Rejected by the Bank? Consider These Viable Options
Among other things, operating a business requires a certain amount of working capital to fuel daily operating activities. If cash runs short, financing may be necessary. Oftentimes, the first place businesspeople look is to the local bank.
Rejected By a Bank?
Getting a loan or line of credit from your bank or credit union is not guaranteed. If your credit history is not stellar, or if you have just started out in business, you may be declined credit. It may hurt a bit at first, but shrug it off: Don’t let that affect your business aspirations.
Alternative Financing Sources for Your Business
Fortunately, there are a host of other ways to finance shortfalls in working capital that your business may be experiencing. Some of these business financing methods are typically offered by capital lending and financing agents. Some of the following may be perfect for your business, depending upon the niche that it occupies:
This is a particular form of business financing that smooths out road bumps in cash flow, especially if your company issues invoices as your typical payment method.
Merchant Cash Advances
A merchant cash advance is a financial arrangement whereby you are given an upfront lump sum of capital and you pay it back incrementally using future credit card sales.
If your business is a franchise, then special forms of business financing may be available to you, particularly by capital lending agencies.
Fix and Flip Financing
Flipping houses is a hot business model these days and special financing is available to keep those real estate projects moving toward completion.
Seek Expert Assistance
Here at Skogen Capital, we treat each and every client as the unique business that they indeed are. We offer tailor-made financial products that fit your operations like a glove. Give us a call today to explore your options.