Small Business Funding- Many of us are very aware of myths like the tokoloshe, Pinky Pinky, and days without loadshedding. However, there are plenty of other myths that quietly affect the world of small and medium-sized business owners. In fact, there are quite a few specific myths that put business owners off small business funding. Thankfully, we are here to tell you that these myths are exactly that: myths.
So stay tuned if you want to see some of the biggest myths surrounding SME financing get busted!
SME financing myths to be aware of
Myth #1: Online small business cash advances are a risky idea
The process of taking out a loan has become much quicker in recent years, as some SME financing companies can get your business the funds you need in less than 24 hours (like GroWise Capital – hint hint, nudge nudge). While this is a really good thing, it unfortunately causes people not to view these companies as legitimate!
Thankfully, we are here to assure you that the lack of hoops to jump through doesn’t mean you’re borrowing from a loan shark. It just means that we have streamlined the process in order to better serve your business’s needs – and we know that time is of the essence.
Myth #2: Only struggling businesses need business funding
Despite what some people may think, your business doesn’t need to be struggling for you to need business funding. In fact, many businesses actually seek business funding when things are going well and they are looking to expand.
Growing businesses can use their newly acquired funds for things like growth strategies, marketing campaigns, new product lines, and even new premises.
Myth #3: SME financing companies offer cash advances with exorbitant interest rates and fees
If you think that small business funding providers only offer cash advances with excessively high interest rates and fees – think again. The best small business funding firms offer very attractive interest rates and fees to accommodate their customers. And they often come with the added bonus of flexible repayment terms.
As you might have guessed, we’re one of the best. At GroWise Capital, our rates are fair, and we work with you to find the ideal repayment plan based on your business.
Myth #4: Small businesses cannot get a cash advance
While some small businesses may be unable to secure loans from traditional lenders like banks, it does not mean they can’t secure any type of loan. There is a whole host of companies like us at GroWise Capital that are specifically dedicated to providing small to medium-sized businesses with the funds they need.
Myth #5: You always need collateral when taking a loan out from an SME financing firm
It seems as though many small business owners are under the impression that you always need to put your business on the line if you want to take out a loan. Thankfully, this is not the case. While certain types of business loans do require collateral like stock, many don’t. These are called unsecured loans, and your business should be eligible for one if you have a decent credit record.
Now that these SME financing myths have been busted, where can I get small business funding?
If you want no-nonsense secured or unsecured funding for your small business, there is no better place to go than GroWise Capital. We can get your business the funds you need in just 24 hours, with flexible repayment terms and comprehensive support from our finance experts.
So get in touch with us today or apply online to turn your dream of business expansion into a reality.
