Over eight months have passed since the big game in February, but the wait is finally over for pigskin fans. This year’s professional football season is kicking off tonight. This year, more than 40 million Americans will be participating in fantasy football, which will generate an astounding $1.3 billion in revenue. Being that football season is upon us and everyone will be rooting for their favorite teams and players, we thought it would be interesting to pose this question: What would a financing company’s winning lineup be? This Balboa Capital equipment leasing blog post highlights some of the things to look for in a business lender, based on strategies that are used when playing fantasy football.
Select a veteran over a rookie.
When you need to lease equipment or get a business loan for your company, you want a lender with extensive experience, immense lending power and a solid reputation among business owners nationwide. Working with a company that has experience in your particular industry is very beneficial. Their specified knowledge allows them to provide you with the expertise and personal attention you want. Next, it is a good idea to choose a financing resource that has big lending power. Doing so instills confidence and can help prevent any roadblocks during the funding process. Lastly, check to make sure the company you are considering has a positive reputation in the marketplace.
Choose a lender with a deep roster.
In years past, most small business owners obtained financing or loans through their local banks. Today, however, there are many alternative lending resources to choose from, which is great news for businesses that don’t meet their banks’ requirements. The size, scope and capabilities of independent lenders varies, so do your research to make sure you end up with the company that best fits your lending needs. A small financing company might not have the systems or infrastructure in place to facilitate the fast financing your business needs, whereas a large, established financing company will. Balboa Capital, for example, is a nationwide direct lender that has a full roster of financing professionals in-office, including account managers, credit specialists, equipment vendor financing experts and customer service representatives.
Pick a franchise player.
If you own one or more franchise establishments, there will come a time when you need to purchase new or updated equipment, or remodel your location(s) based on your parent company’s branding initiatives. If you lack sufficient capital, it will be a challenge to pay for these business expenses. The good news? You can acquire capital in a simple and quick manner, providing you select a true “franchise player” like Balboa Capital. We specialize in franchise financing and work with some of the largest hotel and hospitality, quick-service restaurant (QSR), retail, and automotive brands in the US.