Make A Referral
2 Easy Options
What Happens After A Referral
We’ll have a conversation to learn more about their goals and challenges to a create a custom Funding Plan. Depending on their situation and needs, Funding Plans can be typically created over a single phone call or in-person meeting and include the following:
- Credit strengths and challenges,
- Viable funding options, and
- Road map for securing capital.
The information in this Funding Plan can be extremely valuable because it gives business owners an unbiased, candid assessment of their situation together with concrete information that they can act upon. With the plan in place, business owners can then focus their precious time and energy on tasks or options that will more likely result in funding.
Connection to Capital
If Ascent Funding is a viable funding option for the client, we’ll discuss the next steps towards applying for a loan. If we’re not, we’ll make introductions to other community lenders to provide financing.
Our Goals = Your Benefits
The goal of every loan we make is to help our clients grow, thrive and ultimately secure a traditional bank loan one day. By referring a client to us, you benefit by:
- Retaining your relationship with your client
- Positioning yourself as their advocate and valuable resource in their network
Our Promise To You
It is understandable that you may have some apprehensions about referring a client to us. Rest-assured we will:
- Not Compete – We don’t offer any other financial services.
- Foster Your Relationship – We will encourage clients to continue working their providers.
- Offer Fair & Affordable Loans – Our rates are in the 8 – 10% range and origination fees vary from 1% to 3%.
- Not Charge Early Payment Fees – It would be our sincere pleasure if our loans can be refinanced with a traditional bank loan. In fact, we work with our clients so that they can become bankable.
- Treat Them With Respect – Getting turned down can be embarrassing and a morale buster. We will treat your referrals with the respect they deserve and may even provide a little extra TLC to help them along.
Q. I’m a banker, why should I refer a client to a potential competitor?
A. Ascent Funding does not compete with banks. We are a non-profit CDFI that only offers two financial products (term loans and lines of credits) and only to customers that have been turned down by traditional banks. We don’t offer any deposit products and, ironcally, we don’t want a long term relationship with our borrowers: Our ideal customer is one that is able to build a credit history and business acumen through our support so that they are able to one day get a conventional loan from you. We encourage early payoffs so that our funds can be used help the plenty of other businesses in need. Here are some other benefits to making a referral:
- Retain existing banking relationship with your clients
- Position yourself as an advocate for your client
- Alternative option when you must deny a loan
Q. Do you charge outrageous rates?
A. No. While our interest rates are higher than traditional banks in order to cover the higher risk, they are generally considered very affordable and are currently less than 10%.
Q. How are you able to provide a loan when a bank connot?
A. As a non-profit CDFI, we have different underwriting criteria, are significantly less regulated and have different risk tolerances. As such we have much more flexibility in how we structure our loans. Learn about the Ascent Difference to learn more.
Q. Do you turn down loans?
A. We do not finance every request that comes in the door. Sometimes, the prospective borrower and their needs do not fit our loan criteria or our mission. And although we are willing to be more flexible on factors like personal credit history and collateral, we still require a strong likelihood that our loans can be re-paid.
Become a Referral Partner
If you or your team regularly engages with businesses in your community and you seek to enhance the services that you offer to them, consider becoming a Referral Partner. There is no cost, just valuable benefits.