Ascentium Capital Review

Ascentium Capital, founded in 2011, is a business lender focused on financing solutions for equipment and technology. The firm provides a variety of financial services, such as equipment loans, leases, and working capital loans, designed to address the unique requirements of companies in different sectors. Their offerings include financing for medical devices, technology, office equipment, and specialized vehicles, among other things. Lets read more about Ascentium Capital Review.

In 2020, Regions Bank, a major financial entity in the United States, acquired Ascentium Capital. This purchase has allowed Ascentium Capital to broaden its scope and improve its services by utilizing the assets and connections of Regions Bank.

Ascentium Capital has built a reputation for providing flexible and efficient financing solutions, particularly for small and medium-sized businesses. Their streamlined application process and quick approval times are often highlighted by clients as key advantages. Employee reviews indicate a generally positive work environment, with a Glassdoor rating of 3.7 out of 5 stars, suggesting a satisfactory workplace experience.

Company Background

Ascentium Capital, founded in 2011, has established itself as a prominent player in the equipment financing industry. The company was initiated with a $105 million equity commitment, primarily from Luther King Capital Management and Vulcan Capital, and operated with an initial $500 million lending facility.

In its early years, Ascentium Capital focused on providing flexible financing solutions to small and medium-sized businesses, emphasizing a streamlined application process and quick funding decisions. This approach led to significant growth, and by 2016, the company was ranked as the third-largest equipment finance company in the Monitor Top Private Independents ranking.

A significant milestone took place in 2020 when Regions Bank, part of Regions Financial Corporation, acquired Ascentium Capital. This acquisition allowed Ascentium to broaden its reach and improve its service offerings by utilizing the resources and network of Regions Bank. Consequently, Ascentium Capital persisted in its expansion, reaching $1.25 billion in annual funded volume by the conclusion of 2020 and overseeing $2.6 billion in assets, signifying an 8.3% increase in assets year-over-year.

Throughout its history, Ascentium Capital has maintained a focus on innovation and customer service, continually investing in its financing platform to meet the evolving needs of its clients. The company’s growth trajectory reflects its commitment to providing efficient and flexible financing solutions, solidifying its position as a leader in the equipment financing industry.

Products and Services Overview | Ascentium Capital Review

Ascentium Capital offers a comprehensive suite of business financing solutions designed to meet the diverse needs of companies across various industries. Their primary offerings include equipment financing, equipment leasing, and working capital loans.

Equipment Financing: Ascentium Capital provides financing for both new and used equipment, enabling businesses to acquire essential assets without significant upfront costs. They offer financing amounts up to $2 million, with flexible terms extending up to 84 months. This approach allows companies to preserve cash flow while investing in necessary equipment.

Equipment Leasing: For companies that choose to lease instead of buying equipment, Ascentium Capital provides leasing solutions that feature 100% financing, which includes equipment and related soft costs. Leasing options are adaptable, offering choices for $0 down, seasonal payments, skipped payments, or graduated payments, catering to different financial circumstances.

Working Capital Loans: Beyond equipment-related financing, Ascentium Capital provides working capital loans to support broader business needs. These loans can be used for purposes such as inventory purchases, marketing initiatives, or other operational expenses, offering businesses the liquidity required to manage and grow their operations effectively.

A significant aspect of Ascentium Capital’s offerings is their efficient application procedure. Companies can seek funding of up to $250,000 with a straightforward application, frequently obtaining credit determinations in just minutes. For amounts over this limit, up to $2 million, extra documentation might be necessary, yet the process stays efficient to ensure prompt funding.

Ascentium Capital also offers vendor financing programs, partnering with equipment manufacturers, distributors, and resellers to provide their clients with financing options. This collaboration enables vendors to offer flexible payment solutions to their customers, potentially increasing sales and customer satisfaction.

Application Process

Ascentium Capital offers a streamlined application process designed to provide businesses with quick access to financing solutions. The process is straightforward, allowing applicants to secure funds efficiently.

Step-by-Step Breakdown of How to Apply:

Initial Inquiry: Begin by visiting Ascentium Capital’s website to explore their financing options and determine which solution aligns with your business needs.

Application Submission: Complete a simple one-page application form, providing essential business information such as legal business name, address, contact details, and estimated financing amount.

Credit Evaluation: Upon submission, Ascentium Capital conducts a credit evaluation using third-party databases to assess creditworthiness. This includes reviewing the length of time in business, bank and financing references, and business and credit bureau ratings.

