When you are hiring employees or choosing vendors, you select the best. The same should be true of your financial services provider. That’s why small business owners should not select OnDeck Capital for their business funding needs.
In business, it’s important to do your homework. You must find the lender that best meets the unique needs of your small business. More and more businesses are discovering that the answer is not OnDeck Capital.
Why OnDeck Capital is Not an Ideal Choice
OnDeck Capital is the 1,000 pound Goliath in the alternative lending space for businesses to get a small business loan. However, what you may not know is that OnDeck Capital requires business owners have an extremely high credit score to be approved.
It is very hard for a business owner to have a high credit score. This is because typically everything in the business was bought, financed and leased with the owner’s personal guarantee. That’s the way things must be done but it greatly affects one’s credit score.
Even if you have always made your payments on time, just the fact that you owe money will lower your score. This means that when it comes time to apply for a fast business loan from OnDeck Capital, you will likely be denied.
Is There a Better Choice than OnDeck Capital?
Alternative lenders like Financing Solutions (www.financingsolutionsnow.com) accept much lower credit scores. In addition, they look at other areas of your business to make approval decisions.
As a result, a much higher percentage of applicants receive quick business funding. Most importantly, you will get your answer within hours.
Financing Solutions is the best option for temporary cash flow issues. Unlike other lenders, they don’t tie you up in debt for years. Many companies are able to repay the funding in a few weeks or months.
How to Make Consumers Select Your Company Over the Competition
Some business owners still believe the old adage that “if you build it, they will come.” That might have been true in the past. Today, wise entrepreneurs realize that you must find ways to separate yourself from the competition.
One thing you must do is to discover what makes you unique and capitalize on it. This could include exceptional service, convenient or unconventional hours or having a fun, entertaining environment.
You should also work to build relationships instead of just trying to make a sale. It’s no longer all about price. There will always be someone willing to provide a similar product or service for a cheaper cost. To succeed, you must know your ideal customer, gain their trust and demonstrate value. This can be done by offering some of your services for free to get them in the door and positioning your company as the leading expert in your industry.
The best way to gain customers is when you have enough money to take advantage of growth opportunities. This can be achieved with fast business cash from Financing Solutions.
