If you’ve ever applied for a loan from your bank, you’ve probably been frustrated with the process. You fill out heaps of paperwork and provide your most intimate personal information to complete your application. Once you’re done navigating layers of bureaucracy, you wait. It’ll take weeks, even months to finally receive a final decision, which for most small businesses is a rejection.
If you’re one of the few small businesses to receive an approval, you’ll be asked to offer up personal collateral. If your business starts to struggle and you fail to meet payments (which thanks to your APR, increase over time), you could lose your house and car. If you decide to take the bank loan anyway, you’ll still have to wait another few weeks or even months to actually have access to the working capital.
The alternative funding programs are especially useful to small businesses struggling to obtain working capital from their banks. These alternatives feature a variety of repayment options that include a fee, not an interest rate!
Instead of taking a traditional business loan, consider taking a cash advance. Taking a loan from your bank means you’ll be paying an annualized percentage rate (APR), which causes your principal payment to increase over time until your balance is paid off. Cash advances never involve interest. Based on your business revenue and expenses when determining your repayment terms, so you’re offered a repayment you can afford. When put this way, you’re not borrowing money, instead, you’re selling a portion of your future sales.
You don’t have time to navigate the application process for a bank loan. You have a business to run! There is a streamlined, low-documentation application process to make sure you get your funding as quick as possible! Just fill out the one-page application, or request a quote here, and have one of the funding specialists reach out to you to discuss your business and funding needs” with “and one of our funding specialists reach out to you to discuss your business’ funding needs.