MRAA: Online loans gaining momentum

BOCA GRANDE, Fla. — The Marine Retailers Association of America (MRAA) sent an advisory to its members today, alerting them that small businesses are increasingly using online loan companies to finance operations and acquisitions.

“Having exhausted traditional banks and finance companies and the administrative problems of obtaining SBA loan guarantees, many small businesses are turning to the newest and most creative loan processes available today, online opportunities,” MRAA said in the advisory. “Have you tried to get a loan on the Internet yet?”

The group pointed to the site as an option. The site has a network of more than 5,000 investors and lenders who make loans from $10,000 to $2,000,000. Interest rates are a little higher than typical bank lending rates and range from 8 percent to 15 percent, and a one-time application fee of $99 is charged, according to the association.

MRAA also listed, and as sites to investigate, although it did not specifically endorse any of the sites.

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