If your perception of the small business financing industry is that because it says ‘small business’ it is not worth your time, think again. The amount of newly formed small businesses is on the rise – thanks to globalization and technological advancements. These new formed, aspiring businesses have borrowed a huge amount of money last year, with the figure touching the $1 billion mark. Not that small after all, no?
However, despite the apparent growth of this industry and the demand for what it offers, there still exists some degree of doubt as to the nature of this industry. If you have a business and you haven’t consider resorting to these funding options specifically designed for your business, you are in the right place to find out what you need to know.
First things first, why should you concern yourself with small business financing? Or, what is small business financing really for? There is no one reason why you would need small business financing. From meeting your day-to-day expenses, buying inventory and paying bills, to expanding your business outright and taking the fight to your competitors, you can use this source of funding for just about anything. And if even if you don’t have any such drastic plans, it certainly helps to have financing strength and stability under your belt in today’s volatile business environment.
Secondly, how far are credit ratings relevant and useful in determining whether or not you get the loan? The answer is – neither relevant, nor useful. While a number of other loans do have certain credit rating requirements, institutions specializing in small business funding realize that it may be unfair to put stringent requirements on smaller businesses. So, irrespective of your credit history, small business funding is still yours to have.
Thirdly, is the process long and exhaustive? At times, our need is dire and immediate, and even a slight delay can prove to be damaging. Therefore, most institutions boast the ability to wrap up all the formalities with 24 hours of your application. Yes, it can be that fast.
However, despite its appealing nature, small business funding must be obtained from a trustworthy source. With a large number of new institutions being set up, this is hardly an easy task. Yet, one look is all you need to see is that some institutions stand out in both, their product and services. One such stand out institution is First American Merchant. Based on the principles of providing easily-accessed, simple and quick small business funding, First American Merchant is fast becoming the destination where small business owners turn to get a bad credit business loan. All you need to do is fill in a simple form and let them take over.