Launching and sustaining a successful small business is one of the most difficult things that an individual can do. In fact, most small business owners find themselves struggling to grow sales and keep up with the day to day expenses that often arise. For that reason, they turn to banks and lending institutions to seek options for fast funding for business expenses. However, most small business owners don’t have the assets, credit, or sales strength needed to be approved for the working capital they seek. There are still ways though for them to acquire what they need. Sometimes using who you know can be a lifesaver, meaning using referrals for business loans.
The age-old adage that the customer is always right, still weighs true. This is especially important in today’s world of social media. What matters when a small business owner seeks fast funding for business purposes is that the lender sees their business/company as being investable. Positive customer reviews are taken into consideration in this process. The same goes for any other form of word of mouth that you can provide. Referrals are great for business loan approvals, so any reputable business or customer that you can have vouch for you demonstrates to lending institutions that you’re doing something right. Faster approvals can be obtained from companies such as Fast and Easy Funds. However, it’s still important to have an additional party on your side when seeking an online business loan.
Whatever you do, don’t apply for a business loan and refer your lender to anyone that could potentially damage your name. Your reputation is everything. Don’t allow slander to prevent you from obtaining what you need. The same goes for negative customer reviews. Take care of these items first, before you apply for a small business loan.
Entrepreneurs of small businesses sometimes struggle with procuring the needed capital to grow their businesses. A lack of a strong sales history in financial statements, combined with poor credit tends to be what causes them to be declined for small business loans when they reach out to lenders. Some small business lenders are amenable to the ailments of small businesses and will approve them for small business loans -even with bad credit- but that doesn’t mean that the benefits stop there. These approvals have an adverse effect for entrepreneurs that apply for small business loans with bad credit.
For starters, entrepreneurs who receive small business loans, even with bad credit, are able to begin establishing a positive credit history with their lender. Banks and lending institutions have been around long enough to understand that most, if not all, entrepreneurs are going to walk through their doors with financial baggage. They don’t necessarily care about the past. Lenders are more interested in what business owners are doing now to create a stable and profitable financial future. An entrepreneur making regular, timely payments on a small business loan will find themselves in a favorable position when it’s time to go through another round of financing.
Additionally, the longer the length of small business loans, the better it is for the credit rating of the business/entrepreneur. Companies that haven’t been around as long are at a disadvantage because they don’t have a reputation to present to lenders. This is especially discouraging when there’s no credit history to review either. A business owner paying small business loans over months/years will see their bad credit ratings rise in greater increments than a business owner paying loans with shorter durations. The important thing to remember is that credit is used to determine the risk factor for a lender or account holder issuing out money or any other assets. Entrepreneurs with bad credit are encouraged to seek out small business loans to make them less of a red flag among lenders.
Cash flow is a priority for seasonal retailers because it’s so severely unbalanced. Seasonal online business loans from online lenders like Fast and Easy Funds are offered all year, because what may be season for one retailer may not be season for another.
However, the principle for seasonal online business loans for retailers remains the same.
Seasonal Online Business Loans
Analyzing your company’s need for an online business loan will be straight forward. The truth is that seasonal retailers are plagued by uncertainty. The only consistency is that there will be unforeseen expenses in the future, and that the fluctuating market is going to put a strain on your retail business.
Seasonal retailers benefit the most from cash advances that online lenders like Fast and Easy Funds provide.
Online lenders have shortened the time between application and approval process, which allows retailers to get the seasonal online business loans they need to purchase inventory, fast. That turnaround time allows business owners to more accurately predict the amount of inventory needed and thus the size of the cash advance.
You can wait until just before the season begins, research the market, and apply for an online cash advance without worry that you won’t be approved in time.
Survive the Off Season
Stagnant cash flow can kill a seasonal retailer during the slow months. Seasonal online business loans for retailers are a means to survive that uncertainty.
Online lenders have allowed businesses to get the cash injection they need to stay afloat, regardless of poor credit scores. In the past, keeping a seasonal retail business afloat during the off season was utterly dependent on seasonal sales. Fast and Easy Funds aims to make seasonal retailers profitable throughout the entire year. Contact us today for more information.
Startups have the most difficult time acquiring online loans and the reason is simple: no credit is worse than bad credit. Startup entrepreneurs are an unproven entity, and banks and online lenders simply have no history to base their decisions on. Fast and Easy Funds understands that loans for startups are difficult to acquire, so we have outlined some of the best ways for a startup to receive a small business loan.
