Finance & Lending

 

11 25 2014

Many Small Business Owners Are Unfamiliar With Their Finances

11 25 2014

Don’t Let Lack of Financial Expertise Hamper Your Business

Working capital loans can be a vital way to enhance small businesses, but it appears some owners are letting their own financial bewilderment get in the way of success.

Financial software firm Intuit recently released survey data showing more than 40 percent of small business owners consider themselves financially illiterate.

“Small business owners and entrepreneurs are the engine of growth and the backbone of the economy,” Terry Hicks, vice president and general manager at Intuit, said in a media release. “But most of them don’t choose to become their own boss because they love balancing the books. They go to work every day because they have an idea, seize the potential, and use an uncompromising drive to get the job done.”

While 81 percent of owners handle their business’ finances themselves, 66 percent said they wish they knew more about their finances. Meanwhile, 69 percent said they have never taken out a loan for their small business – possibly due to not feeling confident in their financial knowledge.

This comes at a time when many small business owners are turning to borrowing in the face of the holiday shopping rush. Data from National Funding shows 4.3 percent of owners said they expect to borrow money over the holidays, a number that is only likely to increase.

“Whether or not a small business believes they will need to borrow money, owners should always be planning ahead and anticipate the need for financing,” said National Funding founder and CEO David Gilbert in a media release. “These days, they have more alternative lending options.”

Working with the right lender

No matter a business owner’s financial knowledge, it’s always important to work with lenders who will provide tailored financing options in a straightforward manner.

Even owners who have put off obtaining a business loan due to a lack of financial expertise may be surprised to learn how simple and straightforward options can be from alternative lenders.

For instance, National Funding loans come with minimal paperwork and no-obligation applications. Approvals are handled quickly and money can be received in as few as 24 hours.

Even better, borrowers can count on working with a professional who will be happy to walk them through every step of the process.

“At National Funding, we have a dedicated sales team that personalizes the customer experience, so they are comfortable, fully informed and equipped to make the best decisions for their business,” Gilbert said.

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Terms & Conditions

General Acceptance

Any applications submitted electronically shall have the same force and effect as if the application bore an inked original signature(s). The above information, together with any accompanying financial statements, schedules, or other materials, is submitted for the purpose of obtaining credit and is warranted to be true, correct, and complete.

 

US Patriot Act:

To help the United States Government fight terrorism and money laundering, Federal law requires us to obtain, verify, and record information that identifies each person that opens an account. What this means for you: when you open an account, we will ask for your name, a street address, date of birth, and an identification number, such as a Social Security number, that Federal law requires us to obtain. We may also ask to see your driver's license or other identifying documents that will allow us to identify you.

 

For Loan/Merchant Services:

The Merchant and Owner(s)/Officer(s) identified in the application (individually, an “Applicant”) each represents, acknowledges and agrees that (1) all information and documents provided to National Funding, Inc. (“NF”) including credit card processor statements are true, accurate and complete, (2) Applicant will immediately notify NF of any change in such information or financial condition, (3) Applicant authorizes NF to disclose all information and documents that NF may obtain including credit reports to other persons or entities (collectively, “Assignees”) that may be involved with or acquire commercial loans having daily repayment features and/or Merchant Cash Advance transactions, including without limitation the application therefor (collectively, “Transactions”) and each Assignee is authorized to use such information and documents, and share such information and documents with other Assignees, in connection with potential Transactions, (4) each Assignee will rely upon the accuracy and completeness of such information and documents, (5) NF, Assignees, and each of their representatives, successors, assigns and designees (collectively, “Recipients”) are authorized to request and receive any investigative reports, credit reports, statements from creditors or financial institutions, verification of information, or any other information that a Recipient deems necessary, (6) Applicant waives and releases any claims against Recipients and any information-providers arising from any act or omission relating to the requesting, receiving or release of information, and (7) each Owner/Officer represents that he or she is authorized to sign this form on behalf of Merchant.(8) I consent to receive direct mail, faxes, and e-mails sent by National Funding and its affiliates for the purposes of transmitting account updates, requests for information and notices, and (9) this request is for business and not for consumer purposes.

 

For Equipment Services:

I hereby certify: (1) the information provided is true and correct, (2) you are hereby authorized to investigate all bank, credit, and trade references, and said references are hereby authorized to release any requested information to you or your nominee, (3) such authorization shall extend to obtaining personal credit profile in considering this application and subsequently for the purposes of update, renewal or extension of such credit or additional credit and for reviewing or collecting the resulting account, (4) this information may be transmitted by us to you and by you to underwriter(s) for the purpose of granting me credit, either electronically or manually, and that by submitting this application, I take full responsibility for transmission thereof, (5) I am over 18 years of age, (6) I acknowledge my rights under the Fair Credit Reporting Act, (7) I consent to receive direct mail, faxes, and e-mails sent by National Funding and its affiliates for the purposes of transmitting account updates, requests for information and notices, and (8) this request is for business and not for consumer purposes.

The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status or age (provided the applicant has the capacity to enter into the binding contract); because all or part of the applicant’s income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. If for any reason your application for business credit is denied, you have the right to a written statement of the specific reasons for the denial. To obtain the statement, please write to National Funding Inc., 9820 Towne Centre Drive, San Diego, California 92121.  Funding amount and credit approval is subject to a full credit profile review.