Mirador Finance & Merchant Maverick: Making Small Business Loans Easier
Although business financing can be found from a number of sources, loans from banks, credit unions, and nonprofits consistently offer the best terms, rates, and fees.
However, these loans are also notoriously difficult to get; traditional lending institutions are known for having long, sometimes prohibitively drawn-out application processes. Even though many small business owners might be able to qualify for a bank loan, many don’t bother applying because they don’t have the time.
What if you could circumvent the slow application process?
Merchant Maverick’s Community of Lenders is working to make that possible. With the Merchant Maverick Community of Lenders, you can check your eligibility and apply for a small business loan through participating banks, credit unions, and independent lenders across the country. Thanks to our platform, an application that used to take 10 hours now only takes about 10 minutes.
Applying for a loan is completely free, and you can check your eligibility before making an account and completing a full application. Keep reading to learn more, including a detailed walkthrough of the whole process, or head over to the Merchant Maverick Community of Lenders platform right now to see if you qualify!
What Is The Merchant Maverick Community Of Lenders?
The Merchant Maverick Community of Lenders is an online matchmaking platform that connects merchants to banks, credit unions, and independent lenders across the nation. Instead of spending time applying for loans you might not be eligible for, the platform determines whether you have a good chance of qualifying for a loan with a few initial questions. If you are eligible, you can fill out a full application (which normally takes about 20 minutes).
Merchant Maverick has partnered with Mirador, a fintech company, to make this service possible.
Who Are The Lenders?
Through the technology from Mirador, Merchant Maverick has partnered with banks, credit unions, and independent business lenders around the United States to offer the Merchant Maverick Community of Lenders program.
These institutions tend to carry lower interest rates than other business financiers. In general, you can expect to encounter interest rates such as:
- Banks and credit unions: 4% – 9%
- Independent lenders (typically nonprofit and not-for-profit lenders): 10% – 15%
Step-by-Step Application Process
The Merchant Maverick Community of Lenders can be accessed via the sidebar on any Merchant Maverick lender reviews, or by the links at the top or bottom of this article.
There are six steps:
- Answer basic prequalification questions
- Make an account
- Enter information about your business
- Enter information about yourself
- Upload documents
- Review the application
In all, the application generally takes around 10 minutes to complete. Because the bulk of the time is dedicated to compiling and uploading various business documents, it may take you more or less than 10 minutes depending on how easily you can access the necessary documents.
The first step is prequalification. At this stage, you will have to enter basic information about your business and the loan you’re looking for.
You’ll be asked for the following information during this step:
- Requested loan amount
- Your business’s zip code
- Number of years in business
- Your personal credit score
- The intended use of the loan proceeds
The system will use this information to determine whether or not you fit a partner lender’s qualifications to get a loan.
If what you’re looking for does not match what the lender offers, or you do not qualify for other reasons, the interface will let you know immediately so you can begin looking elsewhere for funds.
On the other hand, if you are eligible, you will be prompted to make an account to continue the process. The application will also give you information about the loan product you’re applying for, including the range of interest rates available for the product.
The next steps are to enter information about your business and yourself (and any business partners). Although the information requested will vary depending on the lender and loan product, in general, you will be required to enter basic facts like the addresses for your home and business, the age of your business, and your annual revenue.
The first three steps generally only take a few minutes.
The bulk of the application time will be spent on the next step: uploading business documents. In an effort to gain a holistic view of your business’s financials, the lender you’re applying to will want to see various financial documents. Once again, the documents required will vary depending on the product and the lender, but here are some commonly required documents:
- Bank statements
- Tax returns
- Legal documents
- Profit and loss statements
- Balance sheets
- Debt schedule
- A/R aging report
When you have uploaded all the necessary information, the only step left is to review your information and submit the application.
If you run into any problems or have any questions during the application process, borrower support is available via live chat to help you out.
As you go through the application process, you will have an opportunity to select from the best match lenders before completing and submitting your application. When you have submitted your application, a loan officer will review and verify the information. They will make the final decision about whether or not your application is accepted and, if so, what terms and fees they can offer you.
The time from application submission to approval or denial varies depending on the lender—it could take anywhere from a few days to a month. If you’re on a tight schedule, it’s best to inquire how long verification will take before starting the application.
Ready to check your eligibility? Click the link below to get started.