How Fast Can You Get an Emergency Business loan?
When an emergency hits your business rarely do you have 2 weeks or more to solve the problem. Yet, when that emergency is a financial problem, almost every business owner today knows that turning to their local bank for a quick business loan is fruitless.
Often, an established business knows how to handle its long range financial needs, but it is the short term financial surprises that catch owners by surprise. Banks and Traditional Factors are so conservative that they just don’t want to be involved in an emergency business loans situation because it is perceived as risky and Banks/Factors are not set up to move fast. The old world economy would look at banks or maybe Factoring for an emergency cash need, but in today’s new world economy, faster and cheaper lending solutions are now conveniently offered such as the spot Factoring that Payroll Financing Solutions offers.
Over the last few years, an industry of alterative lenders like Financing Solutions is now helping companies that think they need a quick business loan or funding of $5k-$100k. Good small businesses with sales of $500k to $7 million are now able to get cash in 24 hours and with an approved/not approved decision within an hour.
In an emergency business loans situation, often a business is borrowing from a private investor so decisions can be made much quicker. The alterative lender will typically ask you a series of questions to help determine if you are qualified. These questions will relate to years in business, sales and net profit history, why you need the funding and other related questions. In almost all cases for startup businesses, an alternative lender is not going to approve you. However, if you have a good business of 3 years or older that typically turns a profit, then you have a great chance of being approved.
Once approved, you will be sent an offer letter that describes the program and once signed, money will be wired into your account once some backup documentation is sent like an income statement, Account receivable report and other documentation.
Over the course of the next 4-6 months, most emergency business loans will automatically set up a payment that will be taken out of your bank account on a business daily payment to pay down the funds (Called an ACH). Financing Solutions is one of only a few alterative lenders that will allow a borrower to pay off the funding at any time with no penalty. When a business owner looks at the cost of the financing verses the problem it solves then it becomes a no brainer decision to move ahead with the financing.
Alternative lenders are now a great solution to good companies that need emergency business funding.
Financing Solutions (www.payrollfinancingsolutions.com) provides fast business funding of $5,000-$100,000 to good small businesses with sales of $500,000-$7 million that can be used for working capital.