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How To Access Business Funding Online

Access the Business Funding you need

There has been a surge of small business loan options like never before. Online applications and the technology that support them have facilitated and streamlined the process, making it easier to investigate your options and applying for a loan.

The best online lenders in the industry approach small business lending entirely different from a traditional bank or credit union. By utilizing today’s innovative technology and evaluating features that make a healthy business, lenders are equipped to make credit decisions instantly and provide much-needed capital for businesses. This is done in a matter of days instead of weeks to months time frame.

According to a 2016 survey conducted by the Electronic Transactions Association, the top 3 reasons that businesses chose online lenders was: the speed of funding (63%), the easy application process (57%), and the affordability of the total loan (51%).

How Do I Get A Small Business Loan?

The process of acquiring a small business loan at an affordable rate isn’t complicated. The first step is determining which financing option is the right one for your business. After that, take these action steps to secure a small business loan:

  • Do I need a business loan?  Ask yourself why you need outside funding. Is it to launch your new business? Is it to wrangle your everyday expenses? Or are you in need of capital to expand your enterprise? Asking yourself these questions will lead you to the right financing option to meet that particular need. 
  • Start seeking small business financing. Before you begin submitting small business loan applications, you need to be prepared. Ensure that you have your company’s financial records in order and accessible before you apply for a loan.
  • Get Familiar With Your Credit Score. You don’t want to categorize yourself as a potential risk to financing providers. In order to get an affordable business loan with great rates, maintain lines of credit, pay on time, and pay off all debt.
  • Choose The Right Lender. New entrepreneurs falsely assume that they need to secure their loan from a big national bank. However, approval rates are much higher if they seek smaller, regional banks. Other lender options include: credit unions, non-profit financiers, and alternative lenders.
  • Choose The Right Form of Business Financing. Many new businesses opt for long-term bank loans, but this could be very difficult for startup businesses. Only if you have long-term capital expenses, then these long-term loans are suitable.  If this is not the case, here are other alternatives: SBA loans, business lines of credit, invoice financing, and equipment financing, 
  • Fill Out The Loan Application. Once you have determined the type of loan or financing option that is right for your business, gather this information for the lender such as: income and annual revenue information (could be a bank statement), social security number, business name and legal name, business tax identification number, and personal contact information. Depending on the lender and the type of loan you have tried to secure, the loan can be approved within a few hours. The capital can be deposited into your bank account in less than 24 hours.

Business Funding Online Made Simple

Small businesses are employing more technological innovation tools to help run their businesses more smoothly. Online lending has benefitted from these advances as it has become one of the most convenient and quick ways to help small businesses expand their reach. Making capital more accessible in a fraction of the time offered by traditional banks is one of its many benefits.