Credit Downgrades, the Credit Act and too much government intervention impact all businesses, especially if your business is in need of financing. More businesses are opting to alternative business financing because business owners can’t get financed at their local bank. The rate of approved traditional business loans have fallen by 4.7% since 2011, but the rate for alternative business financing has increased (Source: Bloomberg) What are your lending alternatives if your business gets turned down for traditional financing?
Micro loans are fast and easy; it’s a simple way to get quick cash for your business, loan amounts range from $50,000- $250,000. Micro loans are:
- Merchant Cash Advance
- Cash Flow Loan
- Inventory Loans
- Small Business Expansion Loan
Micro Loans are ideal for carry-outs, car washes, franchises, heating and cooling, pet care, restaurants, retail stores and salons, or just quick short term cash for your business without hurting your overhead
Waiting to get paid for your invoices, but need cash now? Select a factoring loan, factor your accounts receivable and get fast cash for your business. Loan amounts range from $50,000 to $500,000
Purchase Order Financing
Finance your purchase orders to get quick cash for your business now. Example: Our client had purchase orders from Verizon, he could not obtain an asset based loan because of his industry, instead he opted to purchase order financing, which gave him capital he needed for his business.
Don’t rule out business credit restoration or personal credit restoration while you opt in alternative business financing for your business, this type of financing should only be considered as short term, especially if your business is growing and performing. Your exit strategy out of an alternative business loan is paying it off or refinancing into a traditional conforming business loan which you are approved for after you improved your credit.
For more information on how we can improve your business credit and personal credit in Palm Beach FL, please fill out the online contact form about your concerns or give us a call at 855.477.9007. Read what our valued clients have to say about First Pro Capital on our Testimonials page.
Allow our team of professionals to assist you!