Time is money. That is as true now as it was when Ben Franklin wrote the sentence more than 200 years ago. And if it is a small business loan you need to grow your business, you likely want to have the capital in hand in days and not weeks or months like a conventional business loan.
Alternative business funding is faster than a traditional bank loan in every way possible. It is faster to apply for financing, faster to be qualified for capital, and faster to be delivered to your business. Your business loan application begins with a few simple questions that help to pre-qualify you for funding. You will know within a matter of minutes what your business can expect to receive.
Not necessarily. Many alternative lenders will make a loan without securing hard assets. They can place a lien on your business’ assets and remove that lien once you have repaid the funds you receive. Whereas SBA loans require collateral and a personal guarantee if you own more than 20% equity in the business, and banks and other regulated lenders are required by law to obtain third-party valuation on transactions of $50,000 or more.
That’s not a problem with a fast business loan. It is structured like a home equity line of credit: You can draw from it only what you need to grow your business.