Business credit cards are the most commonly used form of financing for small business owners, in fact, there's not really even a close second since credit card financing is so far ahead of all other forms of borrowing in the small business sector. According to the Meredith Whitney Advisory Group, 82% of small business owners use credit cards as a "vital part" of their overall funding strategy. Also, according to NFIB, 79% of small business owners use credit cards
Whether you’ve just started a small business, or you’ve been at the helm for some time, a business credit card can come in handy. It gives you easy access to a revolving line of credit that you can use for purchases, balance transfers or cash withdrawals - when you need them, without hassle or delay. Take advantage of 0% interest, earn rewards and bonuses, get cash-back and other perks.
Alternative lending has filled a gap left by risk-averse banks which lend primarily to the most creditworthy small businesses, and cash advance lenders that typically thrive on subprime candidates. These lenders offer key advantages over a low-cost SBA loan. In addition to speed, the requirements are less stringent and the application process is faster and easier. Alternative lenders are generally more flexible than banks when it comes to loan approval and repayment schedules and often provide cash much quicker than traditional banks can. Since these types of business loans tend to be riskier for the lender, the average interest rates are usually higher than traditional bank loans. However, many small business owners would not be able to get financing for their businesses without the help of alternative loans.
Alternative lenders are more flexible than banks when it comes to loan approval and repayment schedules and often provide cash much quicker than traditional banks can.
Since these types of business loans tend to be riskier for the lender, the average interest rates are higher than traditional bank loans. However, many small business owners would not be able to get financing for their businesses without the help of alternative loans.
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If you're ready to increase your funding opportunities, give us a call! We can discuss how our business credit program can help you reach your funding goals. Call today at 800-508-1729!
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