Can your bank move fast on your business loan?
Assuming that you’re now committed to starting your own business, it’s time to make important decisions to reach your goal. The most important issue that you have to resolve at the outset is where the money will come from. There are two basic methods with which to finance your start-up, that is:
1. Bootstrapping or the internal generation of funds- You tap into your own resources like personal savings and assets plus investments or loans from friends or family.
2. Outside financing- funds coming from outside sources such as financial institutions and venture capitalists.
While the method of financing you will eventually use depends on many factors, the latter has proven to be the more popular choice especially among small business owners. Why?
There are many benefits to securing loans from outside sources. For one, the owner is not limited by his or her own resources. With a loan, they can expand the business with a broader range of choices to do so. Because they have more funding to tap into, they can improve cash flow and take advantage of better marketing opportunities to reach a larger customer base.
However, not everyone can approach a traditional bank for a loan. They are notoriously tightfisted especially towards small business owners. They can also require many documents that may well delay the funding of the loan and therefore, the start of any business. They conduct extensive background investigations that can disqualify some applicants even though they have a sound business plan. People with low credit scores have even greater challenges and almost never get approved. Without funding, this may be the end of their dream.
If you happen to be one of them, don’t despair. There are other places where you can get a loan. All you have to do is find an alternative to the large traditional banks with strict requirements. First Capital Business Finance is a company willing to take a risk with all types of credit score ranges and all types of businesses. It understands that having a low score does not automatically mean that you will fail to pay your loans.
You can qualify for a loan even if your score is below 600! It offers a wide range of business loans for all types and sizes of business so that you can move forward, faster. While banks take their time in studying your application, First Capital Business Finance acts quickly so that you can have the funds when you need it. You can get an approval in as little as 2 days and the funds 5 days after that. Unlike traditional banks, their consultants are trained to assist you through their application process so you can reach the approval and funding point without all of the normal hassles.
Looking for funding for your small business is not easy during these challenging times as the economy has not been kind to many businesses. But if you want to help your business get to the next level, First Capital Business Finance may be able to help you achieve your goals. Call now at 888-565-6692 to talk to one of our business relationship managers.