Why Customers Opted for Beacon Funding Over Traditional Bank Financing

By Amber Stevens| May 11, 2021| 987 Views
5 MIN

This video features business owners who worked with Beacon Funding to finance multiple pieces of equipment. Listed in order of appearance: Carla Dooley (Promos Ink) and Chris Wicks (Global Sign & Awning).

Dedicated Equipment Financing Support

Happy customers nationwide rave about how easy their experience with Beacon Funding has been compared to their bank. Talk with a consultant to experience Beacon’s fast turnaround, equipment expertise, and personalized service.

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1. Faster Alternatives to Financing Equipment

If you're a business owner looking for a faster approvals process, more flexible financing options, or have been turned down by your bank – you've come to the right place. Beacon Funding has proven itself to be an excellent equipment financing partner for business owners looking for the most competitive option available for nearly three decades.

Carla Dooley, President of Promos Ink, recommends Beacon Funding over the bank to businesses looking to acquire equipment. "Mainly because banks, credit unions, have a lot of red tape. Beacon did not have those issues."

Carla Dooley, President of Promos Ink talks about how Beacon Funding helped grow her embroidery business.

Beacon Funding built its paperless application process to reduce the hassle of applying for financing. Business owners often wear many hats, which means time spent filling out a credit application is time not spent working on your business. With Beacon, customers enjoy the flexibility of filling out the application online in less than 15 minutes or even over the phone.

"We did look at other companies. Many had a very intensive paperwork process through underwriters - through all of these different people,” said Chris Wicks, Owner of Global Sign & Awning.  “With Beacon Funding, it was nice that I was able to contact my consultant and get these things done. It was incredible."

Chris Wicks, Owner of Global Sign and Awning gives a quote on how Beacon Funding helped grow his business.

It's common for personal and business lenders to request financial reporting to verify your business. Beacon Funding has made it possible to share these important documents with the push of a button. In 2019, Beacon Funding implemented Decision Logic's secure technology to help customers electronically verify bank statements in a few quick clicks. Electronic bank verification is one of the safest methods of sharing your banking activity.

2. Beacon Funding’s High Approval Rating

Traditional lenders who have strict qualifying criteria can fail to notice businesses that are start-ups or have challenged credit. That’s not the case with Beacon Funding.

Beacon Funding understands the value of your equipment and believes in small businesses. We’re able to approve 70% of applicants, which is 13.2% higher than other alternative lenders and 42.3% higher than big banks (according to Fundera).

  • Alternative lenders have a 56.8% approval rate.
  • Small banks have a 50.1% approval rate.
  • Credit unions have a 39.9% approval rate.
  • Big banks have a 27.7% approval rate.

3. 24-48 Hour Equipment Financing Approval Process

If you're looking to finance equipment, there is a good chance acquiring sooner could have an immediate impact on your ability to rise to market changes. Loans are helpful if you have a long-standing relationship with a bank. However, securing financing through a traditional lender, like a bank, often have slow response times.

4. Personalized Equipment Financing For Your Business

Big banks can also fail to deliver the personal experience and equipment expertise need to offer flexible financing. When comparing Beacon Funding to a bank, Carla Dooley (Promos Ink) said Beacon Funding was "Much easier to deal with. More personable."

At Beacon Funding, our financing consultants provide dedicated personal service to both new and current customers. Reachable by phone or email, customers can depend on their rep for financing questions. Business owners like Zaimi mentions how easy communication played a huge factor in his business’s response time.

See firsthand how Beacon Funding’s financing consultant can provide you with friendly and dedicated service to help grow your business. They’re there to help support you.

To learn more how Beacon Funding can provide you quality equipment financing, visit www.beaconfunding.com/talkwithus

Amber Stevens

Amber Stevens

P: 800.866.6396  |  EContact Me

As Creative Director, Amber Stevens collaborates with Beacon Funding industry experts to write informative content on the commercial truck and decorated apparel industries.