Finance & Lending

 

05 18 2015

Smaller Business Need Financing

05 18 2015

Smaller Businesses In Need Of More Financing

Getting a small business loan may not be as easy as it sounds in today’s economic environment. Though a year’s worth of promising jobs reports and steady growth have reduced the unemployment rate to under 6 percent, not all businesses have benefited equally from the recovery.

In fact, small businesses typically have a harder time obtaining financing compared to larger companies simply due to increased lending restrictions. Because big businesses already have a certain amount of capital and assets, banks are more willing to work with them. However, when it comes to smaller companies, business owners must deal with strict lending criteria that can be difficult to meet due to the size of their businesses.

Despite the scarcity of available loans, a survey from Endurance International Group found 66 percent of small business owners have a more positive outlook on the economy this year. Two of the biggest concerns among small businesses were taxes and lending, which have a great impact on the daily operations of businesses.

Because small businesses make up a large portion of the national economy, their success translates to more widespread economic expansion as well.

Focusing on certain goals

For companies in need of financing, it could be beneficial to look for alternative lenders, according to Business News Daily. The key is to identify what type of loan you need.

A general business loan differs from equipment financing, and if you’re in need of one piece of machinery but lack the funds to purchase, then there are still options available. Identify where your business can benefit the most from an increase in cash flow.

On many job sites, the only thing standing in the way of completing a project is being able to access funding for the duration of the job. Running out of money during construction can set your business back severely, which is why it’s crucial to have a financial goal in mind prior to setting out on a new venture.

The need for financing is high for small businesses because banks stand to gain more from larger loans with higher interest rates. However, by approaching other lending institutions, you can secure a deal that works in your favor and provides the right amount of resources you need at that moment. A long term loan might not be best for your business. Instead look at a merchant cash advance that provides flexible terms.

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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 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.

 

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.