You finally took the plunge and have decided to open the business of your dreams. You’ve got the ideas, the staff and the location, so all thats left is the financial backing. Maybe you’ve already started and just need an extra little boost in your business, that extra little cushion in which to be able to breath and enjoy the business that you’ve started so you want to take a loan out to get that little extra edge.
So, what are you to do? Especially if you’re one of those that doesn’t have good credit or collateral. Let’s be honest, that’s most of the country at this particular point in time. Consider the following.
When you start a company, it’s typically done with investors, but what happens after that? What happens when you’re company’s up and running, but you decide it’s time to expand? What happens when you want to get more product or open in a new locations, or any number of other things where you want and need to do for your company?
Most would say to go to a bank. But did you know in 2011 of all that applied for business loans, 60% of them were turned down. That great for the banks, but what about you and your business, what do you do know? Well the good news is that there are other financial institutions out there that would love for you to borrow your money from them. I’ve done the research and one such company is One Source Financing.
One Source Financing
Banks may not be your best solution to getting the loan you want for your business, especially if you’re one of the 60% I mentioned earlier. If you go that route, the probability is pretty substantial that you’re going to be wasting time, energy and yes money. With companies like One Source Financing, you have many advantages that don’t exist with the traditional means. Consider the following things that One Source doesn’t require:
First of all is the challenge that banks have of collateral. I’m not saying it’s not understandable, but sometimes your dreams are larger than the collateral that you have. Therefore when it’s not required, your dreams can keep on going.
The same is true for having bad credit. When times are tough, the banks are going to go anywhere near you. That means that you either give up your dreams or use an alternative method. Here’s a clue, don’t give up your dreams.
Next is that dreaded application process that banks require. What it you don’t have to have the cumbersome application process? What if it’s fast and easy, and as simple as one – two – three? Again, with banks it’s not possible, but go outside that particular financial institution and it is.
If you’re just starting your business, you and have gone to the bank, one of the first things they’ll ask you to submit with your application is a business plan. I like the concept of business plans, they are your formal road map as to what you’re doing, but what if you don’t have one, what then. Again alternatives in banking can mean that you don’t have to have one.
These next to I’ve place together, the guarantee of payback and payments. Let’s face it, life let alone business doesn’t come with a guarantee as to when and how you’re going to be able to pay the loans back. So, if you don’t have to make a guarantee as to when you’re going to pay the money back (or lose that collateral), or you can have flexible payment options, isn’t that a better option that what the banks lock you into? Yes, is the only possible answer.