Small businesses are the backbone of our economy, accounting for more than 75% of all jobs in the United States. As important as they are in the business world, they sometimes find the deck stacked against them when it comes to obtaining financing. In today’s economic climate, banks and other institutions are making it increasingly difficult for business owners to obtain financing. Long applications and even longer times waiting on a decision from the bank are leading many businesses to seek alternative methods to obtain the needed funds. There are several reasons why a business would need a loan, and there are also many alternatives to banks.
Expanding the Business
For most business owners, the first reason to obtain a loan is because they are looking to expand their business. What may have started out as a venture in a one-room office with only themselves as an employee may have gradually gotten to the point where more room and help are needed. When this is the case, obtaining funding to finance moving to a new location and hiring additional employees is critical to the continued success of the venture. Rather than going through the long application process of a bank loan, an alternative that is gaining in popularity is obtaining a business loan from such companies as Advance Funds Network. With AFN, a business can obtain a loan up to $35,000 with only a government-issued identification and the first page of their business lease. Only needing to have a minimum of $1000 in their bank account and average monthly sales of $10,000, a business can obtain a loan to meet their needs.
Purchasing Needed Equipment
Equipment purchases are some of the biggest expenses any business can incur. Whether it’s new office equipment such as computers, new furnishings for added comfort or forklifts to help with unloading incoming stock these items are essential to keep a business operating smoothly. However, most of these items come with a price. Just purchasing a few computers and related equipment can cost several thousand dollars, while forklifts or other industrial equipment may cost much more. When equipment purchases are what’s needed to keep a business going, obtaining a loan through AFN might be the answer. Major equipment purchases can be made much easier by using a business loan from AFN. Requiring only a FICO score of 500 or better, these loans come with many payment options. Daily, weekly and monthly options are available as is an option to pay back the loan using a percentage of sales receipts. Whatever will work best for the business owner is the goal of AFN, making them a company to be counted on when help is needed.
Sometimes it makes sense for a business to obtain one loan in order to pay down or pay off another loan that has a higher interest rate. Once again, Advance Funds Network can prove to be the answer to this problem. By paying off a higher interest rate loan, a business owner can then free up more of their money to be used in other projects such as expansion, hiring additional employees or purchasing necessary equipment. Perhaps the biggest advantage of using Advance Funds Network is the quick turnaround time for obtaining the necessary financing. Unlike banks that can take weeks to make a decision, AFN can make a decision immediately. Funds can also be deposited into a business owner’s account in as little as 12 hours, letting them move quickly on their plans rather than wasting time sitting around waiting to hear from a bank’s loan officer.
For many businesses, using a company such as Advance Funds Network makes more sense than a traditional bank. Quick decisions, friendly service and knowledgeable staff combine to make a small business owner’s life much easier when it comes to getting the money needed to move forward. The ability to add additional employees helps not only the business and its owner, but those being hired as well as their families and community. By using a company such as AFN, small businesses everywhere can continue to provide the stability necessary to grow the country’s economy now and for many years to come.