Sometimes in the course of starting or running a small business, you don’t have time to wait for traditional lending to get the job done. If time is of the essence, you may need to get more creative about funding in an effort to avoid what can sometimes be a lengthy red tape experience. Thankfully, these days getting funding quickly is not that hard.
Look to Your Own Resources First
The quickest way to get funding is to look to your own resources. Do you have savings or retirement accounts you can borrow from? Are there assets you are willing to part with? Can family or friends help you out? There is no waiting on red tape when you are funding yourself, and while it may not be the option you want to choose, if time is an issue, it may be the best option. Just remember to pay yourself, or your friends and family, back when your business become profitable.
Business Credit Card
Often a business credit card application can be approved in minutes, and while it may take a few weeks to get the actually card in the mail, some offer an option for online spending immediately. This will get you started quickly, and you can work on further funding while you are getting the most pertinent jobs done.
Using a business credit card and paying it off in full every month also provides the additional benefit of building a positive credit history and increasing your credit score. Then, if you need a larger amount of money for a capital project or expansion to a new location, you’ll be able to secure longer term financing at more attractive lending rates than you would have if your score was poor.
The great thing about online lending is that generally you can do everything from the comfort of your home. Once you gather the necessary information and submit it, usually via scan or fax, you may receive approval in as little as 48 hours. Funds can sometimes be in your account in as little as the same amount of time, 48 hours, after approval. The whole process takes less than a week and is quite painless with the right online lender.
Biz2Credit offers an extensive network of lenders including those that offer online small business loans. We can help you find the lender than best fits your business financing needs. Since 2007, Biz2Credit has arranged more than $1 billion in small business financing. Visit Biz2Credit.com today to find out more.