Small Business Loans

The question of small business funding can be a struggle for any small business owner. While running your own business can be a very rewarding pursuit, you also have to worry about a constant stream of challenges, from adapting to competition to staff issues. Even as you work on the various day-to-day issues of running a business, you still have to think about the bigger picture. A major part of this is keeping a steady stream working capital, and one of the most popular ways to do this is via small business loans. Making a choice can be an issue all its own, though, with many options out there.

There are lots of different lenders out there, but as a starting point, there are two main categories:

Traditional Funding Sources:

• Government resources
• Banks
• Private lenders

Non-Traditional Funding

• Micro-lending
• Peer-to-peer lending
• Crowdfunding
• Merchant Cash Advance

Many will recommend small business loans from banks. These are the most traditional of the traditional funding sources, and there are good reasons why. Small businesses are likely to get low-interest rates this way, which is crucial. However, the fact of the matter is that increased regulation is causing banks to hold back on their small business loan offerings. As a result, your business may not be able to get the funding that it needs via this avenue. Because of this, you need to look at alternate methods. Here’re some things that you should consider before making your selection. An eBusiness Merchant Cash Advance removes these barriers for our clients.  

 

What To Think About Before Choosing a Lending Method

• Why do you need the money? Perhaps you are you looking to fund payroll? New equipment? Maybe a new business?

• What other business debt do you have?

• Do I have all your business information on hand? Banks will want to see the complete financial picture right away.

• Who is taking on this loan? Depending on the type of business you may be personally responsible for the debt. Due to this, a bank can hold your personal assets as collateral if the company doesn’t pay, so be aware of this potential risk.

• Traditional companies want to know who they are lending to. It makes a difference and banks will check the credit history of those people involved. Be prepared for background checks in some cases.

• Non-traditional lenders have shorter time frames. There is also currently less regulation in the space. However, with less regulation comes increased levels of risk for lenders. This risk gets mitigated in the form of higher interest rates.

• In most cases when you apply for a bank loan you must submit a business plan as well as your financials from the last several years. If you are looking for reoccurring funding, then a traditional loan may not be appropriate. As a result, you may want to consider another alternative. You can also talk to your bank about a line-of-credit.

Alternatives to Traditional Business Funding

• Peer-to-peer lending
• Crowdfunding websites
• Cash advances services

Finding Alternatives

eBusiness Funding provides alternatives to traditional small business loans. Say goodbye to long waits and roadblocks like credit and collateral requirements. You can also get funding in a matter of days, sometimes as soon as 72 hours. The benefits of choosing eBusiness Funding include:

• Up to a $500,000 cash advance, based on your current financial strength.
• Cash in your bank account as soon as 72 hours.
• Most of all, 90% of applicants who meet our requirements get funding.

Get started with eBusiness Funding now for working capital without the hassles accompanying traditional small business loans. Fill out the simple contact form on this page now and get the financial support your business needs.