When you own a small business, it’s a very big deal. There are many things you must think about, such as where to get small business financing.
It takes a special kind of person to be a small business owner. Not everyone is daring or courageous enough to believe they can do it. To actually make your business successful requires an enterprising mindset and an intrepid spirit. Additionally, some small business financing wouldn’t hurt.
Who Offers Small Business Financing?
A recent survey showed that more than 70 percent of small business owners are unaware of the many alternative lenders available to help with small business financing. Once you know your options and compare terms, you can find the one that is right for your unique small business.
Spot factoring companies, like Financing Solutions (www.fundmypayroll.com), are your best bet for small business financing. They offer the most business-friendly policies and reasonable rates to get you the fast cash you need right now.
For example, with Financing Solutions, the application process takes only 15 minutes and you can receive an answer on your application in just a few hours. This means that you could have the money in your account as soon as possible, making same day business funding a reality.
Also, they don’t force you to adjust your business policies just to receive fast business financing. Your creditors still write their checks to you, so no one ever has to know that you are receiving help.
This is not the case with traditional factoring companies. Sure, you can get small business financing quicker than going to a bank, but in return, they often require you to factor all of your account receivables, not just some of them. In addition, your creditors have to pay the factoring company, which signifies that your business is having financial difficulties.
Where You Should Not Go for Small Business Financing
Most people think of getting a quick business loan, they think of banks. However, banks are notoriously slow and require tons of collateral. This takes time and money that small business owners just don’t have.
Some are lucky enough to have friends or family they can go to for a small business loan, but many entrepreneurs don’t have that luxury, either. You could try financing your small business using your credit cards, but this is a dangerous habit that could put you in a spiraling cycle of debt.
How Small Business Financing Can Help Your Company
Running out of cash is one of the biggest reasons why more than 50 percent of small businesses fail within five years. Don’t let your small business become part of this sad statistic.
Having enough cash on hand allows you to pay business taxes, create a working capital fund and not stress about making payroll. You will also be able to take advantage of profitable opportunities that come along to grow your business.
Get the small business financing you need from Financing Solutions. This will give you the peace of mind that comes from knowing your financial obligations are taken care of so you can focus on making your business the best it can be.