Getting a loan for a small business is no easy task. It is also no longer a bank thing, as more small business owners are turning to alternative lenders and skipping the hassle of traditional banks.
Theodore Roosevelt said that in any moment of decision, the best thing you can do is the right thing and the next best thing is the wrong thing. When getting a loan for a small business, do the right thing, which is to avoid banks.
The Truth about Bank Loans and Small Business
The banks of today are not the same as they were in our parents’ generation. Small community banks where you knew the banker by name and developed a years-long relationship have frequently been swallowed up by large international banks. As a result, banks often see only numbers and shareholders and sometimes forget that they are dealing with real people and genuine businesses that need help.
As a matter of fact, approximately 80 percent of the small businesses that apply for a fast business loan from a bank are denied. This is due, in part, to increased regulations and the fact that banks just don’t make as much profit on smaller loans.
What is the Alternative to Getting a Loan for a Small Business?
If you are interested in getting a loan for a small business, a bank is no longer the place to turn to first. Alternative lenders like Financing Solutions (www.financingsolutionsnow.com) are providing cash advances and lines of credit to small businesses that have yearly sales of $150,000 -$7 million and needs $5,000-$150,000 in instant business funding.
With Financing Solutions, the application process is simple. They will work with you even if you have less-than-perfect credit.
Best of all, they are fast. You will receive an answer on your application in about an hour. Once approved, you can have the fast business financing in your account the same day.
Things You Must Do to Take Your Business to the Next Level
The business world is rapidly changing. Consumers have more choice and control than ever before and your employees must develop an ever-expanding skill set just to keep up and enhance your brand. With all this to contend with, it’s easy to push growth to the back burner… but you shouldn’t. It is crucial to find ways to take your business a few steps beyond the competition.
One thing you must do is to determine what tremendous success looks like for you. Is it eventually franchising your business model? Perhaps it’s being recognized as a leader among your industry peers. Step back and assess what goals you really want to reach and make sure you have the budget and personnel team to get you there.
It is also vital to keep the needs of your target audiences in mind and ensure that they turn to your company to meet those needs. For example, research has shown that today’s consumer wants more authenticity, engagement and education about issues that matter to them. You must demonstrate how your company relates to these topics and helps to solve problems.
The most important factor in taking your business to the next level is the right amount of small business financing, and this can be obtained from Financing Solutions. They will provide the funding you need to gain clarity and focus on your success.