At Bond Street, we believe that every small business owner should have access to simple, transparent, fair, financing. As a result, we have designed a straightforward application that requires no more than 10 minutes to complete. Much of the business data shared by applicants during this process, is self-reported. This is because unlike large corporations, small businesses are not legally required to prepare audited financial statements on a quarterly or yearly basis.
As the Bond Street credit team goes through the underwriting process, reviewing each business’s deposit activity is an efficient means to verify the self-reported data in the application. The objective is not to confirm identical information, but to verify that the business’s deposit activity is representative of the financials reported. If a business owner reports no outstanding debt obligations for example, deposit data should not show payments to a lender.
Bond Street cannot make any changes to the bank accounts. This is because applicants grant read-only access to their information. Security is of primary importance to us, so we use bank-level encryption to keep the data safe.
While logos for 9 of the largest banks appear in the application, we can draw data from more than 5,000 banks across the country. We continue to review and add to the list periodically, to keep the process simple for all applicants. Running and growing your business should be your primary focus. At Bond Street, we’re committed to making sure you attain that focus.
More from the Resource Center: How to Prepare for a Small Business Loan
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