5 Reasons to Get a Quick Small Business Loan - Excel Capital
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5 Reasons to Get a Quick Small Business Loan

There are countless reasons to apply for a quick small business loan, from business growth to cash flow for survival through a tough season.


As the applications for that funding continue to expand amid a quickly changing world economy and a growing diversity of alternative funding and loan programs become available, financing is becoming a more critical element to the success of every small business.


Fortunately, as technology adapts to the rising demands of small business owners, getting a small business loan is easier than ever.


As a result, you now have the ability to get approved and funded in less than 30 minutes. Talk about fast.


It’s no surprise that 73% of small firms have received some type of business financing in the last 12 months according to the SBA.


Without the proper funding, most businesses can’t keep up with the need for a consistent flow of cash to maintain business growth, especially during rough times.


But what exactly can you use this type of new, alternative financing for? Surely, a quick small business loan has limitations?


Fortunately, the only limitation is your imagination, as alternative financing solutions now offer fast small business loans that can be used for anything your business needs.


If you’re looking for a few creative ideas as to how a little extra funding can help your business grow, look no further.


Here are the top 5 most common uses for a quick small business loan:


1. Unforeseen Business Emergencies


Over 30% of our applicants who are requesting a fast business loan need the capital for a curveball that was thrown at their business.


What this event exactly is varies widely by case but many requests are related to vehicle and equipment breakdowns or upgrades.


Unfortunately, most banks take between 30-60 days after all the paperworks has been received according to businessmoneytoday.com.


Clearly, waiting that long with a wonky oven if you’re a restaurant or a broken down delivery van can be devastating to a business’s immediate cash flow.


2. Distributor or wholesaler flash sale


If you’re a retail or e-commerce business, you’ve likely offered a flash sale– a special deal for bulk purchases or simply a deep discount– at one point or another to great success.


However, with a limited amount of time available to apply for extra capital through traditional sources, a business owner is typically limited to whatever cash or inventory they have on hand to run said sale.


However, with a quick small business loan to give your business the funds it needs to run such a sale, this type of purchasing power can easily double or triple a business’ bottom line without hurting your cash flow or inventory.


3. Business debt consolidation


Businesses typically have a variety of different types of debt on their balance sheet.


This varies from credit card debt to secured debt that has balloon payments attached to it.


We see many business’ apply for a business loan when the time frame to payoff a debt is running short and they need a more manageable amount of time to repay their outstanding liabilities.


4. Hiring a new employee


During times of growth, a business often isn’t quite in a position to make additional hires, with cash flow not yet having caught up to increased business.


So, you’re posed with a problem: stunt your growth to maintain your balance sheet or overstretch yourself and risk running behind so you can push forward.


But if adding a new employee can allow you to grow your business, why wait? Growth is rarely easy, but if you’ve got the cash you need to invest in that growth it makes the process so much simpler.


5. Investing in marketing


As a business owner you know that marketing is one of the most important aspects of running a business.


How else do you expect to get customers to know about your special product or service?


But marketing isn’t cheap, so coming up with the cash to grow your business before you actually have it appears to be a catch 22.


According to Entrepreneur.com companies under 5 years in business should invest between 6-12% of their revenue in marketing.


If you’re not investing enough into marketing, it’s likely because you lack the cash to invest in the first place. And that’s exactly the kind of problem a quick small business loan can help you solve.


“I get it, small business loans are quick and convenient– but what do I need to be approved?”


As you can see, the need for business funding is as diverse as the businesses themselves.


However, at this point you might be worried about whether you’ll be approved or not.


Perhaps you have bad credit or something on your credit history that you’re uncertain will disqualify you.


Unfortunately, traditional lenders such as banks only base their decisions on your credit rating and history. So, in either case, you wouldn’t be approved.


However, alternative lending works differently.


We take into account not only your credit history but several different factors to take a more accurate picture of your business’ health.


That, in turn, means you can be approved even with bad credit as long as your business is in good standing.


What is required to qualify for a quick small business loan?


With Excel Capital, there’s no minimum credit score required to be approved for a small business loan.


So, what do you need to apply– and potentially be approved– for a small business loan?


There are two primary qualifications you need to meet:


  1. Records of at least $10,000 of gross monthly revenue
  2. Proof you’ve been in business for 6+ months


ith these two pieces in order, you’re already halfway to being approved for a quick small business loan that will get your business the funding it needs to move things forward.


What are your reasons?


Getting the funding your business needs, when it needs it, can mean the difference between success and failure.


No matter what your reasons for needing financing, we have a solution that can not only meet that need but offer a personalized repayment plan that fits your business best.


Complete our short application now or call one of our funding specialists at 877-880-8086 to learn what you qualify for.

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