After the first round of Paycheck Protection program (PPP) loan applications were dispersed, businesses across the country were eagerly awaiting approvals so they could access relief financing. But even after those funds ran out, some approved businesses were still left waiting. The reality set in that traditional lenders have long loan processing times. Additionally, traditional banks gained over $10 billion in processing fees for PPP loans, at a time when business owners need to hold onto working capital. In the current landscape, entrepreneurs need a business financing lender who will work for them, remove the red tape standing between them and the capital they need, and provide solutions that go beyond traditional loans.
The Right Business Financing Lender Will Listen
Many large and traditional business financing lenders have been using the same process to approve applicants for years: businesses seek financing, lenders look at financials along with other metrics, such as sales figures, the type of industry, existing debt, and more, and then decide whether or not applicants are approved or denied. For requests that fall outside of the purview of traditional loans, large lenders and banks do not have many options available. Business owners should look for financing from lenders who understand the private sector and the needs of entrepreneurs, preferably lenders who have owned businesses at one point or another. Smaller lenders and commercial lenders are more willing to listen to their clients to understand their needs and goals, and help them explore their options.
Business Financing Options
Not all business financing solutions are loans in the traditional sense. Smaller business lenders can offer solutions for leasing equipment which traditional lenders cannot provide. Business financing options also offer asset-based solutions such as accounts receivable financing to help businesses boost cash flow without taking on unnecessary debt. Unsecured business lines of credit and merchant cash advances provide working capital without requiring businesses to put up collateral. Smaller lenders can even provide financing for commercial real estate tailored to specific property markets. Small and private lenders can offer business financing that goes beyond traditional loans to meet the many needs of business owners across all industries.
Fast and Efficient Processing
Unlike large traditional lenders, small and private commercial financing firms do not have to deal with red tape and interdepartmental communications. This means commercial financing firms can process requests for loans and other solutions much faster, so businesses can access the equipment and capital they need without any unnecessary delays. Private commercial financing firms can even approve and process SBA loans in-house with a much faster turnaround time than traditional lenders. Businesses need a streamlined financing process, and commercial lending firms can provide solutions quickly and efficiently.
Contact Us Today
Web Finance Direct offers a wide range of business financing solutions. Whether you need working capital, SBA loans, equipment, commercial real estate financing or more, we will work with you to understand your needs so we can help you reach your goals. Contact Web Finance Direct today to start exploring your options.