Conventional options for arranging business capital funds may not be workable for small business owners. Thankfully, there are cleaner and more practical ways to seek US business funding with no hassles of long waiting periods and unending paperwork. Alternative business funding is the right solution for small business owners who may not get a loan from banks and other traditional sources of business loans.
Easy and short process
Availing a business loan from the established company is like a breeze. You will need to submit a single-page application for approval of the business loan. The processing of the loan application is very prompt, and the sanction takes only a few hours. The funds are available immediately to the applicant in contrast to the conventional process that may take months if the loan gets approved.
Banks are reluctant to approve loans to small business enterprises. Online business loan providers offer to fill in the void and help small enterprises get a small business loan to support the new businesses. These new business ideas would die a natural death in the absence of alternative lending companies. Startups need immediate funds to establish their new ideas. Delay in launching any new idea means missing the bus.
Minimum qualification needed
Alternative funding is an ideal way to arrange for funds for business expansion or the launch of a new enterprise. You need not pledge any property or other collateral to get business capital loans from alternative lending companies.
You may not have a clean credit history, whether you want to launch a new enterprise or wish to expand your present business. Lack of perfect credit history will disqualify you from getting loan approval from banks. Alternative funding companies will make it easy for you to get the funds you need without the requirement of spotless credit history.
The loan approval will have conditions that are reasonable for you and the funding company. Sometimes a business may suffer a bad patch and may need funding to tide over the crisis. A short-term loan may suffice in such situations, and alternative funding can offer such loans with shorter payback periods. The flexibility of loan terms and repayment options makes small business funding a better choice than banks and traditional institutions.
Providing easy access to Small Business Loans
SBA 7 (a) loans are ideal for funding equipment purchase or expansion of present equipment. These can also help you avail of loans for building working capital. The maximum loan amount available under SBA 7(a) plan is up to $5 million.
You can apply for an SBA Express loan if you have an urgent need for funds to support real estate or equipment purchases. The amount of loans available under this scheme is slightly on the lower side.SBA 504 loans back long-term purchases or the building of facilities or factories. The size of the loan under this plan is up to $5.5 million.
Approach Alternative Funding Group to boost your business growth. They assure quick access to funds with no need to pay security or collateral. Get the loan approval in less than 48 hours and realize your business dreams with no hassles of credit checks and delays.