Looking to get funding for your struggling small business? Here’s where you should – and shouldn’t – go for help.
All small businesses endure profitability ebbs and flows. Especially with the current economic landscape, companies in every industry find it hard to expand and grow or even cover basic expenses.
With so many factors that play into your business’s bottom line, like a recession, rising inventory costs, or a new competitor, your business can’t always rely on staying the course. Sometimes it feels like no matter how many hours of hard work and dedication you put in, your business just needs a little bit of a financial boost.
Don’ts
Before we tell you about the suitable options for funding your business, let’s first get the bad ideas out of the way. We hope that by explaining why you should be taking these options out of the equation, you will understand why we suggest what we do later.
Banks and Credit Unions
As a struggling small business, your bank might not even give you the time of day. Even as a loyal customer asking for a loan, because of your size, banks simply don’t make as much as they would if they lent to larger corporations. Add the fact that the cost of underwriting a small loan is almost the same as a larger one, and you can see why your bank or credit union won’t give your business the care and attention, and maybe even the funds, you need.
Even if your bank is willing to offer you a loan, it will require that you put up a significant amount of collateral, both business and personal assets, to protect themselves. When a small business owner can’t or is unwilling to risk collateral, it is almost impossible to secure financing from a traditional bank or credit union.
Peer-to-Peer Lending
Some platforms (learn more about P2P Lending here) have effectively raised the funding they need via peer-to-peer lending programs. However, raising the amount of funding you’ll need takes a very long time, and you are constantly competing against other companies looking to raise capital.
This avenue is tedious, highly competitive, and an overall nightmare for the average small business looking to raise working capital to keep its struggling business afloat.
Do’s
Alternative financing may seem daunting or sketchy for some. Still, to date, millions of small businesses in America have benefited from receiving working capital loans, merchant cash advances, short-term loans, and more to help their business survive and grow.
Unlike traditional banks and credit unions, alternative lenders don’t need any collateral and are dedicated to underwriting every deal that comes in and giving it the attention it deserves.
With just some basic business and personal information and three months of your latest bank statements, alternative finance companies can approve your business for a loan and get you funded in as little as 24 hours!
That’s where we come in.
At Capital Quickly, our funding representatives scrutinize every loan application and pair them up with the most suitable lenders and financing options. We ensure that your business will get the attention it deserves and find you the best funding solution possible to help your business grow.
Speak to a representative today by calling 1-888-709-7446 or emailing us. Begin your process today and get funded in under 48 hours!