Fast and Easy Business Financing: Exactly What Today’s Businesses Need
Financing your business can be a tedious process. In today’s fast-moving business environment, you may often find yourself stretched thin and working long hours to stay on top of all the issues related to your business. The last thing you need is another time-consuming complicated issue to deal with.
So yes, when it comes to financing, you need easy business financing solutions that you can put in place quickly.
Easy Business Financing to Grow Your Company or Transition to Success
If your business is growing, you may simply not have the time to address a need for additional capital. On the other hand, if your business is struggling, finances are probably always on your mind, but you can’t seem to find any easy business financing solutions that fit your needs.
Whether you are surging or surviving, a fast and simple business financing solution is paramount to the sustainability and success of your business. Finding an easy business financing solution can quickly help you:
Grow Your Business
If your business is growing, that’s great news, but in order to maintain the growth, a fast business financing solution is needed. There’s a reason for the phrase, ‘growing pains’, as in addition to the standard routine of managing and financing your business, expansion brings increased expenses, research and projects.
An easy business financing solution can quickly facilitate your company’s growth by not only providing the capital you need to grow, but also allowing you to focus on the things that made your business successful in the first place.
Transition Your Business to Success
People are averse to change, but in today’s global economy, the most successful companies are those that can adapt to new technology, policies and competition. If the status quo has led your company to fall behind, an easy business financing solution can provide the capital you need to support a strategic plan that embraces innovation and change.
Fast Business Financing Options
There are several types of fast business financing that you can use to support your business.
Timing can be critical in growth and transition or turnaround scenarios, so it’s important to find a fast business financing solution to meet your company’s unique needs. The 3 below business financing options use different assets to provide the capital you need without being overly complicated or burdensome, allowing you to get fast and easy business financing, so you can focus your efforts on growing your business.
Accounts Receivable Financing
A/R Financing is a fast business financing solution that accelerates your business’ cash flow. Invoice terms typically range from 30-90 days, but with Accounts Receivable Financing, you can get an immediate advance of up to 90% of the face value of your outstanding invoices.
This saves you the time associated with credit analysis and collections, but more importantly, it frees up cash, making it an easy business financing solution that will allow you to put more money to use directly in your business.
Like many businesses, you may have a substantial amount of your capital tied up in your inventory. This can create a challenge, particularly if your business is experiencing growth or if you need access to additional capital to support a turnaround plan. If this is the case, you are likely looking for an easy business financing solution and inventory financing may be the perfect fit. By leveraging the value of your inventory, you unlock capital that can be used to pay your suppliers, alleviate other financial stresses, open a new location, or expand into new segments. It takes time to convert your inventory into sales, so utilize this fast business financing tool to tap into the value of your inventory and speed up your growth or restructuring process.
These easy business loans are available in conjunction with accounts receivable financing or to retailers, as a standalone retail inventory loan.
Another type of easy business financing, equipment finance can help you acquire the equipment you need to operate your business (without tying up your cash), or unlock cash from the equipment you already own.
This means, while you are using your equipment to produce goods and services, the value of that same equipment will provide liquidity to accelerate your growth or transition.
Choosing the Right Lender for Your Easy Business Financing
You’ve decided that you need easy business financing, and now you know some of the specific financing solutions that can help your business. To ensure an easy business financing experience, the most important step is choosing the type of lender that is best suited for you.
Although you want to act fast, it is important to not overlook any the following criteria, when selecting a lender who can provide easy business financing:
- eligibility requirements
- loan options
Keeping these points top of mind will help you find a lender that will most likely approve your loan, offer acceptable terms, and provide quality customer service, all within your timing requirements for a quick and easy business financing solution.
Lenders that serve small and medium businesses like yours typically fall into one of 3 categories: banks, fintech companies, and alternative lenders. All of these types of lenders provide business financing, but they may not all be able to provide the type of easy and fast business financing that you need. Let’s take a quick look at each of these 3 options:
Due to existing relationships, banks are often the first place you might turn for easy business financing, but is it actually easy to get a business loan from the bank? While traditional banks typically offer lower interest rates, a variety of products, and are often long-standing institutions, they only approve about 25 percent of small business loans. Banks tend to have a bureaucratic approach, which means they are often not well positioned to provide fast business financing. Also, banks often require your business to show a track record of consistent success prior to lending. This means, if your company is growing quickly or in transition, banks may not be your ideal source for easy business financing. Finally, the eligibility requirements at banks tend to be stricter than other lenders, leading to higher rates of declined applications.
‘Fintech’ is simply a melding of the words ‘financial’ and ‘technology.’ They are a new form of alternative lender that provide solutions purely through online portals. Fintech lenders use algorithms to underwrite your company’s loan application, so while they can provide you with fast business financing they lack a personal touch and, in many cases, will not truly understand your industry or your company’s unique needs.
Alternative lenders (or non-bank lenders) are not considered banks, because they only offer loans and don’t take deposits. Alternative lenders, like Accord Financial, are typically the best option for obtaining fast and easy business financing solutions. This is because they have the flexibility to create easy business financing solutions that are structured to meet your company’s unique needs and approved more quickly than by banks. Alternative lenders are known for their flexible terms and personalized service. Many alternative lenders, such as Accord Financial, which has been providing easy business financing for over 40 years, enjoy excellent, longstanding reputations in the marketplace.
What Is The Right Balance of Fast Business Financing vs. Easy Business Financing?
Banks are very slow, requiring mounds of paperwork and stellar financials, you know that. Therefore, they may have the lowest costs but rarely offer the fastest or easiest business financing.
Fintech companies can be a good source for fast business financing, but they are also fast with a “no” if your company does not fall into their narrowly defined financial algorithm, and you may not receive the same level of personalized customer service as you would from a traditional bank or alternative lender.
Alternative lenders also specialize in fast business financing, understanding that once you make the decision to look for funding, you need it now. Additionally, they have more flexibility to consider situations that numbers alone cannot fully explain, which often make them the best choice for an easy business loan.
If you’re looking for fast and easy business financing, give us a call to see how you can get a loan facility structured to meet the unique needs of your company: +1-844-932-9940 (Canada)/ +1-844-725-4225 (USA).