Information contained on this page is provided by companies via press release distributed through PR Newswire, an independent third-party content provider. PR Newswire, WorldNow and this Station make no warranties or representations in connection therewith.
SOURCE World Business Lenders
NEW YORK, March 11, 2013 /PRNewswire/ -- World Business Lenders, a lender to small business, has expanded lending to 25 from seven states, the company announced.
Founded in 2011, WBL provides short-term capital to small businesses in amounts ranging from $10,000 to $400,000. The company bases its financing decisions primarily on the cash flow and assets of the business, rather than the personal finances of the owner.
According to Doug Naidus, World Business Lenders founder and CEO, the company added 50 jobs last year, with plans to hire an additional 150 employees in 2013. He said WBL loan volume has increased some 1400% over the past year, and he anticipates a further 300% increase in originations this year.
"We provide financing to the Main Street businesses that are the backbone of the U.S. economy and the engine driving job growth," Naidus said. "Small businesses are still finding it difficult to access capital and credit in today's climate. We offer an alternative financing solution, providing the loans that small business owners need and which are usually infeasible for most banks to underwrite."
World Business Lenders does not require business plans or financial statements, nor does it consider credit scores. To qualify, business owners provide business bank statements for the past 12 months.
"Instead of concentrating on personal assets or the business owner's credit score, we look at the history and financial performance of the business," Naidus said. "The business is the focal point for our funding decisions."
About World Business Lenders
Based in New York, World Business Lenders (www.wbl.com) is a lender specializing in serving the small business community. WBL was founded by a group of successful international entrepreneurs with extensive experience and background in financial markets. The company was founded to satisfy the growing need for small business capital and to help underserved small business owners.
©2012 PR Newswire. All Rights Reserved.