Banks have traditionally been the first consideration for small business owners in need of financial assistance. What many discover, however, is that the entrepreneurship that they possess in abundance does not translate into a sound business plan to most lenders. Additionally small business owners often lack a long business history, healthy FICO score and general financial acumen. The deck is stacked against them from the beginning. Should these businesses find co-signers or meet the lender’s high expectations by other means, the wait for the loan proceeds can be as long as several months. This is not an ideal scenario for any business trying to keep their enterprise’s day-to-day operations afloat.
What is Alternative Business Financing?
Since the economic downturn a few years ago, this segment of the market has grown considerably in response to the increased need for monies by businesses of all sizes and in every industry. Whereas the banking industry and its processes are, alternative business financiers are not. And, in a little over a decade, alternative business financing has begun to change the way in which businesses, small businesses in particular, access working capital. Suddenly the financial landscape in which banks were the first and last respectable resort, alternative lenders have made considerable inroads. This feat has been accomplished by creating competition, price transparency and, hugely thanks to far shorter turnaround, a greatly enhanced consumer experience.
National Business Capital is a leading alternative lender. We have loaned millions of dollars to our clients of all sizes. However many small business owners have benefitted from our innovative alternative business financing options, especially our two-minute application, 24-hour decision-making process and speedy delivery of capital. Did you know that according to a recent small business survey by the Federal Reserve Bank of New York stated that small business owners making a loan application at a traditional financial institution had spent an average of 25 hours filling out paperwork at an average of three banks with no guarantee of acceptance. With National Business Capital the same business owners seeking alternative financing for small business will spend about two minutes filling out our form and can be approved within 24 hours.
Is Alternative Business Financing Right for Small Business?
Remember that traditional lenders must follow guidelines imposed by regulatory agencies. Therefore they focus on the small business owner’s personal credit history and important metrics regarding the borrower’s business including the number of employees. Alternative financing for small business looks at your business differently. National Business Capital considers these metrics as well but looks at the overall business landscape and uses additional indicators to determine a small business’ overall “health”, projected future performance and a broad array of non-traditional data sources. By looking at the big picture this means that we are able to approve over 90% of the loan applications we receive, many from small businesses.
So if you are seeking working capital for your company and are researching firms that offer alternative financing for small business, look no further. National Business Capital would like to establish an ongoing financial relationship with your business. If you’d like a financial partner that is sincerely interested in helping your business grow, contact us today!