Although it might seem unorthodox, a great way to qualify for an SBA loan is to get an initial direct loan from an alternative lender.
SECURING YOUR LOAN
Your company needs financing, but research and due diligence puts your personal information at risk. The more options you consider, the more vulnerable you become. All lenders want to run your credit and access your personal information. Do not let them. Let Mayava find you the best rate available, safely and quickly without putting you and your company at risk.
Building your business credit is extremely important. In fact, according to the U.S. Small Business Association, building a strong business helps to increase a company’s finance capacity. By focusing efforts on a solid business credit score, owners are able to attain larger credit capacity, increase their company’s value and protect their personal credit.
Businesses have anywhere from 10 to 100 times greater credit capacity than individuals. If a business is categorized as being reputable and creditworthy, they are able to qualify for financing based solely on their business credit without having to dive in to personal credit. In fact, businesses in high credit standing are able to limit, if not fully eliminate, personal credit checks when applying for financing –no longer having to mix their personal debt or assets with their company’s. This strong business credit increases the overall value of the company, which can be vitally important in the future for a business when facing potential buyers or investors.
Small business financing through the SBA has several advantages, including:
- Lower down payments
- Longer repayment terms
- Up to 90% financing
- Terms up to 25 years
- Fixed and variable rate options
However getting an SBA loan can be a long process. And some businesses just don’t have the luxury of waiting – or the solid business credit to speed the process along.
If you need a small business loan quickly and don't have time for the red tape, you might want to consider a small business loan through a reputable alternative online lender first. By utilizing a trusted alternative lender, a small business can gain access to funds with minimal pain – as the application process tends to be fast and easy, with quick results and a streamlined follow-through.
This method allows you to access the capital you need and establish even better business credit in the process, so you can to grow your business in the present day – and for the future.