Businesses today are adamant about having capital available to them when they need it. Unfortunately, they find themselves in a situation where a great inventory purchase, new hire, a great new location, or needed expansion is hindered by lack of capital. Alternative business lending is often the answer to securing fast capital within 10 days regardless of time in business, credit score, or amount of funds needed. Small Business Funding is your source for alternative business lending.
Alternative Business Lending Using Small Business Funding
Alternative business lending comes in numerous forms. Merchant cash advances, unsecured business loans, asset based loans and factoring. Each one has a specific purpose depending on the type of capital required and the type of industry. Regardless of type they all serve the purpose of providing fast capital, usually in less than 10 days, to businesses with bad credit, short time in business, or need say $5K to a few hundred thousand. If you’re a business that has a lot of contract work and provide terms to your clients, factor based lending is best. If you’re a business that owns a lot of your equipment and or real estate you can borrow against it’s value. If you’re a business that doesn’t have invoicing or collateral an MCA loan or unsecured ACH loan make sense. Small Business Funding serves the small business owner and helps them determine which loan type is best and which lender is best. They will negotiate the best rates and terms as well as handle all the relationships and paper work that can be involved with receiving alternative business lending.
How Alternative Business Lending Works
To receive alternative business lending is not difficult at all. Most alternative lenders require a single one page application, 3-6 months of bank statements and if you process credit cards 3-6 months of credit card statements. With these documents in hand you can receive an approval within 24 hours. Once approved the lenders will ask for a few more documents. These include your landlord’s contact details, a copy of a lease or mortgage statement (if you own your place of business or work from home), a copy of an ID, a voided check, and proof of business ownership. With these in hand funding can take place in just a few days. Repayment is usually a daily fixed payment taken directly from your bank account. The terms will range from none (if an MCA loan) up to 24 months with 5 months being the average. Loan amounts are between $5000 and $500,000 but can be higher. Credit is not a factor in determining your approval.
To apply for alternative business lending or learn about alternative business lending click here or call direct at 1-800-742-2995