Alternative Business Financing Options For Small Businesses | Behalf

By January 14, 2017Business Financing
alternative business financing options for small businesses

4 Things Small Businesses Should Look For In Alternative Business Financing Options

The odds are stacked against small business owners looking for safe and affordable business financing. Banks have grown increasingly reluctant to finance small business ventures. The SBA reports, “traditional banks decline up to 80% of small business loan applications.” Small businesses are tired of being overlooked by banks and the alternative business financing industry has heard their cries.

Alternative lenders have internalized the small business owner’s complaints of slow and fruitless bank approval processes. They use technology to deliver quick decisions and empower the growing population of small businesses that have been underserved by banks. If you are a small business owner in the same predicament, it is time that you take the financial road less traveled: alternative business financing. You have business financing options from merchant cash advances, crowdfunding, lines of credit and factoring. They are a few of the many available alternative business financing options. Don’t stunt your business growth by mistaking banks as your only hope for sound business financing.

Give your business the credit it deserves. Bank loans are too rigid to keep up with the constantly changing needs of a startup or a small business. Alternative business financing has the flexibility to keep up with your business demands and grow with them and it’s also flexible because it does not have to adhere to strict bank regulations. For that same reason, you may be hesitant to try alternative business financing. You may think less regulations leaves your business vulnerable to predatory lenders. Predatory lenders are a real threat, but they are only a small percentage of the alternative business financing industry.

Consider legitimate alternative lenders that use their flexibility to provide a better business financing experience. Alternative lenders offer business financing that is tailored to your business needs. Behalf is an alternative lender that allows you to customize your payment schedule and give your business the extra time it needs to fulfill purchases. It is also affordable. In a recent survey, over half of Behalf’s customers claimed Behalf’s financing rate is lower than their credit card’s. Below is a list of what you should check for, when shopping for alternative business financing.

1) Transparency

When you shop for alternative business financing, look for clarity. You want to find an alternative lender that is upfront about their terms and fees. Beware of hidden fees. Don’t just accept the information that is given to you, probe for details so you know what your are signing up for. You don’t want any surprises to ruin your alternative business financing experience.

2) Competitive Pricing

The lack of alternative business financing regulations gives lenders more freedom to set their terms and fees how they see fit, opening the door for predatory lenders. Protect yourself and your business by choosing alternative lenders that guarantee the lowest prices and provide comparisons of how their rates and fees match up to competitors.

3) Flexibility

You should be able to choose your alternative business financing terms and in some cases negotiate them. Take advantage of your lender’s flexibility. You should not have to bend over backwards to get business financing. Choose a lender that works with your business cycle and gives you the ability to customize your experience.

4) Convenience

Look for alternative business financing on the internet. It is much faster to get approved and get the cash your business needs. Go with an alternative lender that allows you to pay securely online with an automated payment schedule. You also want a lender that is easily accessible in case you need account support.

Don’t get caught thinking you have to choose between a bank or a predatory lender to finance your business; they are extremes of a very large spectrum. Alternative business financing gives you plenty of viable options. Behalf offers an exceptional alternative business financing experience to healthy small businesses. With no hidden fees, their transparent payment structure will give you peace of mind. Behalf offers an up to $50,000 line of credit with an affordable financing rate that is hard to beat. Our flexible terms allow you to customize your payment schedule to fulfill business purchases, fund production or inventory. Get a decision online to increase your purchasing power and better manage your cash flow.

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