Many businesses across the country have embraced alternative financing. To find out if your company should join them, keep reading to learn why alternative lenders are so attractive.
Speedy Application Procedures
Speed is one of the best features of alternative financing. Often, alternative lenders can process applications in a fraction of the time a traditional bank may take to make a loan decision. That speed advantage is especially helpful when a business encounters a time-sensitive opportunity, like a great real estate deal or a chance to make a bulk purchase on inventory. It also helps in less favorable conditions, such as when an emergency situation calls for a funding injection.
Less Time Spent Doing Paperwork
Generally, alternative lenders require relatively little paperwork. That means that rather than dealing with mountains of forms, you can put your attention where it should be: on your business.
Another strength of alternative financing is its versatility. Lenders in this industry can not only extend loans but also offer a wide range of other arrangements. Whether your business is seeking a line of credit, invoice factoring, equipment financing, or something else, there’s likely a solution available.
A Lower Barrier to Entry
Alternative financing is gaining steam partly because of traditional banks’ reluctance to lend to new, less-established companies. For entrepreneurs who haven’t had the opportunity to build a long record of solid credit, alternative lenders may be more amenable partners than traditional banks.
Some financing methods require owners to surrender some control of their company, with one example being when an entrepreneur takes on a partner to access their capital resources. Alternative financing is often a way business owners can stay in control of the show while still gaining needed funds. In fact, in many situations, borrowers don’t even need to put forth an asset as collateral.
My Commercial Capital has a variety of alternative financing products that can help your business. To learn more, just call or message us.