NewswireToday - /newswire/ -
Hamilton, NJ, United States, 2009/12/08 - Taking into account the desperate state of affairs in the business lending industry after CIT Group's bankruptcy, GetFastCapital is introducing a new business loan alternative program aimed specifically at business owners - GetFastCapital.com.
GetFastCapital (GFC) launches a new program meant to aid those small business owners directly affected by CIT Group’s failure.
Customers that once received lending from CIT will receive access to low rate loan alternatives through GFC’s cash advance program. The program works by advancing a business a lump sum of money and the firm then receiving repayment via a set percentage of the client’s credit card sales. Such a program can provide much needed cash flow to a business while cutting through the complications and some of the risks of working with a bank.
American super-lender CIT Group Inc. failed and entirely changed the business lending landscape in America. A member of the fortune 500, CIT Group was among the nations leaders in factoring, transportation financing and small business loans.
Banks across the country, and also around the world, are now slowing lending to a crawl in response to the recession and massive economic uncertainty. This credit crunch has left small business owners desperate for funding for business expansion or just for financial survival.
However, not hope does still exist for small businesses looking for business loans and business loan alternatives. Founded in 2008, GetFastCapital (getfastcapital.com) works with businesses across the country and has been noted for its professionalism and friendly customer service department, but most importantly, its quick turn-around-time.
Businesses are approved for funding usually within 24 hours of them submitting the required paperwork, and funds are released in as little as 5 days. Any small business owner that has worked with CIT needs only mention his involvement with the now failed bank to one of GFC’s funding experts to start the process towards obtaining a cash advance with an excellent rate.
Edward Hinson, the VP of Sales at GFC, says that GetFastCapital is committed to providing financing to deserving businesses in a both time and cost efficient manner, and with this new program, aims to help business owners affected by CIT Group’s departure from the financial industry.
In today’s economy financing of any kind is hard to come by and not everyone has a credit score strong enough to attract a bank. Even former CIT customers with bad credit or those who do not know their credit score may still receive funding from GetFastCapital.