There are Better Alternatives to a Kabbage or Ondeck Line of Credit
You can learn a lot about business from teachers, mentors and financial experts. Still, some things you must discover for yourself, like some better alternatives to a Kabbage or Ondeck line of credit.
As a small business owner, you gain a lot from your successes and even more from your mistakes. For instance, many have believed that a Kabbage or Ondeck line of credit is best, only to realize there are a lot of better alternatives. Find out more to make the right decision for your business.
What You Need to Know about a Kabbage or Ondeck Line of Credit
More than 80 percent of small businesses that apply for a business bank loan get denied. This leads many to seek a Kabbage or Ondeck line of credit.
A line of credit acts as an unsecured business loan. However, there may still be income requirements throughout the length of the contract. In addition, the amount of cash you can receive might depend on your credit rating.
Most importantly, if you use money from the line and have difficulty paying it back, it can damage your reputation with the lender. If this happens, you will find it much more difficult to secure a fast business loan in the future.
With a Kabbage or Ondeck line of credit, you could also face additional costs in the form of fees and higher interest rates. They may also hit you with early repayment fees and long term repayment schedules.
What Are Some Better Alternatives to a Kabbage or Ondeck Line of Credit?
The business line of credit offered by Financing Solutions (www.financingsolutionsnow.com) has been the standard in the industry. Although Kabbage and Ondeck have recently introduced business loans that are structured to look like lines of credit, they are extremely hard to qualify for. Additionally, they require a lot more time to get in place, and often have restrictions placed upon the owner.
It costs nothing to get a line of credit in place with Financing Solutions. One of its biggest benefits is that you are not charged a penny until your business uses the line. That’s what it makes it such a great backup plan for businesses. Even if you don’t foresee needing the line it makes a lot of sense to get it in place just in case.
Better Alternatives to Grow Your Business
When considering growth opportunities, many small business owners think the only answers are to open new locations or offer new products. You should know that there are other, perhaps easier ways to grow your business.
For one thing, it’s important to view all aspects of your business in a different light. You might need to hire an outside consultant or just find a mentor who will look at your company with fresh eyes. In this way, you may find alternative solutions to old problems or various perspectives you hadn’t thought of before. You can also avoid burnout.
Finding innovative methods for marketing your business is also vital. For instance, if you are not already using social media for this task, it may be time to start. Public speaking engagements, online how-to classes and starting a blog can all be good ways to increase your visibility and attract new clients.
The best way to grow your business is with quick business funding from Financing Solutions. They will get you on the path to greater success.