What Is Alternative Financing?
Ralph Lampton
Small Business Lending – Business Lines of Credit | Working Capital | Term Loans | Equipment Financing | SBA Loans | Construction Loans | Bridge Loans | Purchase Order Financing | Contractor Loans
Alternative financing is quite literally an “alternative” to traditional bank loan products. Oftentimes, growing businesses and younger companies who haven’t been in business very long struggle to secure funding from traditional sources. They don’t meet the bank’s strict requirements or simply can’t wait for the lengthy approval process to be completed.
Alternative financing helps small business owners and entrepreneurs get the capital they need for their growing businesses. With less regulations, less paperwork, and a lot of flexibility, alternative financing is an excellent option for small businesses.
The Application Process is Simple
There is minimal paperwork to complete in order to apply and you can apply entirely online. Funding for example, only require the completed 1-page application and business bank statements from the past 3 – 6 months
When you need business funding timing is everything. Unlike most banks, alternative financing companies provide fast approvals and even faster funding. Decisions usually take less than 24 hours and once you are approved, many companies offer 2-5 day funding.
No Collateral Required
Alternative financing requires no collateral , so you don’t have to worry about losing valuable assets.
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No Minimum Credit Required
While banks require excellent credit scores for business loans, alternative financing companies understand that credit is only one piece of the puzzle. This allows businesses with bad credit and new or young businesses to access the funding they need to help them grow.
Applying Will Not Impact Your Credit Score
Submitting an application is free, it doesn’t affect your credit score, and there is no obligation to proceed once approved.
Flexible Terms
Alternative lenders can create custom solutions specific to your business’s needs with flexible terms and repayment plans.
These are a handful of reasons alternative business lending is thepreferred option for small business owners
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