Monday, 4 November 2019
Expand Your Small Business Easily with Alternative Lending
Did you know that 52% of the total employees in the United States of America work for SMEs and about 98% of firms are small businesses with not more than 20 employees? Well, that quite clearly states that small businesses are the real backbone of the American economy.
But in spite of all the economic opportunities available, running a small scale business successfully can be rewarding and challenging both at the same time. While rewards are easy to guess, the challenges primarily consist of lack of funds, bad credit score, unavailability of collateral, rejection of applications from banks, etc.
According to reports, easy access to funds can make a great difference to small and medium-sized businesses noticeably. This is where non-bank alternative financing companies like Cresthill Capital come into the picture and bridge the liquidity gaps for small business owners easily and quickly. So, if you are still unaware of the advantages of choosing alternative finance over other traditional modes of funding, just go through this list and start working on your business expansion plans today:-
● Shorter Processing Time:
When you approach a bank for funds, it is a no-brainer that they take ages to process your request, especially when you are a small business owner. However, alternative financing companies, since they are smaller in size, have agile processes when it comes to funding.
As they don’t need to follow any regulations, they can respond to the applications in a very short time without any interference from others. Also, as the applications can be applied online, you save even more time. When small business owners need money quickly for their business, this super-fast application-to-approval time works like a superpower.
● Hassle-Free Approvals:
According to the latest Cresthill Capital Reviews, the procedure of application approvals in alternative financing companies is way more balanced and fair in comparison to the conventional modes. Also, this option is less stringent as all the applicants are assessed on the basis of their potential to repay the funds and not credit scores or collateral.
Instead of that, other means are used to judge their creditworthiness, for example, social data, transactional data, revenue stream, expense pattern, etc. This, therefore, gives businessmen with dented credit history a fair chance to avail funds and grow in the market.
● Wide Range of Options:
Along with easy funding, alternative funding companies like Cresthill Capital also provide a range of customized funding options to choose from. Thus small and medium-sized business owners can easily take benefits of options like cash advances, cash lump sum, expansion funding, equipment funding, etc. Also, for repayments, they can choose to payback through daily receipts, overall sales, future revenues, and other options that suit their business model best.
● Flexible Funding:
When you go through Cresthill Capital Reviews closely, you will realize that this alternative lending company offers flexible funds of different ranges in order to cover the smallest as well as the most massive requirements of your business. Since they are more customer-centric in nature, they tailor their services and terms as per the needs of individual clients. Be it the funding amount or the repayment terms, everything can be customized according to the needs of your business in non-bank funding.
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