Why Do You Need Business Funding?
With the ever-rising rate of unemployment, and the individual freedom of chasing dreams, more and more people are venturing into the business world. Be it a small bakery or a cosmetic shop or even a hair salon, small businesses are cropping all over the United States. This is a good thing because not only is unemployment being battled, the economy of the country is being uplifted as well as the encouragement of innovation.
However, businesses, especially those of a small scale, face challenges tied to lack of proper finances. Whether it is the initial capital, expanding or getting back on your feet after a period of extreme loss, a business always goes through a phase that requires some money being pumped in.
Where Can You Get Funding?
The options are usually limited for a small business owner. You can either use all your savings, or, in the event that your bank account is running low, request for a loan. You can approach your family, friends or the bank. While all three are viable sources, there are disadvantages attached to each. The top most is the lack of urgency, and therefore, the need for a quick business funding solution.
How It Works
Banks will carry out extensive background checks and go through your credit scores, while friends and family may not have the amount that you are looking for. If they do, they may have impossible loan terms such as a very short time period before the expected rate, or insane interest rates. The long wait that the bank may make you undergo on the other hand may lead to the closure and permanent loss of your business.
The Miracle of Same Day Funding
Realizing the gap that is left by banks and other loan givers in regard to loan urgency, some companies decided to close that gap and thus the idea of same day funding was born. This means that not only do you get your loan on the same day you apply for it, you also do not have to worry about your credit scores.
What You Need To Be Legible for a Loan
The application process for a small business capital funding is free and takes a few hours. You are almost guaranteed to get the loan by the end of this time. Not only is there minimal paperwork, these companies do not focus on your credit scores as much as they check the viability of your business. Your business must prove to be profitable and in good operational shape before you ask for funding assistance.
The application process is an easy one where you can either go to their offices to physically apply, or you can fill out a form available on their website and join the thousands of Americans looking to get approved as well.
The basic requirements expected by these companies are that your business must have been in operation for more than 3 months and within this time, an average of 10,000$ deposits have been made by the said business. You should also have your bank statements and documentation to prove that you are the rightful owner of the business. After you have been assessed and accepted then your business gets same day business funding it requires to move to the next level. It is that simple.