When’s the Best Time to Get Small Business Loans?
To a traditional lender the best time for business owners to consider small business loans is when you think your business may not need it.
If business is up and meeting or exceeding expectations while costs are down, why worry? Because it is always better to be prepared for the unexpected.
For example, the unexpected arrives one day in a newspaper headline announcing a competitor’s next product. The cost of doing business ramps up due to a shortage of materials key to manufacturing your product. Oh – and the cost of the existing material skyrockets as demand far outstrips supply.
When your sales are up and costs appear relatively down, your small business will appear optimal to small business lenders such as banks who, under these possibly fleeting circumstances, will view small businesses in the most favorable light.
However, the reality for many small business owners is that money is often tight – business can be seasonal, competition is fierce, and contingencies can occur.
Even a thriving business can have an owner who sacrificed his or her own credit rating when the business was a startup to ensure survival.
Also, when businesses require more working capital, generally the turnaround for receiving these funds can be several months.
Not only will traditional lenders require more collateral, a co-signer may also be required to apply for a small business loan, there may also be other more stringent requirements. These all contribute to a longer timeline between application, loan approval and monies made available.
Where to Apply for a Small Business Loan
Today’s small businesses move at the speed of, well, small businesses. Their pace and business cycles may be tight and when opportunity knocks, that fleeting window to take advantage may lead small businesses to consider other funding options.
Enter National Business Capital. As a leading alternative source, National Business Capital has helped business owners obtain hundreds of millions of dollars to small businesses seeking working capital for a variety of valid reasons.
We take pride in our over 90% approval rate, lightning fast application form, and funding decisions made within 24 hours. Our criteria is reasonable and a low FICO score or even an open tax lien are not immediate loan application disqualifiers.
Additionally we offer a wide variety of small business loans. So you see, there is no bad time to apply for a small business loan from National Business Capital. We’d like to start a business relationship with you. Give us a call at (877) 482-3008 to get started today!