Approval Decision: For financing requests up to $250,000, decisions are typically made swiftly, often within minutes. For amounts exceeding this threshold, additional documentation may be required, potentially extending the approval timeframe.

Funding: Once approved, funds are disbursed promptly, enabling businesses to proceed with their planned investments without delay.

Eligibility Criteria:

Time in Business: A minimum of two years in operation is generally required. However, exceptions may be made if the application includes a corporate guarantor with over two years in business and common ownership in a related field or industry.

Credit Score: A FICO score of 650 or higher is typically expected for all personal guarantors.

Financial History: Applicants should have no bankruptcies in the past ten years.

Vendor Approval: The equipment vendor involved must be approved by Ascentium Capital.

Timeframe for Approval:

Ascentium Capital prioritizes efficiency in its approval system. For requests up to $250,000, credit decisions are frequently made in just minutes, allowing for quick access to funds. For larger loan amounts, the approval process could be lengthier because of the requirement for extra documentation and thorough credit assessments.

Interest Rates and Fees

Ascentium Capital offers a range of financing solutions tailored to meet the diverse needs of businesses. Understanding their interest rates, associated fees, and the factors influencing loan terms is essential for businesses considering their services.

Typical Interest Rate Range:

Ascentium Capital does not publicly disclose specific interest rate ranges, as rates are determined based on various factors, including the applicant’s creditworthiness, the amount financed, and prevailing market conditions. Prospective clients are encouraged to contact Ascentium Capital directly to obtain personalized rate information tailored to their unique financial profiles.

Associated Fees and Transparency in Pricing:

While Ascentium Capital does not charge an application fee, they do impose a one-time documentation fee upon approval. This fee covers processing expenses related to credit reports, Uniform Commercial Code (UCC) filings, and other administrative costs. The exact amount of this fee is not specified publicly and may vary depending on the transaction.

Besides the documentation fee, clients need to be mindful of possible charges like late payment penalties, collection costs, and fees for unsuccessful payments. For example, a late fee might be charged if a payment isn’t received by the deadline. Clients should carefully examine their financing agreements to comprehend all possible fees and charges.

Factors Influencing Loan Terms:

Several key factors influence the terms of loans and leases offered by Ascentium Capital:

Creditworthiness: The applicant’s credit history and FICO score play a significant role in determining interest rates and approval amounts. A higher credit score may result in more favorable terms.

Time in Business: Businesses with a longer operational history may be viewed as more stable, potentially leading to better loan terms.

Financial Health: Demonstrated profitability, consistent revenue streams, and positive cash flow can positively impact loan terms.

Collateral: The type and value of the equipment or assets being financed can affect the loan structure and terms.

Market Conditions: Prevailing economic conditions and interest rates in the broader financial market can influence the rates offered.

Prospective clients are encouraged to engage in open discussions with Ascentium Capital representatives to gain a clear understanding of all costs involved and to ensure that the financing terms align with their business objectives.

Customer Experience

Ascentium Capital emphasizes delivering a seamless customer experience through user-friendly digital platforms and accessible support channels.

User-Friendliness of the Website and Application Interface:

The Ascentium Capital website features a streamlined and user-friendly design, making it simple for visitors to find information regarding financing choices. The website offers thorough explanations of services, requirements for eligibility, and application processes, allowing prospective clients to make knowledgeable choices. The process for applying online is simple, enabling companies to seek financing effectively. For funding amounts of up to $250,000, the application process is streamlined, frequently needing little documentation, thereby speeding up the approval time.

Customer Service Channels:

Ascentium Capital offers multiple customer service channels to address client inquiries and support needs:

Phone Support: Clients can reach customer service representatives via a dedicated phone line during business hours.

Email Support: For non-urgent matters, clients can communicate with support staff through designated email addresses, receiving responses within a reasonable timeframe.

Online Account Management: The ‘MyAscentium’ portal allows clients to manage their accounts, make payments, and access important documents online, providing convenience and autonomy in handling their financing arrangements.

Support Availability and Response Times:

Ascentium Capital’s customer support is available during standard business hours, typically from 8:00 AM to 5:00 PM, Monday through Friday. Phone inquiries are generally addressed promptly, with minimal hold times reported. Email responses are typically provided within one to two business days, ensuring timely assistance for client concerns. The online account management portal is accessible 24/7, allowing clients to perform various account-related tasks at their convenience.

In general, Ascentium Capital’s dedication to an easy-to-navigate digital experience, along with available and attentive customer support options, enhances the overall customer experience. Their emphasis on efficiency and customer satisfaction is apparent in their service provision and support system.

