Entrepreneurship might look glamorous to some, but in reality it takes hard work, determination and finding a solution that might be better than a US Bank line of credit. Doing your homework and comparing options is how you take your business from good to great.
To make it as a small business owner, the climb might be tough and challenging. But the view from the top is well worth the ascent. Just like finding something that might be better than a US bank line of credit is difficult. But the benefits to your business are well worth the time.
What You Should Know about a US Bank Line of Credit
A journey of a million miles begins with a single step. Just remember, even industry giants like General Electric and Johnson & Johnson had to start somewhere. And for many businesses, it starts with a line of credit. Where you go makes all the difference.
A US Bank line of credit can be problematic and laborious to put in place. They make you jump through numerous hoops for approval. For example, they may insist that you pledge 100 percent collateral. They might offer unsecured lines of credit, but it is next to impossible for most small businesses to qualify.
It is difficult to keep a US Bank line of credit in place. Worst of all, the bank has the right to reduce or even recall your line at any time.
There are numerous costs that you may not expect when you apply for a US Bank line of credit. Did you know that the bank will charge you a fee just to get the line? Then, there are other fees for both maintenance and withdrawals.
You will have to personally guarantee a US Bank line of credit. This means that if you withdraw money and then your business fails before you repay the money, you are still liable. As a result, the bank will go after your personal assets, such as your home or vehicles.
Alternative Lenders Might Be Better than a US Bank Line of Credit
Not too long ago, everyone thought banks were the only place to go for a small business loan. These days, however, they only want to deal with huge, multimillion dollar corporations. Fortunately, alternative lenders are now stepping in to fill the gap.
One of the best options is Financing Solutions (www.financingsolutionsnow.com). They are one of the leading providers of business lines of credit in the nation.
At Financing Solutions, they make it easy to get the emergency business funding you need. You can begin by taking two minutes to complete their online application. In a few hours, you will get an offer letter telling you how much money you are eligible for.
They understand small business owners and realize that when it comes to fast business funding, time is of the essence. Therefore, their whole process, from start to finish, takes only about 48 hours. The money can be used for emergencies, handling uneven cash flow, managing daily operations or even taking advantage of new business opportunities.
With working capital funding from Financing Solutions, your business can make the leap from okay to outstanding. This is a much better choice than a US Bank line of credit.
