How To Choose Options For Financing
There are a number of options available to you when you need financing to expand your small business. Of course, the most common are alternative finance companies and banks.
Alternative finance companies have greatly increased in popularity over the last few years due to the difficulty of getting financing from banks. The terms they offer are generally more flexible and they are more willing to accept applicants who have less-than-perfect credit scores. They also frequently work with a diverse range of small businesses for financing options like merchant cash advances.
Banks, on the other hand, require that the borrower have good to excellent credit scores and at least three years of documentation. Banks are also reluctant to work with companies they deem too great a risk. For these reasons, for many small business owners, an alternative finance company may be the better option.