What Alternative Business Loans Are There to Bank of America, Chase and others
This or that, now or never; the life of a small business is full of choices and alternatives. For example, you may be wondering what alternative business loans are there to Bank of America, Chase and others.
For most small business owners, obtaining short term business funding from a bank can be next to impossible. As a result, when you need to borrow money, it is necessary to find alternative business loans.
Where Can You Go for Alternative Business Loans Other Than Traditional Banks
There are many lenders that are available to fill the gap between getting a small business loan from a bank, and being unable to secure fast business funding. Nevertheless, where you turn can be as important as how much funding you receive.
A cash advance company, like Financing Solutions (www.fundmypayroll.com) , can provide you with the fast cash you need to manage and grow your business. It takes only 15 minutes to apply and you will receive an answer regarding your application the same day. Best of all, once approved, you can have the money you need in your account in less than 48 hours.
In addition, there is no long term commitment. Most businesses are able to repay the money in a couple of weeks or months, when their cash flow situation improves and account receivables come in.
Why it is Difficult to Get Business Loans from a Bank
Lending institutions like Bank of America, Chase and others heavily advertise that they are friendly to small businesses. However, when you go to them to apply for fast business financing, their terms and conditions seem downright inhospitable.
For one thing, they require tons of collateral to cover the cost of any quick business loan. In addition, you must fill out a lengthy application which could take several days to complete. Even after the application, you will still have to provide loads of paperwork, such as bank statements, tax returns, balance sheets, accountant letters and more. Also, all your records must be exceptional and you have to have a great credit rating.
To add insult to injury, although you probably rushed to gather and provide this information, institutions like Bank of America and Chase can still take weeks to make a decision about whether to grant you a business loan. It’s a sad fact that most small businesses are unable to qualify for a traditional bank loan.
Alternative Methods to Grow Your Business
In order to grow your business or take advantage of profitable opportunities that come your way, you must have cash. Some businesses are finding alternative methods for instant business financing, but there are often drawbacks.
You could choose to borrow money from family or friends. However, they may expect special favors or discounts in return for their help, or make unreasonable demands for repayment, which could complicate your relationship.
Another choice is getting a loan from one of the many social online lending organizations. The downsides are that you may not know who your lender is and confidentiality agreements may not be available.
For a better outcome, just contact Financing Solutions. They offer the best assistance in getting quick access to the cash you need.