SBA Startup Loans
The Small Business Administration offers loans for startups with competitive interest rates between 7 and 9%. However, be warned that they are not easily received and they will require a decent personal credit score, and usually some form of collateral (usually real estate). You can find the SBA startup loans here.
You aren’t just limited to loans for startups, why not try applying for a grant? There are grants available for women, minorities, veterans and so on. Search for grants and competition in your area or field. You’ll be surprise how many small business loans start from simply winning a competition.
When Does Start Up Classification End?
The truth is, no one is sure, and each online business lender has different metrics to define a startup. The truth is that no one can really agree, so it’s up to you to call find an online business lender that agrees you are still in the startup phase.
If you have tried all the above methods to secure small business loans for startups, but you have had no luck, then it’s time to consider the alternatives:
- Online Crowdfunding
- Credit Cards
- Family Member Assistance
- Consider an Investing Partner
Do whatever you can to get your startup off the ground and on the path of success.
How are business loans for millennials different than say, business loans for generation X. Flashback to a time in corporate America 1990. Prospective entrepreneurs walked into banks with dreams and hopes of turning a simple business idea into a fortune 500 company. Individuals would draft business plans or sometimes just a short conversation about what they would like to do. A banker would perform a casual investigation into the background and marketable concept of that plan and possibly issue out a loan to get things moving.
Fast forward to the year 2017 and that same entrepreneur may have a less than similar experience. Millennials are learning first hand that business loans aren’t as readily available as they were in prior years and business loans for millennials are a rare occurrence. In a saturated market of same concepts and a lack of financial literacy, lending institutions aren’t as keen to sign approvals for start-up businesses looking for funding. Most financial institutions approve less business loans for millennials than any other generation.
It is age, inexperience or bias? What do online lenders see in millennials?
A Wall Street Journal report listed Millennials, individuals under 30, as being the least entrepreneurial generation in the last few decades. Though most Millennials with start-up companies view themselves as entrepreneurs, the application of said entrepreneurial spirit doesn’t quite follow and so neither do the business loans for millennials.
Young adults looking for financial backing are viewed to be a risky investment and are typically turned away. The lack of discipline, patience and a sense of entitlement has created a gaping hole in the development of young adults as business leaders. College graduates may be armed with the base knowledge of how a company is formed, however it is their parents who are seen as the disciplined entrepreneur that is capable of taking an idea from its inception into fruition.
The beginning of the year is often a time for hopeful thinking and diligent planning. For some people, it means trying a new diet, for others it means adding discipline to their lives, but for entrepreneurs and small business owners, the new year is an opportunity to expand, create, and conquer. The best way to take advantage of the new year is most definitely with the help of online business loans or a merchant cash advance.
Lenders like Fast and Easy Funds issues online business loans to companies with bad or insufficient credit; the companies that big banks turn away. How is a small business meant to survive or thrive without the help of online business loans? Pre-approved business loans are the most viable option for entrepreneurs who wish to start 2017 on the right foot and achieve their goals in the new year.
The merchant cash advance option, also known as an MCA, is a popular choice for business owners seeking loans. Fast and Easy Funds has made the process easier by loosening the requirements for getting a merchant cash advance. That means that there are more loan options for business owners with bad credit through our online business loan services.
Use your merchant cash advance to:
- Open a second location
- Hire more employees
- Create a new marketing campaign
- Purchase new inventory
- Survive another season
You have options and the ability to expand your business through online business loans. Allow us to help! Call Fast and Easy Funds today: 1-800-906-3494
The small business lenders at Fast and Easy Funds understand there is a stigma around the difficulty of applying for a small business loan. That is why our application process is fast and flexible; to help boost the growth of your business. When you need extra funds to expand your company, make sure you have these four things to guarantee a fast and easy loan process:
1.The Right Lender:
You might consider requesting a small business loan from a big bank, but oftentimes these banks have lower approval rates than the business lenders at Fast and Easy Funds. Not to mention, big banks have automated systems that could reject your application before a real person ever even examines it. Smaller businesses take a more personal approach to assisting you and your business goals.
2. An Accurate Credit Report:
Your credit report will help your lenders to determine your financial history and your ability to repay your loan. It is important to make sure there are no errors in your report.
