visit www.AmericanFinanceSolutions.com.
SOURCE American Finance Solutions