Movies and TV shows always seem to depict people who loan cash to small business owners as thugs or mobsters. Loans like these are also considered high in interest and come with dire consequences if the loan isn’t paid back in a timely manner. (Morris Kessler anyone)?
But these days nothing could be further from the truth! Today’s business loan market is chuck-full of options for business owners in a multitude of industries. Let’s dive in and squash some of the most common misconceptions spiraling around Business Funding Packages.
The Payback Terms are too Stringent
This is false. At United Business Funding we have small business funding packages that come with a daily, weekly, or monthly payback structure. As far as interest rates (or “points” as you may hear as you shop around), depending on your credit score, your monthly business revenue, business history and other factors; you may end up paying a lower interest rate than other lenders (such as a bank or credit union) offer in the marketplace.
The Paperwork is Just too Hard
This again is false. Most business financing companies these days are streamlined and, in most cases, all you would need to present as far as paperwork is concerned is 3 months of your business bank statements, your state ID, and one form to fill out with other business (not personal) financial information. Obtaining small business loan packages from a private lender such as United Business Funding, as opposed to a large bank, which may require bank agents and auditors pouring over financial documents they really need not be looking at. When it comes to obtaining financing for your business a small business loan package is easier than you might think!
I’m Going to be Waiting Forever for an Approval and My Business Needs Money Now!
Again, this is false! Most business owners who have their paperwork together and submit the necessary documents in a timely manner can get approved for a small business loan the same day! In rare cases approvals can take 24 hours. And even better news for the small business owner looking for cash for their business yesterday, private lenders like United Business Funding can have the money you need for your business in your account in as little as 2/3 days.
The account executives at United Business Funding are seasoned veterans of the industry who are here to help you navigate the process with ease. Our experienced underwriters know how to find the best payback terms, interest rates and renewal schedule. Looking for business loans for restaurants, or merchant cash advance packages, or to find out if you qualify for a business financing package, contact us today.