Things are looking up for the US economy in early 2013. The fiscal cliff was avoided, unemployment numbers are improving, the stock market is making gains, and business confidence is rising, albeit slowly. Even with this good news, owners of small businesses are still finding it difficult to secure financing. This is a result of the stringent lending standards set by banks and credit unions. Most banks require extensive collateral and only consider lending to small businesses that have posted profits in the last two or three years. If you’ve visited your local bank to apply for a small business loan only to have it rejected, there is another option for you to consider. It’s called a working capital loan, and it presents you with an easy way to get a fast infusion of cash. This Balboa Capital blog post gives you an overview of this popular alternative to a traditional business loan.
The Loan with Your Business in Mind
Small businesses are the backbone of the US economy. They represent 98% of all employer firms and employ more than half of all private sector employees. Small businesses are located in every small town and large metropolitan city in the country. Being a successful small business owner requires proper planning, a thorough understanding of the market, and having a product or service that appeals to your intended audience. It also requires financing to get off the ground, and to help keep your company running smoothly long into the future.
A working capital loan is a very popular financing solution among small business owners for several reasons. For starters, the application process involves minimal paperwork when compared to that of a bank loan. Next, a working capital loan is unsecured, which means it isn’t attached to any collateral. This means you have a much better chance of getting your loan approved.
Perhaps the best advantage of a working capital loan is flexibility. You can use your loan for just about any business needs or activities you have. You can use your loan to pay business taxes, pay overdue business bills, purchase new equipment, increase inventory, launch a new marketing campaign, and leverage your cash flow, to name a few.
If you need cash for your business and don’t want to deal with the time, paperwork and hassle of a bank loan, look to Balboa Capital today. We specialize in working capital loans and can provide you with cash in as little as five days. Balboa Capital is entering its 25th year in business in 2013, and we’ve earned a reputation for fast funding and outstanding customer service from thousands of small business owners.