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Determine Capital Need
Once a business owner identifies a specific capital need for activities such as
working capital, growth capital, or equipment financing, he or she must determine the
appropriate capital source. Business owners must consider available sources of
equity capital and debt finance. plura provides the optimal solution for
securing various forms of debt finance such as Term Loans, Equipment Loans and Business
Lines of Credit.
Loan Application
Business Owners and Chief Financial Officers register their business with plura
and complete a comprehensive business profile and Electronic Loan Application. The complete application takes
roughly 30 minutes when all application materials are on hand. The plura Electronic Loan
Application's multi-step wizard includes a progress indicator and allows the Borrower
at any time to save the ELA and return later to complete it. plura support staff are
available during regular business hours to assist users with any questions.
Electronic Loan Application ELA Package
plura transforms the business and financial data into a professional Electronic
Loan Application (ELA) Package. The ELA Package summarizes the opportunity for
Lenders and provides valuable insight back to the business owners. The Lenders evaluate the
ELA Package in order to determine whether to extend a Financing Proposal to the Borrower.
Borrower-Lender Matching
New and revised ELAs are run through the proprietary plura match algorithm to
identify prospective lenders with the highest probability of success.
Analysis & Review
The small business lending process is not a transactional service that can be
wholly automated in an auction style marketplace. Considerable analysis, due
diligence and understanding is required in order to successfully close the deal. The
plura platform provides a facility for borrowers and lenders to perform initial
analysis and due diligence efficiently, anonymously and in a manner which
increases competition amongst the lenders.
Financing Proposal & Evaluation
Matched Lenders interested in the loan will submit Financing Proposals to the
Borrower. The Financing Proposal is a non-binding term sheet including the
financing terms, loan covenants and lender due diligence requirements. Users can
view a side-by-side comparison of each financing proposal.
Closing Process
The final stages of due diligence and closing are completed directly with the
Lender. Once the Borrower receives a Commitment Letter for the financing they
must report the Deal Close through the plura Platform. This signifies to other
Lenders that the ELA is no longer active and prevents further financing
proposals or RFIs from being sent to the Borrower. If for any reason the deal
does not close, users are able to easily reactivate the ELA and pursue proposals
from other lenders.