Having insufficient to zero capital is a hindrance that most aspiring entrepreneurs encounter. Are you currently experiencing the same dilemma? Do you have the best creative idea but you do not have the capital to make it work?
Kevin Systrom, the co-founder of Instagram says, “If you’ve got an idea, start today”. Do not be daunted by taking risks; how can you achieve your dream and take a step towards it if you will never act upon on it? There are several alternatives to let your business idea grow and turn it into a reality. You can have the funds you need through small business loans.
What is a Small Business Loan?
Today, various banks and financial companies offer small business loans; it is offered to entrepreneurs and individuals who are planning to venture into business. Basically, a small business loan is provided by the lender to offer “start-up” capital to small businesses. Thus, it aims to help small business owners to have secured funding to support in business operations and expansion.
There are several financial companies that offer a small business loan. However, not all of these companies meet the criteria for an excellent and reliable lending company. Hence, when you go searching for a lending company to trust with your future business, look for these features as a guide on your search.
- Easy Application Process-Traditional small business lending companies takes at least 29 hours of application processing. The process is too long and tedious. It is important that a lending company offers an easy application process. Pick out a financial company that offers an online application process which only takes an average of 15 minutes. With this, you no longer have to wait for more than a day just to submit your application.
- Fast Loan Approval-Some lending companies accumulate two to three months before they send their approval to your loan application. Three months is way too long for such a process. Consider choosing a lending company that offers fast loan approval. You can get the result of your application for a minimum of 24 hours and a maximum of a few days contingent on the type of loan you are applying for.
- 65% Chance of Approval-Traditional lending companies rejects 80 percent of their loan applicants. To avoid ending in rejection, select a lending company that has a great chance of approval. One of the leading financial company offering SBA loans approves 65percent of their clients. Plus, they offer different loan types and you can access your capital in a matter of a day.
- Transparency-An excellent lending company exercises transparency. It is significant that you are aware of the status of your loan. Shady financing companies do not offer consultations and have no transparency. Being transparent is an essential aspect of a lending company. It guarantees that you are dealing with the right people.
Now is the right time to start your business. For more details on how to apply for a small business loan and where to get it, check out this source.