When your small business is in need of short-term or long-term capital, it is a tremendous help for you to get these funds from an alternative finance company that can lead you through filling out your application properly, getting it processed, and following through to approval and funding. Some companies will even work with businesses that have less than perfect credit. Most owners are not knowledgeable enough to prepare the application themselves, and having help takes a big load off their shoulders.
Short-Term Loans
The purpose of these strategic loans is to be an influx of capital for a business’ rapid growth. Programs can range up to 24 months with the procedure being automatic payments made daily from Monday to Friday directly from their business bank account. For instance, if the monthly bill is $1,000, that is divided by the 21 business days in the month, for a daily payment of $47.61. Short term loans free up cash flow while allowing compounding of any earnings from the original influx of capital. They also get the debt paid quickly.
Long-Term Loans
These loans of one to ten years are essential for establishing a business and continually increasing the revenue over time to obtain a long term vision and goals of a more established business with great credit. These loans are usually earmarked for major investments in real estate, heavy equipment, and necessary inventory.
Merchant Cash Advance and Credit Line
When cash is needed quickly or a line of credit is desired to be established, it is possible to be approved and funded within 24 hours as long as you and your business quality. Payment is made easy by automatically deducting a small percentage of sales to pay for the advance. With a line of credit, you pay based on only what you use. You pay it back within a set period and can continue to renew it without any prepayment penalties.
For More Information
New Leaf Funding LLC, a New York City example of an alternative finance company, would be happy to discuss loans for small businesses with you. Contact them at (855) 403-4876 or [email protected].
