If you’re exploring different ways to boost your working capital and manage your cash flow, then you’ve discovered — or will soon grasp — that banks may be delightful to deal with when you’re making a deposit, but they typically don’t lean forward when you’re in need of business funding.
The good news is, you have plenty of options!
Here are three major benefits of alternative financing that you need to know, and that banks simply can’t deliver:
Banks take several weeks — or sometimes several months — to review loan applications. And if there are disagreements or concerns around collateral evaluation (typically because banks are under-valuing collateral to lower their risk exposure), then the process can turn into a crawl.
On the other end of the speed spectrum is alternative financing. Assessing applications typically takes days — or in the case of National Business Capital & Services up to a single day.
All bank loans are secured by business and/or personal assets. This isn’t always the case with alternative financing, where many funding solutions are unsecured. For example, at National Business Capital we offer unsecured working capital loans, business lines of credit, and merchant cash advances.
Banks insist on outstanding personal and business credit scores; the latter of which is especially problematic for some applicants that don’t even know they have business credit score in the first place!
However, firms in the alternative financing space such as National Business Capital & Services realize that credit scores are not the “end all and be all” of a borrower’s creditworthiness.
There are many other factors to consider, and credit scores are just one piece of the puzzle. That’s why we routinely approve borrowers who have impaired or bad credit. In fact, our approval rate is around 90%, compared to around 10-20% at big banks.
Banks are here to stay, and they certainly serve a purpose on the business funding landscape — especially for large enterprises that need access to large amounts of capital to break ground on a new building, or expand into a new marketplace.
However, for the hundreds of thousands of small and mid-sized businesses across the country, the flexible and affordable funding solution they want, need and deserve is via alternative financing.
Give us a call at (877) 482-3008 to speak with a live Expert Advisor, or fill out our 60-second application online to get the funds you need in as little as 24 hours.
Tired of banks taking too long to look at your loan application or denying your request for funding?
You still have quicker, easier options to get the business funding you need. For the next steps to take and top funding tips to secure a loan, check out “How to Get Business Funding When Banks Say ‘No’” today:
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.