AMBLER, Pa., Oct. 27, 2015 /PRNewswire/ -- Business loan adviser MultiFunding announces its 3rd quarter report card in an initiative to improve transparency across the loan brokerage industry. This report lays out the company's year-to-date loan data including APR range and product type. Click here to view our visual transparency report card (http://www.multifunding.com/multifunding-challenges-industry-for-transparency/)
The marketplace for small business lending is expected to hit $7.9 Billion this year, up 68% from last year, according to Morgan Stanley. These loans are predicted to grow substantially. By 2020, small business loans could account for 16% of the lending market. That is almost five times the market share now.
As the small business loan industry moves to new highs, additional transparency is vital. "When you're in the business of lending money to small businesses, you're choosing to participate in an industry that could put our entire economy and the core of capitalism at risk," says MultiFunding CEO Ami Kassar.
"Unfortunately, many of the brokers today are predominately conduits to very high interest short term loans," says Kassar. "Hopefully this educational initiative will help break this cycle. We believe that our numbers prove that there are often better options for small-business owners."
"Moves like the one that MultiFunding is doing today bring greater options and information to small business owners" said Dr. Jeff Cornwall, the Jack C. Massey chair in Entrepreneurship at Belmont University. "This can translate into huge savings for entrepreneurs and ultimately can be used to further grow their businesses".
The percentage of very low interest loans granted by MultiFunding, which includes APRs of 6% or less, is 23% through the third quarter.
About MultiFunding LLC
MultiFunding works with business owners to develop a path to bankability -- to help them reach the point where they are bankable through an SBA–backed loan or another traditional bank loan. MultiFunding has helped place over $150,000,000 of business loans in 42 states. Find out more at www.multifunding.com
SOURCE MultiFunding, LLC