Pros and Cons

Ascentium Capital offers a range of financing solutions tailored to meet the diverse needs of businesses. Evaluating the advantages and potential drawbacks of their services is essential for prospective clients.

Pros:

Flexible Financing Options: Ascentium Capital provides various financing solutions, including equipment financing, equipment leasing, and working capital loans, allowing businesses to choose options that best align with their financial strategies.

Fast Approval Process: The company emphasizes efficiency, often delivering credit decisions within minutes for financing requests up to $250,000. This rapid approval process enables businesses to access necessary funds promptly.

User-Friendly Application: The streamlined application process is designed to be straightforward, minimizing the administrative burden on applicants and facilitating a smoother financing experience.

Vendor Financing Programs: Ascentium Capital partners with equipment manufacturers, distributors, and resellers to offer vendor financing programs, enhancing sales opportunities for vendors and providing flexible payment solutions for customers.

Cons:

Potential for Higher Interest Rates: Some clients have reported that interest rates may be higher compared to traditional bank loans, which could increase the overall cost of financing.

Associated Fees: While Ascentium Capital does not charge an application fee, they do impose a one-time documentation fee upon approval. Additionally, clients should be aware of potential charges such as late payment fees, collection fees, and fees for rejected payments.

Credit Requirements: The company typically expects a FICO score of 650 or higher for all personal guarantors, which may limit accessibility for businesses with lower credit scores.

Transparency Concerns: Some customers have expressed concerns regarding the clarity of terms and conditions, emphasizing the importance of thoroughly reviewing all contractual details before proceeding.

Customer Reviews and Feedback

Ascentium Capital has garnered a range of customer reviews across various online platforms, reflecting diverse client experiences.

Overview of Online Ratings:

Better Business Bureau: Ascentium Capital possesses an A+ rating from the BBB, signifying a solid dedication to addressing customer grievances and upholding reliability. The company holds an average customer rating of 4.3 out of 5 stars, according to reviews. Moreover, several complaints have been resolved over the past three years, highlighting attentiveness to client issues.

Glassdoor: Employee reviews on Glassdoor provide insight into the company’s internal environment. Ascentium Capital has an overall rating of 3.7 out of 5, based on numerous reviews. Approximately 68% of employees would recommend working at Ascentium Capital to a friend, and 71% have a positive outlook for the business.

Birdeye: On Birdeye, Ascentium Capital has a rating of 3.1 out of 5 stars, based on customer reviews. This platform aggregates customer feedback, highlighting both positive and negative experiences.

Recurring Themes in Customer Testimonials:

Positive Feedback:

Efficient Approval Process: Many customers appreciate the swift approval and funding process, which enables businesses to access necessary capital promptly.

Flexible Financing Options: Clients often commend the variety of financing solutions offered, allowing them to select options that best suit their business needs.

Professional Customer Service: Several testimonials highlight the professionalism and responsiveness of Ascentium Capital’s customer service representatives.

Negative Feedback:

Higher Interest Rates: Some customers express concerns about interest rates being higher than those offered by traditional banks, potentially increasing the overall cost of financing.

Transparency Issues: A few clients have reported a lack of clarity regarding fees and terms, emphasizing the importance of thoroughly reviewing contracts before commitment.

Payment Processing Concerns: There are instances where customers have faced challenges with payment processing, including issues with automatic withdrawals and billing errors.

Industry Comparison

In the competitive landscape of business financing, Ascentium Capital distinguishes itself through its specialized offerings and customer-centric approach. Comparing Ascentium Capital with key competitors such as OnDeck and National Funding highlights its unique position in the industry.

Comparison with Key Competitors:

OnDeck: OnDeck is renowned for its swift approval processes and short-term loan options, catering primarily to small businesses seeking quick access to capital. They offer term loans and lines of credit with a focus on speed and efficiency. However, OnDeck’s loan amounts and terms may be more limited compared to Ascentium Capital, which provides financing up to $2 million with terms extending up to 84 months.

National Funding: National Funding provides an array of funding options, such as equipment financing, working capital loans, and merchant cash advances. They highlight adaptable conditions and serve companies in diverse sectors. Although National Funding offers a wide array of services, Ascentium Capital’s focus on equipment financing and leasing, coupled with its vendor financing initiatives, provides a more customized solution for businesses in need of equipment-related financing options.

Key Differentiators of Ascentium Capital:

Specialization in Equipment Financing: Ascentium Capital focuses on equipment financing and leasing, providing customized solutions that cater to the specific needs of businesses requiring equipment acquisition. This specialization allows for a deeper understanding of industry-specific requirements and more tailored financing options.

