If you are still looking for a loan for your business, and your application has been rejected by the bank, then instead of losing hope, open up your options. There are others types of financing institutions to which you can apply. These private funding institutions can provide you with capital within 24-48 hours. These Private funding options are as follows:
Small Business Administration (SBA)
Small Business Administration, SBA, is a government organization offering varied funding options to small business owners. It is funded by the US Treasury. Many small business owners believe that the government is the one that directly lends to small business owners. This is no longer to be true. In the past, the SBA directly issued business loans to small businesses. The SBA then pushed this responsibility to America’s qualified banking institutions. Whether you are starting a business or expanding it, SBA offers wide variety of programs for small business owners.
Business Equity Loans
A business equity loan is a business loan that can be approved for using your commercial building or any assets you may have. Depending the assets and your commercial property, you can take equity out and use funds to grow your business, purchase equipment, or for sales and marketing.
Merchant Cash Advance
Merchant cash advance is an excellent option for businesses that have over $5,000 a month in credit card receivables. These private funders analyze your future credit card receivables along with your business credit and your personal credit, and decide how much money you can be approved for.
Asset Based Lending
If your business has assets such as inventory, real estate, accounts receivable, equipment, stocks or bonds, etc, you can use these assets as collateral for a small business loan. In the current economic situation banks and lending institutions are willing to take on any kind of risk whatsoever. Collateral is a form of defense for the banks so that if you default on the business loan, the bank can take that asset and sell it as a form of repayment.
Business Credit Card Loan
A business credit card is one asset that every business owner should take advantage of. Owning and operating your business requires all different sorts of costs. For the smaller costs, a business credit card can be most helpful.
There may be many other types of sources of funding, but our advice is before you acquire your business cash advance from any funding institution make sure that your options are open and that you have researched.