Beyond banks: Why alternative funding can supercharge your business

Wondering why alternative funding can supercharge your business? Imagine there was only one flavour of ice cream or one type of cheese. Life would probably be pretty boring. Plus, the companies that make ice cream and cheese would not feel the need to innovate or make any changes to their products, as they would have no competition.

Now apply that to business funding. Imagine if the only place you could get funding for your business was a bank. Luckily for you, that isn’t the case. There are, in fact, many alternative business funding options available to you, and most of them offer great benefits over traditional bank loans.

The benefits of alternative funding & capital for your business

Speed – Alternative funding is usually much faster

Oftentimes, when you need funds for your business, you need them now. Unfortunately, banks usually have approval processes that will see your hair turn grey before the funds hit your business’s bank account. It takes an estimated 2 months for traditional lenders to approve your application – and you’ll still have to wait for the cash to hit your account after that.

However, many alternative financing options, like merchant cash advances, can get your business the funds you need as soon as you need them.

Flexibility – If you’re looking for a loan with a little leeway, alternative funding & capital is your best bet

Banks usually feature strict, structured repayment terms, which isn’t always great for businesses as your circumstances could change at almost any moment without warning. 

The best alternative financing options are significantly more flexible, allowing you to make changes to both the terms of your loan and your repayment schedule. So, you don’t need to stress too much if your business’s circumstances change overnight. Trust us, if your business takes an unexpected dip, the last thing you need to be worrying about on top of everything else is strict loan repayments.

Alternative funding & capital lenders have more relaxed eligibility criteria

Most traditional banks are very wary of businesses that don’t have top-notch credit scores. If they do partner with small businesses, the terms of the loan are likely to be pretty unfavourable.

Thankfully, alternative funding options generally have much more relaxed eligibility criteria. This means that, even if your business doesn’t have the best credit score on the block, you should still be able to secure funding.

This is particularly important for young businesses. Even if you’re turning over millions in your first year, banks may still see you as a risk. Alternative funding partners, by comparison, will critically evaluate your current situation, no matter how many years you’ve been in business, and are much more likely to extend a line of credit.

Alternative funding usually doesn’t require collateral

There are many alternative financing options that do not require any collateral from you or your business. Straight cash advances, in particular, are unsecured loans, so you don’t need to offer up any business assets or personal guarantees as collateral, which reduces the risk of you possibly losing those assets.

With alternative funding partners, you can retain ownership of your business

Most business owners almost think of their businesses as their children, and it’s easy to understand why. There’s something special about watching your fledgling company grow up over time, and that leads to desperately wanting it to succeed. This is also why many business owners are reluctant to give up equity in their businesses.

Thankfully, if you opt for a straight cash advance, merchant cash advance, merchant stock advance, or one of many other alternative funding options, you won’t need to give up any equity in your business to get the funds you need.

Where should I source alternative funding & venture capital for my business?

You should definitely consider the alternative financing options we have here at GroWise Capital. We offer straight cash advances, merchant cash advances, and merchant stock advances that are sure to provide your business with the funds it needs – and quickly, too!We can get your business the funds it needs in less than 24 hours and sometimes as little as 45 minutes. With flexible repayment terms and a team of dedicated finance gurus at hand, there really isn’t any reason to hesitate; get in touch with us today or apply online now.

Beyond banks: Why alternative funding can supercharge your business 1
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