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Do it yourself
When you complete the questionnaires and upload documents the LoanBox algorithms match multiple points and calculations of your loan package and filters against the key qualifying requirements of each lender. LoanBox shows the lenders your loan qualifies for with 99% accuracy (based upon the accuracy of the loan package inputs). Select the grant access button and the lenders you pre-qualify for will be notified and access your loan package within LoanBox. You receive loan proposals from the interested lenders and select the winning lender/loan proposal. All of the additional documents and process steps for the lender you select are on the LoanBox Manager.
Get Support
All of the support needed from robust FAQs, AI Lending Assistant Chatbot, videos, and detailed explanations are available to access. You have direct access to the lender you're using, receive app-to-app messaging, easily upload additional requested documents, and have your completed loan after it closes safely stored for your access in the LoanBox vault if you want. When ongoing annual covenants (that all banks have with business loans) like providing annual tax returns and updated PFS is easily managed by LoanBox. Receive reminders and upload to the same place you did everything else within LoanBox or you can always send to the lender direct.
LoanBox Advisor
Although the app is easy enough to do everything yourself (especially with our Loanology support tools) some prefer someone to just take care of everything for them. A LoanBox Advisor is a friendly human who supports you and and helps handle everything about your loan for and with you. Loanology Advisors provide free advice, guidance, and hand holding from beginning to end. They manage the process with the lender. The borrower's primary responsibility becomes completing the loan application information and uploading the needed docs throughout the process as required.
Don’t waste time and effort chasing the wrong lenders.
Want to cut to the chase and get it right the first time? Then think about experience, focus and criteria during lender consideration and selection.
In short, think inside the LoanBox which does this for you.
LoanBox is the Business Owner's Crystal Ball
for Selecting a Lender
Getting it right the first time can have immeasurable value with many things to a small business owner. LoanBox helps a business owner get their choice of business loan and lender right the first time. It's why LoanBox is preferred for business owners seeking big small business loans, when delays from not getting it right can end up losing out on the deal all together. Use LoanBox to get your big small business loan done right, with the right lender, the first time around.
Thousands of small business owners every year apply with SBA lenders who have the lowest probability of approving their loan. They randomly approach lenders that don’t specialize in their industry, business type or loan amount, because they think all banks are the same when it comes to an SBA loan or a small business loan and the only difference is they might get a better rate with this bank vs. another.
Going down the path with the wrong matched lender is the top reason why so many small business owners have frustrating and stressful lending experiences. Why do so many small business owners initially go down the wrong path and waste weeks or more only to find out they have to start over somewhere else? The obvious answer is because most business owners don't have access to a crystal ball. With the launch of LoanBox business owners now have something much more reliable.
Business Lenders Are Different and Focused on Different Loan Purposes and Borrower Types
It’s the lender, not the SBA, that provides the loan. The SBA guarantees it but doesn’t provide the loan. The SBA provides standard operating procedures for banks to follow but also defers certain aspects to the lender’s individual bank policies, and each lender’s bank policies are layered on top of that of the SBA’s rules and procedures. All SBA lenders are different, sometimes very different.
Each SBA bank/lender has different levels of expertise, experience (and therefore comfort level) with different industries, locations and loan amounts. If you’re a a franchise startup seeking a multi-million SBA loan why are you applying with a lender who has never approved a multi-million franchise loan, or a multi-million startup loan, or a loan in your industry, or an SBA loan over $300k for that matter? This is just scraping the surface.
Even more convoluted is each bank has a different combination of dozens of “make-or-break” criteria which if any one of them doesn’t meet the individual bank’s criteria it results in a denial. Many of the basic criteria like loan amount, purpose, location, business age, and credit score are quickly and easily screened for. Other details don’t usually show up until the analyst reviews the loan like DTI, DSC, and debt-to-equity calculations.
So while the loan officer may have been initially optimistic during the application process the business owner finds out weeks later the loan can’t be approved and the owner has to then start anew somewhere else. While some of these banks only waste a week or two instead of two or three but a wasted week or two is too long.
Better Than a Crystal Ball
We utilized our analytics platform to compile the top small business lenders in the country based on a host of different categories and criteria. We collected their approval variables on dozens of components for exactly the type of loan, business, and borrowers they are targeting and the key approval criteria for both general purpose and specific purpose loans.
When you complete your loan package the LoanBox algorithms go to work and you instantly see the SBA lenders you match 100% of their dozens of criteria variables. Select one or all of the lenders to access your LoanBox package from their LoanBox. Interested lenders (they all usually are since you match 100% of their criteria and is exactly who they are targeting) generates loan proposals and the borrower selects the winner, executes the proposal, and continues the LoanBox process to closing, receiving alerts whenever the loan advances to the next process stage.
Getting it right the first time can have immeasurable value with many things to a small business owner. LoanBox helps a business owner get their choice of business loan and lender right the first time. It's why LoanBox is preferred for business owners seeking big small business loans, when delays from not getting it right can end up losing out on the deal all together.
Use LoanBox to get your big small business loan done right with the right lender the first time around.