NEW YORK, NY--(Marketwired - Jun 20, 2013) - Small business lender QuarterSpot today launched its online lending platform to provide small business owners with lower cost loans at more favorable terms than are available from many other sources of funding. In response to the continued scarcity and growing cost of small business capital, QuarterSpot loans feature lower rates and fees without personal guarantees or personal credit checks.
"Small businesses employ nearly half of America and account for half of GDP, yet most small businesses cannot get a bank loan. They are often forced to accept extremely high rates and fees from alternative sources, and worse yet -- owners risk losing their personal belongings and damaging their personal credit if things don't work out," said QuarterSpot CEO and co-founder Adam Cohen. "QuarterSpot addresses the key capital needs and concerns of small business owners at the lowest rates and best terms possible."
QuarterSpot loans feature:
- A five minute application process and funding in as little as 24 hours;
- No personal credit checks or personal guarantees required -- all underwriting decisions are based on the financial health of a business and its ability to repay a loan;
- Amortized interest rates that reduce borrowing costs by as much as 85%;
- Loan amounts beginning at $5,000 up to more than $1,000,000;
- Clearly communicated repayment terms, costs and fees; and
- Less paperwork and requirements than traditional lenders or crowdsourcing.
QuarterSpot will discount loan fees up to 65% for qualified new borrowers for the first 90-days after its launch. QuarterSpot loans are available to businesses with more than $100,000 in annual revenue. Early QuarterSpot borrowers have saved thousands of dollars in total loan costs compared to other online small business lenders and merchant cash advance companies.
"We are a strong business with good revenues and a strong credit history, but we still faced an extremely high cost of lending compared to other online and traditional sources of capital," said Jonathan Daou of popular New York City pop-up space OPENHOUSE. "With QuarterSpot, we saved almost $10,000 on a six month loan compared to a quote from another well known online lender. The money we saved will help us get an even faster jump on our planned expansion."
For more information about obtaining a loan from QuarterSpot or to apply for a loan, please visit http://www.quarterspot.com.
QuarterSpot is committed to helping small business owners secure responsible small business loans that are clearly explained and fairly priced. Its innovative small business lending platform enables small business owners in search of capital to obtain loans on more favorable terms. For more information, please visit http://www.quarterspot.com.