When it comes to owning a business, it pays to connect with experienced entrepreneurs you can turn to for advice. Through mentorships, for example, business owners can receive the skills and knowledge needed to tackle different problems from multiple perspectives. Other perks include better networking opportunities and the potential to increase your bottom line greater than businesses that don’t receive mentorships. While all of these things can help a business prosper, without the right cash flow, that business may never grow.
In order to grow, a business must have working capital, the lifeblood needed to sustain its development. Expenses such as equipment, utilities, inventory, etc can pile up quickly which is why a stable source of funding is needed. Though businesses can maintain these cost through good cash flow management skills, in many cases, it’s not enough. Unfortunately, many small businesses don’t make it past their first year because of issues in acquiring funding. Many owners facing this problem will usually turn to banks or other lenders for financial assistance. In spite of this, many small businesses are still at risk of failing due to a lack of financial support.
One reason for this lies in the fact that many businesses often get their funding applications rejected by these lenders. Poor credit, weak cash flow, and lack of collateral are common reasons why some businesses get turn down for funding. If that doesn’t work out, many owners will turn to other sources of funding such as SBAs which offer more favorable terms. With SBAs, however, applicants must deal with more paperwork, longer wait times and sometimes pay higher interest rates than banks.
Finding the right kind of funding to support your business can be difficult but it’s not impossible. It is important that owners know what other options exist that could work best in their business’s favor. Luckily, businesses today have more options available than ever before as the market for alternative lending grows. One source of funding that is growing in popularity with businesses today is MCAs which is where we come in.
Here at Smart Business Funding, we provide businesses the financing they need even if they have poor credit. If you’ve been in business for over 3 months and make about $10,000 in revenue per month, you already qualify. There’s no paperwork involved, collateral is not a requirement and we can fund you in less than 2 days!! If you’re an interested business owner, call us at 917-533-2979 to see what we can do for your business. Call if you want to schedule a free consultation or learn about the other ways we can help your business.