Why Getting a Business Loan from a Bank is So Hard
As a small business owner, you thrive on challenges. Still, you have to wonder why getting a business loan from a bank is so hard.
Small businesses are the backbone of our nation’s economy. You would think that everyone would be dedicated to helping them succeed. That’s why it seems unbelievable that getting a business loan from a bank is so hard. Fortunately, you do have other options.
What Makes Getting a Business Loan from a Bank So Hard?
There was a time when banks were the best place to go for a small business loan. This is not the case anymore. The sad truth is that banks grant less than half of the applications they receive.
Banks operate by managing risk and pleasing shareholders. This means that only those with excellent credit and tons of collateral have any chance of obtaining a business bank loan.
In order to determine your eligibility, they have lengthy applications that could take you days to complete. They also require you to provide lots of documentation about your business. If your business has not been perfect for at least three years, you will likely be denied.
Are There Alternatives to Getting a Business Loan from a Bank?
You will fare better by skipping the bank altogether and choosing an alternative lender for your business financing needs. The best option is a business cash advance company, like Financing Solutions (www.financingsolutionsnow.com).
At Financing Solutions, you get a simple application process, a quick decision and same day business funding. An A+ rating from the Better Business Bureau makes them an even smarter choice.
In addition, they do not require a long term commitment. Instead, you get a convenient repayment schedule. Most businesses are able to repay the money in a few weeks or months with no early payment penalties.
Why Being a Small Business Owner Doesn’t Have to Be Hard
Many people have the misconception that owning your own business is too hard. True, most business owners work harder as an entrepreneur than they ever did as an employee. It’s also a fact that you must wear numerous hats and the work is not often glamorous. But it doesn’t have to be hard.
For one thing, there is an almost endless supply of online resources at your fingertips. You can find tools to help you outsource, delegate and automate most business functions. This includes payroll processing, inventory management and creating presentations. There are also sites that help you connect with other entrepreneurs for advice and social media platforms to build customer relationships.
You can also make your business run smoother by hiring the right people. Instead of posting available positions on every big job board, you should be more strategic in your approach. Use networking and personal connections to get the best caliber of applicants. Also, get smarter about where you advertise. Think about using alumni publications or professional organizations for your announcements.
Perhaps the best way to make things easier for your company is with fast business cash from Financing Solutions. They have the financial products you need to take your business to the next level.