Where to Find Fast Business Funding for All Types of Businesses
- December 2, 2021
- Written by : Elizabeth Beall
Every business needs working capital, but not every business owner has access to the amount of working capital he or she needs.
It’s common. It’s frustrating.
It’s also easy to solve.
Lenders, banks, investors, and strangers alike are all wonderful options for fast funding, with some offering faster funding than others (we might be biased, but we’re the fastest).
Varying benefits such as financial advisory, business advice, stability, and credibility, can help make for an easier decision on who to trust for your working capital needs, however, the decision becomes tough again upon realizing that not all funding is the best funding for you.
Some banks will reject certain industries, some investors carefully decide based on potential ROI, and depending on who is in your family tree, some people may not be able to provide you with the advantages both professionally and financially as other options could.
Now, how can you find the fastest type of business funding for your business? Lenders that’s us! We’ve answered a few questions that we think may help you in your fast funding search:
Why is lending the best option for my business?
The main reason for lending being the best funding option for you, without knowing your industry, line of work, or purpose for funding, is its versatile offerings: equipment financing, invoice financing, merchant cash advances, SBA express, term funding, revolving line of credit, asset-based lending, and more. No timeframe or amount of funding can stop this from being a wise choice.
How can I choose a lender wisely?
Your main focus should be on three things: the credibility of the lender, a trusting relationship, and a transparent process.
“Aiming to increase transparency in small business lending, the Consumer Financial Protection Bureau (CFPB) proposed a new rule that requires lenders to collect more data about borrowers. The CFPB wants to know the demographics of the borrowers, how much they are paying for small business loans, and why they were rejected.” Our goal, along with the CFPB, is to get proper funding into the hands of those who deserve it most.
To do so, we follow the Golden Rule, meaning we pride ourselves on trust and genuineness. We think these are characteristics that should be found in every lender.
Which type of funding is right for my business? How do I decide?
Consider the options
As we mentioned above, there are many types of available funding. It’s up to you and your lender to decide which is right for you. For example, if you need capital from your accounts receivable to pay your employees as soon as possible, then invoice financing would be a great choice.
Talk to one of our financial representatives to ask about our funding options and which is best for you!
Consider rates and terms
Another couple of important things to consider are rates and terms. Are you willing to pay higher rates now to face a shorter-term? Are you willing to extend your payment terms to allow for smaller monthly rates? For example, if you need low-interest rates and longer terms, SBA express funding would be a good fit.
See our varying rates and terms for funding here.
Consider your timeframe
From application to acceptance to money in your pockets, you are looking at about a 24 hour period with us. If we can do it in less time, we will.
How can I increase my chances of being accepted for fast funding?
Have a purpose and a goal, and be ready to present it.
Your chosen lender will want to know the purpose behind your request for funding: what is it for? How will the funds be allocated? Why do you feel you need funding?
In addition, “you should have a goal” that is, a written, detailed goal with a plan. The more specific you can get when handing over your business plan, the better. If you can not only show where the capital will go, but also how and when the capital will be repaid, you’ll have a much higher chance of acceptance.
As you search, allow for more than just the amount of funding to sway your decision. You can see here that there are many factors that will influence your final choice. This is a big commitment, yet also a positive big step toward greater growth.