Funding Managers: Who Are They and How Can They Help?

Jan 25, 2020

Funding Managers: Who Are They and How Can They Help?

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In this guide:

Lendio fuels the American Dream by providing the nation’s largest marketplace for small business loans. Because no one should have to walk this process alone, Lendio provides you with a dedicated funding manager to help you navigate the application, weigh funding matches, overcome potential obstacles, and demystify the process so you can come from a place of power when making financial decisions for the future of your business.

What is a Funding Manager?

We pride ourselves on offering borrowers a robust selection of offerings from more than 75 lenders, but we understand that with that much variety, borrowers can’t be expected to know the ins-and-outs of each lender—let alone every financial product they offer. Enter: funding managers. Funding managers have demonstrated expertise in business loans.

“Funding managers at Lendio are trained to look at the big picture,” Sergio Solis explains of his position. “Being well-versed in credit, financial documents, and lender requirements gives us the ability to avoid normal hiccups other companies run into.”

What Does a Funding Manager Do?

A funding manager is a guide, a coach, someone in your corner, the backup dancer there to teach you the choreography and then give you the spotlight. You’ll hear us use a lot of different metaphors. In the end, funding managers strive to take your funding experience from anxiety-inducing to walk-in-the-park delightful.

Customized Experience

One of the primary ways funding managers set themselves apart is the personal investment they put into each small business. “We think outside the box, and we picture ourselves in the business owner’s shoes,” funding manager Daniel Solis says.

A funding manager may set up a call to learn more about your business. You can expect them to be curious about what you do and empathetic about the struggles you’ve faced. They’re here to listen, like a therapist (there we go with another metaphor), so that they can achieve a holistic understanding of your business. This information empowers them to advise you on which product will best suit the needs of your business.

“We are looking to help the business immediately while teeing it up for long-term success. Funding managers are here to make the process as easy as possible for our customers,” Sergio explains. When you make plans for your business, you don’t sacrifice the future for short-term benefits. Your funding manager won’t either.

Industry Knowledge

Construction, retail, restaurants, transportation, health care. You name it, funding managers have been there. “We can make the process easy because we work with all industries,” Daniel Solis says. Funding managers understand the small business hurdles unique to specific industries, so you’ll never get a “one size fits all” funding approach. Our funding managers have facilitated more than 73,000 small business loans, totaling over $1.4 billion in small business funding.

They’ll give you a sense of what you can expect before your application is submitted to lenders. Funding managers don’t want small business owners to be surprised by the results, so they’ll be honest about the types of loans you may qualify for. Once you’ve received your offers, your funding manager will be by your side to help you weigh the pros and cons of each option.

Paperwork Prowess

Not sure how to access or read your bank statements? You know who does… a funding manager. Funding managers know exactly what documents you need to apply for a loan so the paperwork-scaries won’t stand in the way of your business getting funded.

Financial Translators

If you’re not fluent in factor rates, don’t worry. Funding managers understand the nuances between APR, interest rates, and factor rates. Business financing can be complicated. Treat it the same way you treat other complicated elements of your business.

“Your accountant advises you on taxes. Why not have a financial specialist?” Devin Gambino asks. “Having a funding manager from Lendio is the equivalent of a ‘private butler’ for financing.” (Told you. We have unlimited funding manager metaphors.) Funding managers can help you decode financial terminology so you can make informed decisions and learn a little something along the way.

What If You Don’t Qualify for a Loan?

You didn’t listen to the haters when you started your business. Why would you let a “no” stop you now? We’re not saying that we can get you a business loan right away if you’ve been denied, but there are plenty of other options. Startup loans, merchant cash advances, lines of credit, and business credit cards are more accessible forms of funding for business owners who don’t qualify for traditional business loans.

Ready to meet your funding manager? Fill out our easy 15-minute application, and then you can let us know what metaphor you think best describes a funding manager.

About the Author

Mary Kate Miller

Mary Kate Miller

Mary Kate Miller is a writer based in Chicago, IL. She specializes in covering finance (personal and business), investing, and real estate. Her mission in life is to give readers the confidence and the knowledge needed to grow their wealth by making financial topics more accessible. When she's not writing about topics like business loans, you can find her playing armchair financial advisor to the Real Housewives.

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