New lending service utilizes predictive technology to offer $5 million in loans to entrepreneurs
PHOENIX, AZ / ACCESSWIRE / October 26, 2021 / Business Warrior Corp. (OTC PINK:BZWR), the source for small businesses in America to get more customers, announces that it has partnered with elev8 Advisors Group to offer more than $5 million dollars in available loans to small business owners. The new lending solution leverages the expertise of both companies to help entrepreneurs grow their business and offset the difficulty often associated with receiving lending from a traditional bank.
According to the U.S. Business Formation Statistics (BFS), nearly 3 million new business applications were filed during the first half of 2021, a 60% increase compared to last year. Business Warrior and elev8 Advisors Group have unified business values and a strong history together. Together, the companies are developing a true market disruptor that benefits the growing number of small business owners in America by addressing their financial challenges.
"The two biggest problems business owners face are a lack of customers and lack of cash," said Business Warrior CEO Rhett Doolittle. "In the past, many entrepreneurs were unnecessarily denied loans due to outdated legacy credit processes. Our new lending product was built to help small business owners overcome this challenge and to offer reasonably priced loans to the businesses that need it the most."
The Bureau of Labor Statistics cites that roughly 77% of small business owners who apply for a loan from a big bank get rejected. Recognizing the opportunity to apply its technology and services to a growing market, Business Warrior uses automation and predictive algorithms from its software to scan both major public and private data points to help determine a company's Business Score and therefore eligibility to receive loans from $5,000 to $50,000.
"With more than 25 years of experience in banking, I've seen firsthand that banks have not been able to serve the capital needs of small business owners. Our partnership and solution breathe a new era of hope for business owners, something I've spent my whole career building up to," said Adam Spencer, managing partner of elev8 Advisors Group. "I believe in this solution and the gravity of the need, so elev8 is funding millions of dollars of our own capital, along with support services that deepen our commitments and validation in these beliefs. The main goal of all of this is to fund the small businesses that can now get approved through Business Warrior's system."
Typically, cash advance companies charge more than 40% to small business owners looking for a loan, while Business Warrior's new program has a targeted average interest rate of 15% for borrowers. While this interest rate may be higher than a traditional small business loan from banks, the vast majority of small business borrowers cannot get approved for those loans.
"Our ability to automate this process has significantly driven down costs and we pass that savings on to the borrower," said Doolittle. "Our Business Warrior score collects the data we need about a business to understand which companies are trending positively and have a high likelihood of both paying back their loan and using the funds to grow the business to the next level."
In tandem with the announcement of the lending product, Business Warrior is unveiling a latest version of its software which will work to enhance the automation process for receiving approval on a loan. Now, in under 60 seconds, the updated software identifies the top three problems holding a business back from getting more customers and then offers a solution to resolve those problems. The Company collects thousands of data points about each business, applies its proprietary algorithm to that data, and then gives each business custom insights about their company. The software does the analysis for the business owner, so they don't have to sort through data on multiple systems themselves and then try to figure out what they should focus on next.
"Our goal is to show a business owner what's holding them back from getting more customers and then how they can fix it. We tell our subscribers everything we find out about them, and we do it at no cost," said Doolittle. "Our hope is that by helping small businesses for free, they trust us to take their business to the next level through our marketing solutions and loans."
The lending product and newest version of Business Warrior's software will be launched in early November at BusinessWarrior.com.
About Business Warrior
Business Warrior is the source for small businesses in America to enhance their brand and boost marketing results. The Business Warrior software takes a holistic view of a business's online reputation, listings, website search results and social media. Predictive algorithms are utilized to recommend the most imperative actions needed to drive new customers, positively impact daily operations and improve profitability. For more information, please visit BusinessWarrior.com.
About elev8 Advisors Group
elev8 Advisors Group is an omni-channel directed thought leader in the payments and fin-tech space. The company's Advisors all come from deep rooted histories in the Financial Services and Banking industries. elev8 collaborates and advises the industry's boldest creators of big ideas, while helping point those innovations in becoming the newest trends currently disrupting the Payments ecosystem. elev8 helps clients in creating scale and wider spread adoption and product usage in any market. The team is changing perceptions of financial consulting from episodic engagements to long-term strategic partnerships, always focused on creating win/win outcomes for all. To find out more, visit elev8withus.com
Forward Looking Statements:
This press release and the offering materials may contain forward-looking statements and information relating to, among other things, the company, its business plan and strategy, and its industry. Forward-looking statements are neither historical facts nor assurances of future performance. They are based on the current beliefs of, assumptions made by, and information currently available to the company's management regarding the future of the company's business, future plans and strategies, anticipated events and trends, the economy and other future conditions. When used in the offering materials, the words "aim," "estimate," "project," "believe," "anticipate," "intend," "envision," "estimate," "expect," "future," "goal," "hope," "likely," "may," "plan," "potential," "seek," "should," "strategy," "will" and similar references to future periods are intended to identify forward-looking statements, which constitute forward looking statements. These statements reflect management's current views with respect to future events and are subject to inherent risks, uncertainties and changes in circumstances that are difficult to predict (many of which are outside of the company's control) and could cause the company's actual results to differ materially from those contained in the forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. All subsequent written and oral forward-looking statements concerning the company, the offering or other matters, are expressly qualified in their entirety by the cautionary statements above. The company does not undertake any obligation to revise or update these forward-looking statements to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events.
Contacts:
Investor Relations:
Jonathan Brooks
Investors@BusinessWarrior.com
(855) 884-5805
Kassidy McDonald
Email: kassidy@evolveprandmarketing.com
Phone: 602.505.0228
SOURCE: Business Warrior Corporation
View source version on accesswire.com:
https://www.accesswire.com/669623/Business-Warrior-Announces-Solution-to-Small-Business-Lending-Concerns
