If you’re exploring different ways to boost your working capital and manage your cash flow, then you’ve discovered — or will soon grasp — that banks may be delightful to deal with when you’re making a deposit, but they typically don’t lean forward when you’re in need of business funding.

The good news is, you have plenty of options!

Here are three major benefits of alternative financing that you need to know, and that banks simply can’t deliver:

3 Loan Benefits Alternative Lenders Deliver that Banks Can’t
3 Loan Benefits Alternative Lenders Deliver that Banks Can’t

1. Rapid application process.

Banks take several weeks — or sometimes several months — to review loan applications. And if there are disagreements or concerns around collateral evaluation (typically because banks are under-valuing collateral to lower their risk exposure), then the process can turn into a crawl.

On the other end of the speed spectrum is alternative financing. Assessing applications typically takes days —  or in the case of National Business Capital up to a single day.  

2. Access to unsecured business funding solutions.

All bank loans are secured by business and/or personal assets. This isn’t always the case with alternative financing, where many funding solutions are unsecured. For example, at National Business Capital we offer unsecured working capital loans, business lines of credit, and merchant cash advances.

3. Approvals for impaired or bad credit.

Banks insist on outstanding personal and business credit scores; the latter of which is especially problematic for some applicants that don’t even know they have business credit score in the first place!

However, firms in the alternative financing space such as National Business Capital realize that credit scores are not the “end all and be all” of a borrower’s creditworthiness.

There are many other factors to consider, and credit scores are just one piece of the puzzle. That’s why we routinely approve borrowers who have impaired or bad credit. In fact, our approval rate is around 90%, compared to around 10-20% at big banks.

The Bottom Line

Banks are here to stay, and they certainly serve a purpose on the business funding landscape — especially for large enterprises that need access to large amounts of capital to break ground on a new building, or expand into a new marketplace.

However, for the hundreds of thousands of small and mid-sized businesses across the country, the flexible and affordable funding solution they want, need and deserve is via alternative financing.

Fill out our 60-second application online to get the funds you need in as little as 24 hours.

Tired of banks taking too long to look at your loan application or denying your request for funding?

Apply Now