Finance & Lending

 

10 28 2014

10 28 2014

Options Abound For Business Owners Seeking Financing

While there are challenges for owners seeking small business loans in today’s market, there are also plenty of solutions to explore. That was the takeaway from National Funding Founder and CEO David Gilbert’s recent chat with Forbes contributor Brent Gleeson.

“National Funding is more of a custom shop for small business loans,” Gilbert said, outlining the differences between the alternative loans offered by National Funding and the more traditional loans provided by financial institutions like banks and credit unions. “Our one-on-one approach is significantly different from that of a large bank. Our credit window is wider than what a bank would consider, so we see a lot of people that have been turned down there.”

Gilbert went on to highlight the speed and simple paperwork that separates National Funding from other types of lenders.

“Additionally, our process is much faster, so where a bank may take 30 days or even longer to put something together, we can do it in as little as a day,” he said. “That’s not the rule, but on the other hand it’s not uncommon either. There’s also less paperwork required, which also makes it easier to do business with us.”

It’s important for potential borrowers to be aware of their options, as Gilbert pointed out that loan demand is much higher at the moment than it has been in the past.

“The economy is picking up, and that means that these businesses are seeing more opportunities to take advantage of that,” he told Forbes. “In turn, they’re seeking capital to expand their ventures. This could be in the form of added inventory, or expansion of their location, or maybe more advertising, and sometimes added business equipment.”

Nontraditional loans the new norm

Besides a significant uptick in loan demand, Gilbert also spotlighted how the need for nontraditional loans has grown. While small business working capital loans remain important, owners are also turning to equipment financing, merchant cash advances and credit card processing to serve their specific needs. In fact, Gilbert had spoken to Forbes previously about how certain financing options like equipment leasing are filling a sizeable niche in the marketplace.

Utilizing options at the right time

It’s vital for business owners to put these options to work at the right time, and with the holiday shopping season fast approaching, that time may be now.

In a separate interview with Inc. Magazine, Gilbert spoke about how forethought can help businesses capitalize on seasonal factors without hitting bumps in the road.

“It’s all about planning,” he told the magazine. “Knowing your needs up front can avoid a lot of headaches.”

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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.