It’s not easy for minority business enterprises (MBEs) to navigate through the complex process of acquiring capital to support the growth of their businesses. That’s why SCMSDC is teaming up with Supplier Success to give MBEs access to up to $3 million in business loans with a simple online application.
Supplier Success provides finance solutions focused on expediting supplier payments, improving access to capital, increasing corporate cash reserves and unlocking cash flow for buyers and suppliers. SCMSDC’s endorsed lender and a certified MBE is helping minority business owners receive risk-free loans as quickly as in a week through its online lending portal, SupplierCash.
“MBEs have long said that an obstacle to growth is getting access to capital, so our partnership with Supplier Success makes a lot of sense,” says SCMSDC President Virginia Gomez. “SupplierCash demystifies the banking experience and provides better access to credit and banking services for our MBEs.”
“Supplier Success is thrilled to partner with SCMSDC in providing fast, affordable business loans to the MBEs of Southern California,” adds Glenda Gill of Supplier Success. “As an MBE ourselves, we are well aware that access to capital remains the number one barrier to growth for minority entrepreneurs. Supplier Success was founded with the goal of eradicating this issue, and we believe that our partnership with SCMSDC will go a long way towards reducing interest rates and improving working capital for our fellow MBEs.”
Here’s how SupplierCash works: after completing an application — which includes providing three recent bank statements, credit score, federal tax ID, driver’s license, address and phone number – applicants will be contacted within 48 hours by lenders. SupplerCash loan experts, who specialize in small business loans, will then follow-up with applicants to discuss their options.
What’s unique about SupplierCash is that with its portal, applicants receive offers from over 70 lenders with one loan application. This marketplace-based approach generates more competitive offers.
The types of loans available include term loans, business credit cards, lines of credit, cash flow loans, equipment loans, factoring, SBA loans and commercial real estate loans. SupplierCash uses a “soft credit pull,” which means loan applications will not impact credit scores.
To learn more, contact the SupplierCash support team at 1.800.568.1870, or go to the Supplier Loan Center. There’s also an FAQ page on SCMSDC’s website with links that can help MBEs decide whether a loan makes sense and what to expect during the application process (https://suppliersuccess.com/scmsdc-lending-faq/)