Despite some improvements in the economy, obtaining traditional Small Business Financing from banks remains problematic and challenging. Business term loans remain available to established, profitable medium- to large-sized corporations, yet often remain out of reach for small and startup businesses.
So what does this mean if you need cash and are one of the growing numbers of small businesses that doesn’t meet the lengthy-and-growing criteria for a business term loan? Fortunately, several alternative commercial financing options are available to these set of businesses that don’t meet the criteria for standard term loans. Though more expensive than such term loans, these options – including purchase order financing, equipment financing, accounts receivable financing and more – are more accessible and available to businesses in far less time.
Alternative Commercial Financing Gains Momentum
By working with premium specialists and shopping around, you will find that the cost of such alternative small business financing is less expensive than it was a dozen years ago as it has grown in popularity. Though years ago creative commercial financing was looked down upon as inferior, times have changed and such institutions are now more mainstream. As such, a rise in demand has resulted in a decrease in price for these services.
Customer-Focused, Customer Friendly Small Business Financing
Unlike banks that are waist-deep in bureaucracy and have a reputation for providing poor service, third-party commercial financing institutions will compete for your business. They will go out of their way to answer your questions and meet or even exceed your expectations. The competitive nature of the industry keeps premium financing specialists nimble, spry and flexible with most institutions eager to work with you to meet your financial needs.
So don’t let a rejection from a bank make you blue. You can secure flexible, short-term equipment financing, purchase order financing or accounts receivable financing in less time from a third party financial institution. And even though these options may be unfamiliar to you, many of these financial methods have been around as long as loans and even longer so they are reliable and trustworthy as well.