Making the determination to acquire funds for your company and the lender you choose to work with is essential. There are several circumstances to examine to secure the best funding choice for your company.
There are several of varieties of funding to examine, and as an owner, you will want to consider the method, percentages, fees, and conditions for all lenders you examine for your financing. Since your option of financing can influence the destiny of your company, here are some resources to assist you in evaluating all your prospects.
Obtaining capital to support growth is one of the greatest hurdles small business owners face today. Technology is revolutionizing the way SMB owners receive funding, forever more.
Traditional Funding Options
Traditional Lenders tend to have lengthy application processes, increased paperwork, credit based approvals, lend large dollar amounts only, and usually require specific high-value insurance in the form of collateral.
Traditional Financing examples include:
- Term Loans
- Lines of Credit
- SBA Loans
- Equipment Financing
Alternative Financing Options
Alternative Lenders have an expeditious application process, limited paperwork, appraise your creditworthiness based on the strength of your company, fund in smaller amounts, and do not need specific collateral.
Alternative financing types include:
- Merchant Cash Advances
- Business Cash Advances
Minimum Requirements by Financing Type
You should regularly ask as many questions as you need to understand exactly how much you are paying back and how the financing product works in full.
Questions to Ask Yourself:
- What business need am I using the funding for?
- How soon do I need the capital?
- What does my business profile look like?
Questions to Ask your Lender:
- Is it a reputable lender?
- What are the minimum qualifications?
- What is the application/funding process?
Questions to Ask Before Taking a Funding Offer:
- Am I getting the funding amount needed?
- Is this offer a good fit to satisfy my business requirements?
- Does my company generate the cash flow to make the payments?
- What are fees correlated with the funding offered?
If you are ready to look into financing to help grow your company, Lendini can answer all these questions and get you the financing you need. Call today 844-700-5363 or apply here now.