Is Alternative Financing Worth the Higher Interest Rates?
Having access to money is imperative for a business to run successfully. Many business owners will face a time when they could use extra capital to make ends meet or take advantage of an opportunity. Unfortunately, the process of securing a bank loan is lengthy, which may mean a missed opportunity, and it can be difficult to get the loan approved. So what can a business owner do?
The answer may be found in non-traditional financing, such as the type provided by National Business Capital. The concept is new to some business owners, but for a majority of small businesses, both local and across the nation, it may be the only means to obtain financing.
Rates are typically higher with a non-traditional lender than they are with a bank. Before you get frustrated or rule out this option, consider the reason for the funding. Take the time to review the cost versus the project or opportunity. Will the funding allow you to take advantage of an opportunity to increase sales? By paying the higher rates and obtaining the alternative financing, will you improve your business or your Bottom Line? If you pass on the financing, and therefore miss the opportunity, how much money will you lose?
Alternative financing can be used for various reasons. It can be used to meet payroll, cover expenses, purchase/rent equipment, stock inventory, pay tax liens and more.
A bank denial does not have to hinder you from moving your business forward. Alternative financing provides many business owners the chance to keep their business running successfully and improve their Bottom Line. Please feel free to speak with one of the professional business consultants at National Business Capital. We will be happy to answer all of your questions and help you determine if alternative financing is the right option for you.