Vendor Financing Programs: Ascentium Capital collaborates with equipment makers, distributors, and resellers to provide vendor financing solutions. This partnership allows vendors to offer adaptable payment options to their clients, which could boost sales and enhance customer satisfaction.

Flexible Terms and Higher Financing Amounts: With financing amounts up to $2 million and terms extending up to 84 months, Ascentium Capital offers more substantial and flexible financing options compared to some competitors, accommodating larger projects and longer repayment periods.

Streamlined Application Process: Ascentium Capital emphasizes a user-friendly application process, often providing credit decisions within minutes for financing up to $250,000. This efficiency facilitates quick access to funds, which is crucial for businesses aiming to capitalize on timely opportunities.

Credit Requirements

Ascentium Capital offers a range of financing solutions tailored to meet the diverse needs of businesses. Understanding their credit requirements is essential for prospective clients seeking approval and favorable loan terms.

Minimum Credit Score for Approval:

Ascentium Capital usually mandates a minimum FICO score of 650 for personal guarantors. This benchmark reflects a good credit status, implying that the person has a track record of handling credit wisely. Nonetheless, achieving this minimum does not ensure approval, since the company considers various elements in its credit evaluation process.

How Credit Affects Loan Terms and Options:

An applicant’s credit profile significantly influences the terms and options available for financing:

Interest Rates: Individuals with higher credit scores are often eligible for more competitive interest rates, reducing the overall cost of financing. Conversely, those with lower scores may face higher rates to offset perceived risks.

Loan Amounts: A strong credit history can lead to approval for larger financing amounts, enabling businesses to undertake more substantial projects or acquisitions.

Repayment Terms: Applicants with favorable credit profiles may access more flexible repayment schedules, including longer terms or customized payment plans.

Approval Likelihood: While a minimum score of 650 is a general requirement, higher scores enhance the probability of approval, as they reflect a lower risk to the lender.

It is crucial to recognize that Ascentium Capital employs a comprehensive method for assessing credit. Aside from credit scores, they take into account elements like the duration of business operations, financial health, and industry expertise. This thorough evaluation enables a deeper comprehension of a company’s creditworthiness, possibly accommodating candidates who might fall short of the required credit score yet show strength in different aspects.

Security and Compliance

Ascentium Capital places a strong emphasis on security and compliance to protect client information and adhere to financial regulations.

Data Protection Measures:

Ascentium Capital is dedicated to protecting personal information and adheres to applicable data protection regulations in the areas where they operate. They gather personal information essential for efficient service delivery, such as identification details, financial data, and business-related information. The company guarantees that all third parties involved adhere to stringent data protection and confidentiality requirements, handling personal data according to Ascentium’s directives and relevant laws.

Additionally, Ascentium Capital may transfer personal data to locations outside of the client’s home jurisdiction, including countries that may not offer the same level of data protection. In such cases, they take steps to ensure data remains protected by employing standard contractual clauses and other safeguards to comply with data protection regulations.

Adherence to Financial Regulations:

Ascentium Capital is committed to making financial products and services accessible to all clients on a fair and responsible basis, ensuring full compliance with fair lending laws and regulations. They have a Fair and Responsible Lending Policy that outlines their dedication to ethical lending practices. This policy reinforces the company’s commitment to maintaining fair treatment throughout the financing process.

Additionally, Ascentium Capital’s parent company, Regions Bank, supports and enhances its adherence to comprehensive financial regulations and compliance standards. This affiliation underscores the importance Ascentium places on regulatory compliance and strengthens their position as a trustworthy financial partner.

Conclusion

Ascentium Capital offers adaptable and customized financing options with an efficient application procedure, making it an excellent option for small and medium enterprises in need of equipment financing or working capital. Businesses seeking fast approvals and various funding alternatives will gain the most from collaborating with Ascentium Capital for their financing requirements.

FAQs

What industries does Ascentium Capital primarily serve?

Ascentium Capital provides financing solutions across various sectors, including commercial and industrial, commercial vehicles, franchises and quick-service restaurants, gas stations, convenience stores, car washes, healthcare, hospitality, and technology and software.

How quickly can I receive funding from Ascentium Capital?

Ascentium Capital offers a streamlined application process, often providing credit decisions within minutes for financing up to $250,000. Funding can be received promptly after approval, facilitating quick access to necessary capital.

What credit score is required to qualify for financing?

Ascentium Capital typically requires a minimum FICO score of 650 for personal guarantors. However, they consider multiple factors during the credit assessment process, including time in business and financial stability.