Are you the owner of a small or medium sized business who is looking for a loan? If so you ought to know about the benefits of working capital business loans. It could be exactly what you need! There are dozens of reasons that small business owners choose working capital loans; below are just a few of them:
1. Quick Funding – As a business owner you know the importance of filling an urgent need whether it be with employees or revenue. Nearly half (45%) of small businesses plan to invest in new customer acquisition in order to grow their business. However, a business owner needs money to make that investment. That’s where working capital business loans come into play. Working capital loans for small businesses are easy to apply for, have a quick approval time, and allow you to get the funds you need fast. What’s not to love about that?
2. No Red Tape – Applying for and being approved for small business loans from banks is usually a long and arduous process. By the end of it all you can feel like you’ve answered hundreds of questions and signed even more dotted lines. Even after the application process the repayment schedule can be tricky and you can even be penalized if you try to pay your loan back early. Banks do this because they want payment of 100% of the interest they initially anticipated when they gave you the loan. With working capital business loans this isn’t the case at all. The application process is simple, the approval is quick, and the wait time is next to nothing compared to standard bank loans.
3. Flexible Qualifications – Many small business owners find themselves denied for standard bank business loans because of a past financial faux pas like bankruptcy or another failed business under their name. The good news is that you can be approved for a working capital business loan even if you have a new business or have filed bankruptcy before. An average working capital loan amount ranges from 25k-35k.
Did you know that the nearly 30 million small businesses in our country account for more than half of all U.S. sales? It’s clear that small businesses are vital. It’s hard not to see the benefits of a working capital business loan. You can use the money to invest in better marketing, equipment, or even personnel. With the quick funding, lack of red tape, and flexible qualifications for borrowers you won’t have a problem getting what you need.
