Historically, it has been difficult for small businesses to obtain a loan to the company from any of the traditional major banks. Since the financial crisis in the 1990s, the banks’ loan portfolio of corporate loans has gone from 50% to a pitiful 15%. In the place of corporate loans, private loans and, above all, mortgage loans have taken place. In big cities, house prices have risen and borrowing of cars, boats and the like has also increased.
This has had a major impact on society at large. Small businesses did not receive the support required in the form of funding, laws and regulations. Until a few years ago…
Business Loans Online – The Rescue of Small Businesses
When we founded Trans-Y Credit in 2015, we were among the first in our niche – online business loans. There were some challenges and thresholds to overcome at that time. For example, Mobile BankID had not made a real impact and did not have the same credibility and confidence as it has today. Then we often got good business owners to find the app and download e-credentials. Today, about 7.5 million have a mobile BankID, of which as much as 97.5% of Swedes between the ages of 21 and 50 have installed on their mobile.
So today it is no stigma to take a loan online, as it may have been 5, 10 and 15 years ago. Now there is another confidence in banking, financial and credit institutions that can lay the foundation for a new era of service to entrepreneurs.
Another type of assessment
Instead of focusing on your company being a hundred years old, having dozens of employees, reports and high turnover, we choose to look at other factors. Cash flow, business concept and the fact that you seem to be an appreciated force in your niche are some things that we look at when assessing a company. Working with Creditsafe, Scrive, other data providers and the personal phone call we have with you means that we can often make a better assessment than the bank. Then it doesn’t matter if you are new and small. We can help you anyway!
Bank branch closures – a threat to the local entrepreneur
Office after office is closed down in cities as well as in smaller towns. Do you really need to get in the car to go several miles to be able to visit a bank official at all? We don’t like it! Instead of an expensive costume, in the form of local offices and thousands of well-paid officials, Trans-Y Credit can keep costs down to offer loans to more entrepreneurs.
Grow with Trans-Y Credit Corporate Loans
Although it turns out that we can approve a certain amount for you, it can mean that after a few monthly payments, you can be approved for a higher amount. It is because you as a customer have your own Trans-Y Credit score with us and that all data points and behaviors play into what we can do for you as a customer. If you are not late with payments, your Trans-Y Credit score improves – and vice versa. Therefore, you can grow with us and prove why you should be approved for a larger loan at a lower cost.