Partner

How to talk with your clients about Funding Circle

Let’s face it — the world of small business lending is complex and convoluted. That’s why your clients come to you, a trusted financial expert, instead of trying to navigate what can sometimes be a mess of interest rates, APRs, credit scores, and term negotiations on their own.

As a finance professional who works with small businesses, there are hundreds of reasons why you should partner with Funding Circle. There’s the speed and convenience, the white-glove customer service, the competitive commission structure, and — of course — the ability to offer your clients access to business credit with rates as low as 4.99%.

But your clients are busy running their business and don’t always have time to chat. You might only have a few minutes — sometimes only a few seconds — to make your pitch and explain how you can save them money or find them the best deal.

So what’s the best way to explain Funding Circle to your clients? Here are some solid answers to the four most common questions you’re likely to get from potential clients.

1. What is Funding Circle?

The short answer:
“Funding Circle is the leading global marketplace for small business loans.”

The long answer:
“Funding Circle uses cutting-edge technology to connect creditworthy small businesses who want to borrow with investors who want to lend to them. They focus exclusively on small businesses, and their ultimate goal is to build a better financial world. So far, Funding Circle has helped over 15,000 small businesses in the US, UK, and Europe access financing at rates that actually allow their businesses to grow. They are exceptionally committed to transparency and honesty, and are proud co-authors and signatories of the Small Business Borrowers’ Bill of Rights.”

2. Why should I apply for a Funding Circle loan?

The short answer:
“Funding Circle is not a short-term or merchant cash advance lender, and they are definitely not a bank. Their application process takes only 10 minutes, and their product — a fully amortizing term loan with rates as low as 4.99% — is a smart way to fuel the continued growth of your business.”

The long answer:
“As a marketplace lender, Funding Circle has a unique underwriting process that takes a holistic view of your business. Once you pass the basic eligibility criteria*, most applicants receive a call from their credit team, giving you the opportunity to explain your business directly to the underwriter. You don’t get that kind of service with an SBA loan or an MCA!

The online application process is also extremely straightforward, taking only 10 minutes to apply and less than 10 days to get funded. Combine the fast turn around time with personalized customer attention and some of the lowest rates on the market, and there’s no reason why we shouldn’t check your eligibility — it’s free and takes less than 60 seconds.”

*Minimum eligibility requirements include: FICO score >660, +2 years in business, no bankruptcies within 7 years.

3. How do I apply? 

Before you answer this question, it’s important to first determine if they will be a good fit for Funding Circle loan by asking these four questions. Don’t forget to also review the credit criteria cheat sheet in your Partner Portal, to make sure your client meets our minimum eligibility requirements.

Once you’re ready to recommend them for one of our low-cost term loans, your answer to this question depends on the relationship you have with your client and how involved your firm likes to be with the loan application process. Here are the two most common approaches:

A. Use your Partner Portal to complete the application on their behalf
“Here is a list of the documents that I will need from you to verify you and your business’s recent financial history. I will begin by checking your initial eligibility and running a soft pull on your credit history — this will not affect your credit score. Once I receive these few items, I can submit your full application. If you qualify, you should receive an offer within 7-10 business days.”

B. Send your client your affiliate link
“I have a great working relationship with Funding Circle, and their online application process is much easier than a traditional bank loan application. Use this link to begin the process — it just takes 10 minutes to complete, and you can save your progress along the way. Let me know if you have any questions, or call Funding Circle directly at (855) 385-5356.”

You can find your personalized affiliate link in your Partner Portal. Any application submitted using this link will tie back to your account and appear on your dashboard, but our friendly account managers can take care of the rest — helping them submit the proper documents and walking them through their offer.

4. Why should I accept an offer for a Funding Circle loan?

The short answer:
“Funding Circle’s low-cost term loans are a smart way for an established business, like yours, to access capital. Once-monthly payments at a low, fixed rate will allow you to plan ahead and actually use the capital to invest in your company’s growth.”

The long answer:
“Before you begin comparing different loan offers, it’s important to make sure you understand APR and how much you’ll actually wind up paying to take out a loan. Here’s a great explanation for how to calculate APR and why it matters. Funding Circle’s interest rate is often among of the best offers you’ll receive and they never add on any hidden fees. They are extremely transparent when it comes to explaining the terms of your loan, and I’d be happy to get you an amortization schedule, so you can see exactly what you’ll pay each month.”

Your top talking points

  • I work with a trusted lender that actually cares about business growth
  • If approved, I can get you funding in under 10 days
  • If you qualify, interest rates start at 4.99% and never exceed 26.99%

We hope this short guide helps you answer a majority of questions and concerns you receive from potential clients. Don’t forget to share these tips with the rest of your team — click here to email the link.

Not yet a Funding Circle Partner? 

Funding Circle Referral Partners are an exclusive group of small firms and individuals who work directly with business owners all over the country to introduce their clients to Funding Circle’s fast and affordable term loans. See why partnering with Funding Circle makes your job easier, click here.

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