Finance & Lending

 

11 21 2014

Small Business Borrowing Needs May Increase This Holiday Season

11 21 2014

National Funding Survey Sheds Light on Small Business Borrowing This Holiday Season

More than a quarter of small business owners expect better sales this holiday season when compared to last year, a development that could lead to a need for more working capital, according to a recent survey from National Funding. In fact, 88 percent of small business owners held a neutral to positive outlook heading into the holidays, showcasing increased confidence in the overall economic recovery across the country.

As National Funding founder and CEO David Gilbert pointed out in a media release, the increased business activity that comes with the holiday season often translates to business owners seeking out additional financing for things such as inventory expansion and extra staff members.

While 4.3 percent of small business owners said they expect to borrow money over the holidays, Gilbert spotlighted how this number could rise significantly as the holiday shopping season draws closer.

“The truth is that 4.3 percent is probably under-reported because the majority of loans that arise during the holiday season are last minute,” Gilbert said. “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. These days, they have more alternative lending options.”

Whereas many business owners link loans with long-term obligations, sometimes a more short-term solution is called for.

“Most times, small to medium size businesses don’t need long-term financing, especially during the holiday season,” Gilbert continued. “Alternative lending options, like working capital loans, merchant cash advances or small ticket equipment leasing, offer the flexibility and quick turnaround needed for owners to keep their businesses running smoothly.”

Enjoying a personal touch

While the Internet provides business owners plenty of alternative lending options, many individuals still prefer to work one on one with a flesh-and-blood person who understands their specific needs.

The National Funding survey discovered 53 percent of respondents stated it was important to speak with someone personally about obtaining funding. This is why National Funding strives to keep the personal touch only another human being can offer as part of its practices.

“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 continued.

With so many business funding options to choose from, it’s more important than ever for owners to work with lenders who can tailor their products to meet specific requirements, both during the holiday sales rush and beyond.

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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.

 

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To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person and business that seeks a business loan. What this means for you: When you apply for a loan, we will ask for your business name, address, and Tax Identification Number. We will also ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.

 

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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, text-messages, 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.

 

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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, text-messages, 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.

 

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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.