StreetShares

What is StreetShares?

StreetShares is an innovative online lending platform that primarily caters to small businesses, particularly those owned by veterans and active-duty military personnel. Founded in 2013, StreetShares aims to bridge the financing gap that many small business owners face, especially those in the military community. The platform provides various loan products, including term loans, lines of credit, and government-backed loans, all designed to meet the unique needs of its borrowers.

How StreetShares Works

StreetShares operates through a streamlined application process that allows small business owners to access capital quickly. The platform employs a peer-to-peer lending model, where investors can fund loans directly to borrowers. This model not only allows for competitive interest rates but also fosters a sense of community among investors and borrowers. The application process is straightforward and mostly conducted online, requiring minimal paperwork and documentation, which is especially beneficial for busy entrepreneurs.

Loan Options Available

StreetShares offers a variety of loan options tailored to different business needs. Here’s a breakdown of their primary offerings:

• Term Loans: These are fixed-rate loans ranging from $2,000 to $250,000, with terms of 3 to 36 months. They are ideal for businesses looking to make significant investments.
• Lines of Credit: StreetShares provides a flexible line of credit up to $100,000. This option allows businesses to withdraw funds as needed, making it suitable for managing cash flow or unexpected expenses.
• Veteran Business Bonds: A unique product designed specifically for veteran-owned businesses, this option provides funding at competitive rates while connecting veterans with supportive investors.

Eligibility Requirements

While StreetShares aims to be inclusive, there are specific eligibility requirements that potential borrowers must meet. Generally, applicants should have been in business for at least a year, demonstrate a consistent revenue stream, and maintain a credit score of 600 or above. Additionally, military affiliation is a significant factor in the application process, as StreetShares prioritizes veteran-owned businesses.

Benefits of Using StreetShares

Choosing StreetShares as a financing option comes with several advantages. First and foremost, the platform offers a community-focused approach, allowing veterans to support one another. The peer-to-peer model can lead to lower interest rates compared to traditional lenders, making borrowing more affordable. Furthermore, the quick turnaround time—often within 24 hours—means businesses can access funds when they need them most. StreetShares also provides resources and support specifically for veteran entrepreneurs, enhancing their chances of success.

Customer Experiences and Testimonials

Many users have shared positive experiences with StreetShares, highlighting the ease of the application process and the responsiveness of customer service. Testimonials often emphasize how StreetShares has provided crucial funding at pivotal moments for their businesses. For example, a veteran-owned tech startup noted that the funding allowed them to scale operations and hire additional staff. Such stories illustrate the platform's impact and commitment to empowering small businesses within the veteran community.

Conclusion and Future Outlook

In conclusion, StreetShares stands out as a vital resource for small business owners, particularly those with military ties. With its unique community-oriented approach, diverse loan products, and focus on speed and accessibility, it effectively addresses the financial challenges faced by many entrepreneurs. As the platform continues to grow, it may expand its offerings and improve its services, further solidifying its position as a leader in the online lending space. For veterans and small business owners seeking financial support, StreetShares remains a compelling option worth considering.