Many business owners do not have sufficient time to wait on the comparatively lengthy loan application process imposed by traditional financing options such as banks.
There are a wealth of articles providing information about what options are out there for small business owners as well as well-established, larger firms.
Some are not practical (such as requesting loans from rich relatives or friends), as it is highly unlikely that most business owners would have access to such sources nor the intended party have sufficient funds to lend.
As it has been said, advice is cheap. Many articles online and in business trade papers entitled Top Ten Alternative Business Financing Sources, include far-fetched concepts and financing ideas that are unattainable for all but a few business owners.
Realistically, the most reliable and readily available sources for business funding today fall within two sectors: traditional lenders (such as banks) and alternative financing companies.
We’ll touch on the difference but remember: there are many considerations when borrowing money from any source. These include a working knowledge about the type of financing, its repayment terms, and any restrictions or penalties that could be incurred if payments are not made on time.
Early we touched upon the extended time and basic requirements to obtain financing from a bank. When seeking business funding from an alternative financing source, here are some questions to ask so you’ll be better informed about an individual financing company’s financing process:
There are often concerns when trying something new, and that is especially true when borrowing money.
If you have not had a frank discussion about your business funding requirements with a leading alternative lender such as National Business Capital & Services, we invite you to give us a call.
Our Business Consultants will gladly speak with you regarding any aspect of our financing process and will also take a personal interest in assisting you to obtain the money your business needs. You may reach us at (877) 482-3008.
Also, be sure to check out our FREE eBook on how to get business funding when banks say no:
National Business Capital & Services is the #1 FinTech marketplace offering small business loans and services. Harnessing the power of smart technology and even smarter people, we’ve streamlined the approval process to secure over $1 billion in financing for small business owners to date.
Our expert Business Financing Advisors work within our 75+ Lender Marketplace in real time to give you easy access to the best low-interest SBA loans, short and long-term loans and business lines of credit, as well as a full suite of revenue-driving business services.
We strengthen local communities one small business loan at a time. For every deal we fund, we donate 10 meals to Feeding America!
Megan Capobianco is the Marketing Manager at National Business Capital & Services. Megan is passionate about helping business owners along their journey - providing them with relevant content they can use in their day-to-day operations.