When Martin founded his digital marketing agency in Prague three years ago, he never imagined that getting a business loan would become his biggest challenge. This is the story of how one SME went from months of frustrating applications to securing the perfect financing in just 3 days.
The Challenge
Digital Spark, Martin's agency, had grown rapidly over the past year. With annual revenue of €420,000 and a roster of 15 recurring clients, the business was healthy. But Martin saw an opportunity: a chance to acquire a smaller competitor and double his client base overnight.
The problem? He needed €75,000 in financing to make it happen, and the seller wanted to close within 30 days.
"I'd applied for a business loan before. It took six weeks just to get rejected because they didn't understand our business model. I didn't have six weeks this time."
Martin's previous experience with traditional lenders was typical for SMEs:
- Weeks spent gathering documents: financial statements, tax returns, bank statements, contracts
- Multiple meetings with bank representatives
- Long waits for credit decisions
- Ultimately, rejection due to "insufficient collateral"
The Discovery
A fellow entrepreneur mentioned Lenduck at a local business meetup. Skeptical but desperate, Martin decided to give it a try.
Here's what happened:
Account Created
Martin signed up for Lenduck in under a minute using his work email.
Accounting Software Connected
He connected his Fakturoid account through secure OAuth. The process took about 2 minutes and required no file uploads.
Financial Analysis Complete
Lenduck's AI analyzed 2 years of financial data, calculating key metrics like revenue growth, client concentration, and cash flow patterns.
5 Offers Received
Martin saw offers from 5 different lenders, ranging from traditional banks to fintech lenders, each tailored to his financial profile.
Selected Best Offer
After comparing terms, Martin chose a fintech lender offering €80,000 at 6.8% APR over 36 months, with the option for early repayment.
Identity Verification
Quick video call with the lender and digital document signing. No office visits required.
Funds Received
€80,000 deposited directly into Digital Spark's business account.
Before vs. After Lenduck
Traditional Process
- 6+ weeks from application to decision
- Hours gathering and organizing documents
- Multiple in-person meetings
- Applied to lenders one at a time
- Limited visibility into terms
- 8.5% APR (best offer received)
- Result: Rejected after 6 weeks
With Lenduck
- 3 days from signup to funding
- Zero document preparation
- Entirely online process
- 5 offers compared simultaneously
- Clear APR and fee comparison
- 6.8% APR secured
- Result: Funded in 3 days
The Outcome
With financing secured in just 3 days, Martin was able to complete the acquisition well before the 30-day deadline. Today, Digital Spark has:
- Doubled its client roster to 28 recurring accounts
- Increased annual revenue to €780,000
- Hired 4 additional team members
- Already paid off 40% of the loan ahead of schedule
"The speed was incredible, but what really surprised me was the rate. Because lenders could see my actual financials in real-time, they understood my business wasn't a risk. That transparency worked in my favor."
Why It Worked
Key Success Factors
- Real-time financial data: Lenders could see up-to-date revenue and cash flow, not stale financial statements.
- AI-powered analysis: Our algorithms highlighted the strength of Martin's recurring revenue model, something traditional underwriting often misses.
- Competition: Multiple lenders competing for the same deal drove better terms.
- Digital-first process: No paper, no meetings, no delays.
Lessons for SME Owners
Martin's experience highlights several important insights for business owners seeking financing:
- Your accounting data is an asset. Keeping clean, updated books in modern accounting software doesn't just help with taxes. It can unlock better financing terms.
- Compare before you commit. Martin's best traditional offer was 1.7% higher than what he got through Lenduck. On a €80,000 loan over 36 months, that's over €2,000 in savings.
- Speed matters. Business opportunities don't wait. Having access to fast financing can mean the difference between seizing an opportunity and watching it pass by.
- Digital lenders understand digital businesses. Fintech lenders often have better models for evaluating service businesses, SaaS companies, and other modern business models.
Your Turn
Every business's situation is different, but the traditional financing process doesn't have to be your only option. If you're running a healthy business and need capital, why not see what offers are available to you?
Connect your accounting software, get matched with lenders, and find out what you qualify for. The entire process takes just a few minutes, and there's no obligation to accept any offer.