Right now we have a lot of people that are not getting approved for business loans, merchant cash advances, or other types of unsecured lending for businesses.
Typically in the past, a business owner would simply be required to have most recent bank statements to apply, get underwritten, and get offers from the top lending teams in the country.
However, what we are seeing here at FunderHunt working with our small business owners, that due to current events, particularly due to the pandemic, the business owners are having their creditworthiness severely impacted.
A big part of this, is the fact that a big percentage of small businesses are being deemed non-essential and forced to close their doors. Even the business of lending would in some cases be defined as non-essential, forcing many to work from home.
In addition, we recently found out that a big number, as much as 33% of lenders are closed, whether they were forced to close their doors due to shutdown guidelines, or if they simply just don't want to be open.
Less people are getting approved, the only thing we can do is to give it some time and patience during this period of economic uncertainty.
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