Business

At Your Fingertips

Streamlining the business loan process.

Amy Steinbrech Sep 1, 2017

Gone are the days when business owners had to submit never-ending rounds of paperwork when applying for a loan, and then wait weeks to hear back. Now the process can be completed quickly, thanks to newly introduced Business Access products. These loans streamline the lending process, giving business owners a line of credit and a funding decision within 24 hours. Customers receive monies the next day if approved.

Loan Basics

Zions Bank offers two types of Business Access products that are a subset of existing business loan products. “These loans give our business clients a lot of flexibility, depending on the loan amount and length of time they borrow the money for,” said Jin Zhou Gibbons, Zions Bank senior vice president and product implementation manager. There are two loan types:

Business Access Line of Credit
(unsecured line of credit)

This revolving line of credit provides flexible options for meeting short-term cash flow needs caused by the seasonality of the business or timing differences between payments and receivables.

Specifics
• Variable rates
• Term: up to 36 months
• Commitment: up to $50,000

Business Access Term Loans
(secured line of credit)

This loan provides fixed-rate financing with predictable monthly payments for purchasing large ticket items such as equipment, machinery or vehicles.

Specifics
• Fixed rates
• Term: up to 60 months
• Commitment: up to $100,000

Advantages

The 24-hour turnaround is a great advantage for customers. “The client simply prints and completes the application and drops it off at a local branch,” says Jerry Wait, senior vice president of business banking at Zions Bank. “The branch officer inputs the required information, which is sent to our loan center for decisioning and funding.” The Business Access loans are convenient for short-term cash flow needs, working capital and equipment financing.

Clients also benefit from a revolving line of credit. As they use it and pay it down, it’s available again. “It’s like a large credit card, and our customers really like that convenience,” Wait says.

Is It Right for You?

These types of loans are ideal for smaller businesses that are at least two years old with annual sales of $150,000 to $2 million, according to Wait.

What Customers Say

Jolene Smith, owner of Theory Brand Agency:
“Getting our Business Access $50,000 line of credit process was super easy and fast. It happened in a couple of days and included other products as well. As a new business operator and entrepreneur focused on growing my company, I don’t have time for a lot of paperwork and processing requirements. The new Business Access product fit the bill perfectly. Accessing my line of credit is very convenient and helps me manage the unpredictable timing of payments and receivables. The entire experience was a breath of fresh air.”

Jeff and Beth Furton, owners of Daily Rise Coffee:
“Our business banker started the simple process for us and in less than a week we had the funds available to help grow our business. Bank applications can make a small business owner go crazy, but this line of credit from Zions restored our trust.”

Dallas and Jess Robinson, owners of Babble Bear Boutique:
“We started a small side business earlier this year and opened an online children’s clothing boutique. We got a lot of traction faster than expected and needed more capital to grow after only a few months. Zions took note and let us know about a new loan program they had available that would help us out. We applied and were approved in just a few short hours and started using our new line of credit to grow our business. Things are looking great and our side business turned into a full-time business that will bring in several million in revenues this year! Zions not only had a lending program that was easy and fast, but they also recommended it when we needed it most.”
 

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