Small businesses are considered high-risk companies for banks to offer loans. This makes it challenging for small business owners to get the capital needed to grow their businesses. However, alternative solutions like ByzFunder can help get the necessary capital to grow and sustain smaller businesses.
Many banks have high loan standards and little to no wiggle room. Even if a business meets the loan requirements, there is no guarantee that there will be a business loan at the end of the process.
Underwriting can take weeks for a bank; however, only hours for alternative funding companies. Suppose you have been looking for financing solutions that don’t involve borrowing from a bank. In that case, ByzFunder is an alternative financing solution. We will help you get the capital needed to invest in your business within a few hours of applying with us.
What Are the Advantages of Alternative Financing?
For some companies, alternative funding is the only option they have. On the other hand, others may qualify for traditional loans but still turn to alternative financing because of the many advantages. Here are some of the benefits of alternative financing for your small business.
High-risk Industries Are Accepted
Small businesses can be considered high risk, making it hard to get traditional loans. This is usually not a problem for alternative lenders. And at ByzFunder, we take it a step further by funding the high-risk businesses such as used cars and the legal industry that other alternative lenders don’t touch.
Poor Personal Credit is Usually Accepted
Alternative lenders can choose the qualifications they look for in a small business or person. This means that someone with bad credit can still get a small amount for their business and continue to grow their company.
All you need to get financed through ByzFunder is a credit score of over 500.
Underwriting is much faster for alternative lenders like ByzFunder. It is swift compared to how banks underwrite. This speed means that you could get loans for your business in as little as 24 hours of applying.
No Assets Required For Alternative Financing
Most traditional loans will want you to have easy-to-sell assets that back your business. This is a risk manager if you stop paying or can’t pay.
Alternative lenders rarely, if at all, ask for assets like that. This leniency makes it more comfortable and easier for you to acquire business capital.
There are many more advantages of using alternative funding over taking out traditional loans for your business. Our team at ByzFunder wants to answer your questions and help you get the capital you deserve for your business. Reach out to us today with any questions, and get business financing in hours! wi