ECM Insider Tip: When it Comes to Funding for Your Business, Here’s Why You Should Always Strike When The Iron is Hot!
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ECM Insider Tip: When it Comes to Funding for Your Business, Here’s Why You Should Always Strike When The Iron is Hot!

As you know, the beauty of acquiring working capital through an alternative funding solution (such as a Merchant Cash Advance or ACH Bank Loan) rather than a traditional financing solution from a big bank is the quick access to the money your business needs. Typically, an alternative financing company like Excel Capital Management will require is four months of recent business bank statements, four months of recent your business’ credit card processing statements, and a simple application in order to present you with a working capital funding offer. Some business owners even get funded in as little as 3 business days. This is unheard of in the traditional financing world! This industry moves fast, and when applying for alternative funding, as a business owner, it is important for you to move quickly as well. Funding is dependent upon the bank and credit card processing statements you provide as they will show an alternative lender changes in revenue or cash flow. Failing to move quickly could hinder your business in the future if cash flow takes a turn for the worst since funding can be declined or changed based on revenue.

While it is extremely important for business owners to ask questions, look over all working capital loan offers from any lender thoroughly, and only sign contracts that they fully understand and can fully commit to, it is also important to make a decision as soon as possible. Often times, many business owners tend to “shop around” for the best deal possible. This is expected, however, sitting on an offer too long can delay funding or put it off completely. When applying for funding, be sure to do your research and stay in contact with your broker or lender. Try to only work with one company at a time, building a strong, friendly, and trustworthy relationship. Make sure they understand your interest and sincerity completely in order to stay on the same page. The last thing you want is for a lender to take an offer off the table completely due to lack of communication or the ability to make a final decision. Even worse, if your business takes a turn for the worse (knock on wood), receiving an offer that is just as great in the future may be impossible.

Strike while the iron is hot to receive the best possible funding solution for your business! At Excel Capital Management, we pride ourselves on having your business’ best interests at heart when it comes to working capital funding. Visit our Solutions page to learn more about the products and services we offer, and APPLY NOW!

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