When you go to a bank for a small business loan, the deck is already stacked against you. This is why, for quick commercial financing, alternative lenders are much easier than banks.
Every business, at some time, will require some kind of business loan for growth and success. Today, more than 70 percent of those businesses are turning to alternative lenders for their immediate business funding needs. This has turned out to be the ideal choice for quick commercial financing.
Where Can You Go for Quick Commercial Financing
There are many lenders that will help when you need personal financing assistance, but for quick commercial financing, that list gets pretty short. Thankfully, you have a choice between several types of alternative lenders, but it is important to have all the facts in order to make the selection that is right for your small business.
The best option is a cash advance company, like Financing Solutions (www.fundmypayroll.com). They will get you the quick commercial financing you need in as little as 48 hours. All it takes to apply is a 15 minute phone interview and you can receive a decision on your application the same day.
You can use the funds for any business expense, such as making payroll, building a working capital fund or purchasing equipment or property. Using Financing Solutions is easier than traditional lenders because there are no penalties for early repayment. In fact, most businesses that use a cash advance company are able to repay the money in a few weeks or months.
Another kind of alternative lending source is a traditional factoring company. They may be able to give you a commercial loan faster than a bank, but they often include hefty fees which get added to your costs. Also, because of their method of operation, your customers and employees will know that you are using a factoring company, signaling that your company might be having financial difficulty. Ultimately, this may hurt your business more than it helps.
Why Alternative Lenders are better than Banks for Quick Commercial Financing
Banks are an excellent resource when it comes to helping you save money or set up accounts to make it easier for you to handle bills and transfer funds. However, for quick commercial financing, they may not be your friend.
For one thing, banks have lengthy applications that could take you days to complete. Additionally, they require proof of access to enough collateral to cover the cost of the loan, which most small businesses just don’t have. In short, this is not quick or easy.
Why You May Need Quick Commercial Financing
In the life of a small business, things happen at lightning quick speeds. You never know when you might be presented with an opportunity to grow your business. On the other hand, there are also unexpected events, such as an unusually slow sales period or emergency situation that could zap your cash on hand.
When these things occur, it can be overwhelming and could cause a chain of events from which you are unable to recover. Studies have shown that the main reason many small businesses fail before their fifth anniversary is that they simply run out of cash.
Therefore, you will need access to fast cash now, often in the form of quick commercial financing. Let Financing Solutions make it easy for you.