If you are waiting for the perfect business opportunity, you will likely be waiting for a very long time. You must blaze your own path and strike when the iron is hot. To be ready, you will need money but if you are waiting for a government business loan for this purpose, you will certainly miss your chance.
Government processes are notoriously slow and getting a government business loan is no different. Learn about the pros and cons as well as your other options in order to make the choice that is best for your business.
What it’s Really Like to apply for a Government Business Loan
The first place a small business owner will look when wanting capital for their existing business is an SBA or government business loan. However, if you choose this route, be prepared to fill out a ton of paperwork and to wait weeks or months for an answer.
An SBA loan typically runs through a commercial bank. The SBA simply finds banks willing to work with small businesses. Since banks are reluctant to provide loans to small businesses, that’s where the SBA is beneficial. They assist the process by acting as a go-between to help ensure the loan will be repaid.
To qualify, you will need to have a solid financial history and a stellar credit report. You also have to follow strict guideline concerning repayment terms. In addition, you must demonstrate that you have enough financial reserves, assets and personal collateral to still repay the business bank loan even if your business falls on hard times.
Are There Alternatives to a Government Business Loan?
If you have any experiences dealing with a bank, you know that they move at a snail’s pace. However, over the last several years SBEs have moved to alternative companies like Financing Solutions (www.financingsolutionsnow.com).
At Financing Solutions you can get an unsecured business line of credit, business cash advance, or debt consolidation help. Best of all, you can get your money in less than 48 hours. They offer an easy application process and quick approvals.
You can use this short term business financing to make payroll, purchase extra supplies and handle emergencies. It can also be used to build working capital for growth initiatives.
How to Stay in Business for a Long Time
- Set clear expectations — you will feel defeated if you develop unrealistic goals but don’t meet them. However, if you create increasingly challenging objectives and consistently reach them, it’s empowering. Remember that sometimes, dreams take longer than you think.
- Focus on activities related to growth — as a small business owner, your main concern should be the longevity of your company. This could include client-building activities or revenue generation. You can delegate anything else to a trusted employee.
- Always know where to go for access to fast business cash — your business survival depends on this one but the answer is easy. Just contact Financing Solutions.
