The hot topic of the last few months has been inflation. Inflation has been tough for everyone, including small business owners. As the rollercoaster of the pandemic has eased – shutdowns and supply chain disruptions – the newest concern has become the shocking inflation.
As prices continue to fluctuate, maintaining a consistent cash flow has become increasingly difficult for business owners. The need for a way to ease the impact of ebbs and flows in costs has become top of the priority list. Many small business owners are now seeking long-term solutions to handle this inflationary period head-on.
Why You Need to Consider a Variety of Sources
Is your business one of the many reeling from the past two years, only to find itself now battling inflation? If so, your next step may be to secure financing to boost cash flow. Experts are advising small businesses to make sure they “seek loans from a variety of sources.”
Why? Today, there are more options available than ever before. From traditional lenders to alternative online providers, there are countless sources ready to help you manage your finances. Each of those sources then has its own services and products. The problem comes in when you partner with the wrong source.
For example, if your business is considered “risky” or you are a startup, finding funding will be a little more complicated. New companies have a limited financial history. Businesses considered “risky” might be categorized this way due to bad credit or high chargeback rates. If you are able to secure financing, the lender may not fully understand the challenges you face and best know how to help you grow and seize opportunities.
Why Companies Choose Alternative Lenders
More and more companies today are choosing alternative lenders for their business loan needs. They tend to specialize in working with certain business types and industries. The services and products they offer are specifically designed to help merchants control and manage challenges like chargebacks and maintain cash flow to chase opportunities and fuel further growth.
First American Merchant has years of experience in helping companies find the right business loan for their business type, industry, and unique situation. FAM offers a wide variety of options, from merchant cash advances to high-risk business funding. The whole process can be completed online and funds delivered to your business bank account in as little as 24 hours.