Are More Small Businesses Leaning Towards Alternative Financing?
Updated: Jan 13
Let’s say you own a business, and things are going well. You’re looking at your finances and you think “I can do so much more if I had more money.” As someone who doesn’t know what working capital is, or if it even exists, naturally you’d go to a bank. You go to the bank and they ask you for basically everything. Your financials, what you own.. how many kids you have, your medical records (totally joking). And you wait for a long time for an answer.
Why go through all that when there’s a quicker solution? Alternative financing is similar in a way, except the process is more simple and much faster. For working capital, all you need is 3 months banks (might be more depending on how much you’re looking for). For equipment financing we need 3 months bank statements and a quote. With just those things you’ll have an answer almost instantly. No wait time, no heinous procedure.
This is why more small businesses are choosing alternative financing. Going through a bank, all they look at is numbers. They don’t see you as a person. You either get a yes or a no and they move on to the next person. At Everlasting Capital, we look at every business as a whole. Had a rough month in your statements? Tell us why! We listen when banks do not. We convey that message because we know life happens. We get hit and when we do we get hit hard.
Why is everyone learning towards alternative financing options? Simple. It's quicker, less of a hassle, and small business friendly. No wonder why so many people are taking this route. Don’t take our word for it. If you need help with your business the first step is to ask! Apply today and find out first-hand. What are your thoughts about alternative financing? Leave a comment below!