Debunking 3 Small Business Loan Myths
At National Business Capital, we believe that informed customers are great customers. After all, obtaining a business loan is an important commitment, and it should only be done after conducting proper research and analysis.
As you may have experienced — or hopefully will soon in the very near future — one of the ways that we educate our customers is by offering free, no obligation consultations by phone, email, or web chat (connect with us now on the bottom-left of your screen!).
In addition, we also strive to provide helpful, jargon-free educational content here on our website. We continue this commitment today by debunking 4 small business loan myths that we hope you’ll find illuminating — and inspiring!
Small Business Loan Myth #1: If a bank has rejected your business loan application, then you’ll likely get turned down from National Business Capital, too.
FACT: At National Business Capital, our approach to approving business loans is categorically different than banks. We are far less interested in what a business owner has done or not done in the past, than we are in what they’re doing now and have planned for the future. That’s why we approve about 90 percent of loan applications, compared to just 15-20 percent at big banks.
We also have more varied lending options than banks because we can offer secured and unsecured loans, lines of credit and more. If you have bad credit, foreclosures or no collateral, we can work with you to help you obtain financing!
Small Business Loan Myth #2: There are strict restrictions on what you can and can’t do with your business loan.
FACT: While this myth can hold true with banks, credit unions, venture capitalists and many other funding sources, it isn’t true for all financing companies. At National Business Capital we do not impose any restrictions on how you choose to allocate your loan. We care about your success, and wisely step out of the way so that you can make critical decisions. After all, who knows more about what’s best and right for your business than you?
Small Business Loan Myth #3: Applying for a loan is time-consuming and an administrative burden.
FACT: This is indeed the case with bank loans, and especially SBA loans. These loans can often take more than six months to get approved due to their excessive paperwork and restrictive qualifications. However, at National Business Capital, we know that time is of the essence for our customers. Whether you have an emergency that needs to be fixed now or an opportunity to take advantage of, you simply can’t wait for six months or more.
That’s why our application is streamlined and can be started online in as little as two minutes. To keep the process as efficient as possible, we render approval decisions within 24 hours.
To learn more about how we can help your business succeed and thrive — and dispel any other myths that may be preventing you from quickly, easily and affordably getting the funding you need — contact us today or fill out our two-minute application. We’re here to help 24/7/365!
For more information on how to get funding business funding when banks say no, download our FREE eBook today: