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 helps entrepreneurs secure quick and fair financing to save time and cultivate sustainable growth.
Our stress-free online platform is designed for simplicity and speed, helping business owners go from application to approval in a matter of hours. And while we remain a leader in the Fintech industry, our clients agree it’s our personalized service and award-winning team that sets us apart.
From SBA loans to lines of credit, to equipment financing, and more, business owners can access all the different financing programs available to them in one place. Through our streamlined process, we have helped clients secure $2 billion in financing since 2007, and, more importantly, we’ve helped entrepreneurs save a tremendous amount of time and grow faster.
Joseph Camberato, CEO of National Business Capital, developed a passion for business at a young age. Joe started his company in 2007 in his spare bedroom and has grown to secure over $1 Billion dollars in financing for small business owners nationwide. National’s team has an amazing culture and has been name the #1 Top Workplace on Long Island 3 years in a row and counting. Joe is a trusted financial expert who’s published more than 2,000 articles in the last 3 years. His articles have generated over 5 million page views and has been featured on blogs such as Google News, Yahoo, CNBC, Forbes Magazine, etc. His passion has also inspired him to build the "GrowByJoe” YouTube channel where he shares his insights into small business trends and tips for growth. Joe also holds a seat on Forbes Finance Council and is an active member of the Young Presidents' Organization (YPO), a global leadership community.