For many small- and medium-sized business owners, the first place they think about when needing a financing option is their local bank. Although this may prove helpful for some, traditional banks are notorious for making it difficult to obtain funding for business needs, especially if you are a start-up or a micro business.
Fortunately, there are numerous alternative options available for your business financing needs. Some of these may be familiar, others less so.
Alternative Lending Options
Here are a few to consider. Perhaps a few may resonate with your particular business model.
Merchant Cash Advance. In this type of financing, working capital is given to businesses as they need it, based on the value of their future credit card receivables.
Franchise Financing. If you are entering the franchise industry, specialized financing is available even if the franchisor does not provide it.
Accounts Receivable Financing. Especially useful if you sell your products or services to businesses that pay in 30 to 90 days or more, this type of financing provides instant working capital in exchange for unpaid invoices.
Bridge Loans. Is your business in some type of transition? Bridge loans are just the ticket for these situations.
Asset-Based Lending. If you’re operating in a business acquisition or merger world, asset-based lending solutions may be preferable to traditional loans.
SBA Loans. The Small Business Association, an arm of the federal government, offers quality loans through financing companies and banks specifically for the starting up or maintaining of small firms.
We’d Like To Hear From You
Here at Magis Funding Solutions, LLC we pride ourselves in offering a full spectrum of alternative financing options to small- and medium-sized firms. We are a trusted leader in business and commercial financing. Our knowledgeable and friendly staff awaits your call. Contact us today.