3 Things To Consider Before Applying For Capital
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Happy National Small Business Week – 3 Things To Consider Before Applying For Capital

At Excel Capital Management, we understand that each business owner is different. We work diligently to provide small business owners with the working capital they need to ensure business success! In honor of National Small Business Week, we’ve decided to provide some helpful tips to get you on the road to acquiring the working capital you need whether it be for business expansion, employee training, new hiring, inventory, or virtually anything else you may need for your business!

Need Working Capital For Your Business? –  3 Things To Consider

It’s  safe to say that in 2016, we all know financing and loans are not bad things. Reaching out for working capital at some point during a business’ lifetime is essential for growth. Financing for your business doesn’t mean you are in debt or struggling. In fact, many small businesses choose financing solutions as a means of acquiring investment capital. Your business is your livelihood, and there’s no shame in taking additional capital to help it grow, succeed, and become bigger than ever!  On the flip side, if you see yourself running into a rough patch, there’s never anything wrong with asking for a little help. That all said you should always do your research and knows when it’s the right time to consider financing.  Here are three questions to ask yourself before applying.

1. What Will You Do With The Funds?  – It may be quite tempting to accept capital to either get you out of a bind or to invest. Maybe you’re a little late on some bills or equipment needs repairing. Maybe you need to hire seasonal employees or purchase more inventories for the upcoming busy summer season. Whatever the case may be, you should have a game plan in mind even before applying.  Draw up a checklist, set goals and deadlines, analyze your files. Do everything in your power to make a plan and stick to it

2. What Kind Of Financing Do You Need? – With the rise of alternative lending solutions, as well as traditional bank loans, there are a lot of financing options out there for you to take advantage of.  ? What will you do if the traditional bank turns you down? Will you apply for a Merchant Cash Advance or an Asset Based Loan? Do you have all of the necessary documentation such as your bank statements or business history organized and ready to go in order to qualify? Ask questions, and know what solution is best for you.
3. Do You Understand What You’re Applying For? –  With all of the aforementioned financing solutions available to you, what is the key to making the most of one or more of them? Know what you’re getting yourself into and how it’s going to work.  Speak with capital management representatives or other business owners who may have referred you to them, ask questions, and do not feel pressured into signing on for anything you are not completely sure of.  

Financing solutions are here to help you and your business. They should never feel like a huge burden or hindrance.  The more comfortable and knowledgeable you are in your business and what you need will ultimately help you make the right financing decision. When everything is on track from the start, it should be smooth sailing from there. Happy National Small Business Week!

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