3. A Solid Business Plan:
Create a business plan that maps out your goals, qualifications, and experience that will show your lenders how successful your company can be.
When asking for money, asset lenders like to see that you have a backup plan. This refers to something pledged as security for repayment of a loan. Collateral can come in many forms: real estate, inventory, equipment, and accounts receivable.
Applying for a business loan does not have to be a hassle. Use this guide from Fast and Easy Funds for easy application and a fast approval process.
Entrepreneurs everywhere seek out business loans to make their business dreams come true. A trustworthy person with an innovative idea could find themselves turned down from large banks and feeling hopeless without the proper funds. Fortunately, Fast and Easy Funds understands the challenges that business owners face when trying to obtain the necessary funds to grow and expand their businesses, and we’re here to help.
In the world of finance, there are many rumors and many business loan myths, and Fast and Easy Funds is here to give you the facts.
Business Loan Myth #1 – A new business doesn’t qualify for a loan.
Fact: Our team at Fast and Easy Funds knows that a business cannot get off the ground without the proper funding. We offer startup loans specifically for newer businesses to become established. Even if a bank has turned you down, we offer cash advances up to $2,000,000.
Business Loan Myth #2 – Business loans take forever.
Fact: This is one of the biggest myths in the world of finance. It may be true for some companies, but it is outdated and inapplicable. Do not worry about not receiving the funds in time. At Fast and Easy Funds, we offer a simple application, same-day approval, and next-day funding. We make the loan process FAST and EASY – It’s in the name.
Business Loan Myth #3 – Your credit score will make or break your loan.
Fact: We understand that growing businesses may not have the ideal credit score. Fortunately, our loan experts do not require the same scores and loan amounts as traditional lenders.
Convenient financing solutions are the core of what we do. Contact us today for more information and get approved for a business loan that suits your situation.
Let’s face it, there is a lot of information regarding online business loans floating around the internet, and it may seem difficult to categorize, sort and decipher most of it. So, which online business loan resource should you subscribe to? Follow these three websites as much as you can, and soon you will be sailing into financial freedom and business growth!
Fast and Easy Funds Loan Resources Page
Here at Fast and Easy Funds, we have dedicated an entire section of our website to educate and assist business owners, helping them find out more about the alternative business loan landscape. Online business loan resources are categorized and explained in a way that we hope will help business owners make the correct decision. Whether it is choosing between cash advances or easy terms loans, our goal is to help business owners understand and receive online business loans in a proper and timely fashion.
The U.S. Small Business Administration
The Small Business Administration is a government created and operated resource that details everything a business owner would need to know about online business loans. Although it is heralded as one of the best and most in-depth online business loan resources, the information can become confusing or overwhelming to a first time business loan recipient. It may be worthwhile reading through the resources at the Fast and Easy Funds blog first, in order to create a foundation of understanding before looking into specific laws regarding online business loans.
Though Nerdwallet covers all aspects of finances, be it personal mortgages or battling student loan debt, the site is also a comprehensive, online business loan resource. It pays to consider all of your finances, both personal and business related, so the Nerdwallet website may be a good ‘go-to’ site for all those needs rolled into one.
Hurricane Matthew may not have wreaked as much havoc to the State of Florida as predicted, but Fast and Easy Funds has seen the affect that the storm had on Florida business owners. Many small businesses closed in preparation for what was going to be the storm of the century, and the downtime hurt profits. Governor Rick Scott authorized the distribution of emergency business loans up to $25,000 for businesses that experienced property damage and/or lost profits during the downtime from the storm.
The Emergency Bridge Loan program was put into effect on Monday, October 10, and the state will be accepting applications until November 11. Businesses must demonstrate loss and have between two and 100 employees. It is not unheard of for states to create programs that offer emergency business loans after natural disasters, as a means to stabilize local economies. The Small Business Administration has outlined what constitutes the need for these emergency business loans and offers guidelines to obtain one in such situations. The disaster assistance guide can be of great help to business owners who need to know where they stand.
As a provider of online business loans, Fast and Easy Funds knows how even one day without operations can cause real damage to a small business’ finances. These emergency business loans will go towards making businesses whole again.
Business owners should consider contacting online business lenders like Fast and Easy Funds as an additional means to weather the storm of difficult financial times.