Why is a Bank Line of Credit Not Available to Small Business
There are many whys in business. For example, you may be asking why businesses fail, why you need a business plan or why a bank line of credit is not available to small business.
For your small business to succeed, you need an arsenal of fast business financing tools at your disposal. One that is not always readily available is a bank line of credit. Thankfully, you do have options.
Why is it so Difficult for a Small Business to Get a Bank Line of Credit
You walk into a bank expecting to get a bank line of credit. However, what you leave with is tons of paperwork to complete, a giant headache and a whole day wasted.
When the unexpected happens, you need to have a supply of fast cash at your disposal to handle it, making a bank line of credit an ideal solution. The bad news is that most small businesses are unable to qualify for instant business funding from a bank. They have strict criteria about collateral and credit scores that many entrepreneurs cannot meet.
Perhaps the most you can get from a bank is a home equity line of credit. This is, in truth, a second mortgage on your home, meaning you could lose both your residence and your business if you have problems paying it back.
Are There Alternatives to a Bank Line of Credit?
Since banks have become so hostile to the average small business, many have turned to alternative funding sources, such as Financing Solutions (www.financingsolutionsnow.com), for assistance. They offer line of credit products that are fast, easy and flexible.
With Financing Solutions, you can get a line of credit up to $150,000, which can be available for 12 months. You only pay for the money you actually use and there is no long term commitment. The money can be repaid as early as six days or as late as 26 weeks.
Why Your Business Must Have These Tools to Succeed
Every business is different. Still, there are several tools common to all successful businesses. If you don’t have them, it may be time to add them to your bag of tricks.
One thing you must have is the right software programs and technology to run your business more efficiently. Don’t struggle over tasks such as calculating payroll, organizing documents and website customization. There are numerous services that can handle these jobs for you.
These days, it is also vital to have a presence on social media. Research has shown that more than 65 percent of adults (2.3 billion people) are on social media and most are on it more than once a day. Consumers are learning about brands and engaging companies on social media and if your company is not a part of the conversation, you may be missing a huge chunk of business.
Of course, the most important tool to have is access to quick business financing, which you can get from Financing Solutions. They have the right funding products to take your business to the next level.