The adage “you need to have money in order to make money” is as true on today’s fast-paced, hyper-competitive business landscape as it ever was; or arguably even more. Indeed, windows of opportunity close rapidly, and to evoke another adage: “to the victors go the spoils.”
As a small business owner, you may be staring through a window of opportunity right now in the form of a potential acquisition — one that would significantly enhance your competitive advantage, capacity and profitability.
However, to transform these key goals into bottom-line gains, you need to steer clear of myths and misunderstandings. To that end, here are 3 misconceptions about applying for a business acquisition loan that you need to know now vs. later:
The reason that many established enterprises exist is because when they were smaller, they acquired the right businesses, at the right time. As a small business owner, you can certainly follow that well-forged path.
Just make sure that you don’t waste your valuable time trying to get banks to lean forward. You’re likely much better off working with a firm in the alternative lending marketplace, which has experience helping small businesses grow into large enterprises.
Again, this is a bank-perpetuated misconception. There is no law or rule that says small business owners must pledge assets in order to secure a business acquisition loan. For example, here at National Business Capital, we offer several unsecured (i.e. collateral-free) loans that can be used for business acquisition purposes, or any other expense of investment.
In business, time is always of the essence. But when the focus shifts to a potential acquisition, this truism is even more of a factor — because other potential buyers may be involved, and sellers may head in another direction.
While it’s true that banks take an excessively long time to assess a business loan acquisition application — waiting several months is common — this is by no means the only option.
For example, at National Business Capital, we assess all loan applications within 24 hours, and upon approval we typically have 100% of the funds available to our customers within a week.
Contact us today at (877) 482-3008 to learn more about our business acquisition loan solutions. Or you’re ready to move forward right now, start your secure 1-minute online application for a business acquisition loan, and we’ll get you funds in as little as 24 hours. We look forward to being part of your long-term growth strategy and inspiring success story!
If you’ve been turned down for a business loan before and are still looking for funding, you’re not alone! Many of the wonderful people we work with at National have previously applied for funding at a bank and learned how difficult the process can be.
That’s why we wrote a free eBook entitled “How to Get Business Funding When Banks Say “No”” that walks you through funding options you have available and why banks turn down loans. Download it here:
National Business Capital is the #1 FinTech marketplace offering small business loans and services. Harnessing the power of smart technology and even smarter people, we’ve streamlined the approval process to secure over $1 billion in financing for small business owners to date.
Our expert Business Financing Advisors work within our 75+ Lender Marketplace in real time to give you easy access to the best low-interest SBA loans, short and long-term loans and business lines of credit, as well as a full suite of revenue-driving business services.
We strengthen local communities one small business loan at a time. For every deal we fund, we donate 10 meals to Feeding America!
Megan is passionate about helping business owners along their journey - providing them with relevant content they can use in their day-to-day operations.