Business owners often need capital to meet a variety of financial obligations like purchasing raw materials or funding projects. Ideally, the business owners should go to the traditional lenders like credit unions and banks as they offer the lowest interest rates. However, loan approvals from traditional financing companies are complicated as they check several things like credit scores, assets, etc. prior to giving approval. Apart from this, loan approval from the traditional financiers takes a lot of time, which is not ideal for business owners who want to finance their projects quickly.