Our goal at Lending Valley is to provide all small business owners access to the best loans possible for their business. You can rest assured we will get you the best rates in the market!
Every business needs fast capital in order to achieve growth and fund a range of key activities. There are more ways than ever before to access this capital, but traditional lenders are often very slow to respond to their applicants.
This is particularly problematic for small businesses, which often find that they need capital quickly to resolve an unexpected emergency. Thankfully, a wide range of innovative lenders have emerged in the digital age and they are capable of offering quick business loans to applicants.
Here’s a closer look at why small businesses may need access to fast business loans and how some lenders have managed to change the game by offering incredibly fast turnaround time when it comes to responding to applicants.
As any small business owner will know, business can be difficult. Lots of small business owners adore the flexibility and dynamism of their work, but there’s no denying that it can be stressful.
Small business owners will need to find a fast business loan in a range of circumstances. Here’s a closer look at the key situations to better understand the needs of small businesses:
– Building Maintenance
Small business owners may find that they work out of their home or rented office space. Of course, many small business owners will own stores and commercial spaces that rely on welcoming customers physically.
Unfortunately, it’s a fact of life that these premises and types of buildings are susceptible to maintenance issues. If a small business owner has the misfortune of suffering from a plumbing or electrical issue, they will have to work quickly to respond to the issue and re-establish a sense of order.
This is often easier said than done, though, and it can be incredibly expensive depending on the nature of the problem. Small business owners will often have to find cash from somewhere to pay for repairs but they might find it’s impossible to cover an unexpected expense.
– Unexpected Expenses
Aside from repairs to the business premises, small business owners may also find that unexpected expenses appear in a range of areas. Let’s imagine, for example, that a business is growing quicker than expected and it needs to hire a new employee to cope with the new workload.
This expense may not have been factored into budgets, which can make it difficult to organize. Of course, no small business owner should have to halt the growth of their business because they lack the capital for unexpected expenses.
A new employee isn’t just expensive from a salary perspective, either. Small business owners will find that they have to provide training, equipment, and much more to welcome their employee.
These unexpected expenses will naturally appear for small businesses, so it’s important that they are able to access the funding they need to respond appropriately.
– Equipment Failure
Small business owners will often have a range of equipment that they need to perform day-to-day tasks. For many, this will consist of a computer and other related items. If one of these items fails, though, it can derail a small business and they will need to find a replacement quickly.
This becomes even more of an issue if the equipment is especially sophisticated and specialist. Some businesses may find that their entire operation grinds to a halt and this can be incredibly problematic.
In those instances, the small business will have to work incredibly hard to ensure that they acquire the capital they need to get back up and running.
– Capitalize on Opportunities
Small business owners understand that the key to growth and success is capitlizing on the right opportunities at the right time. Those professionals understand their path forward and what they must do to succeed – once those conditions are met, it’s important to invest quickly.
This could include things like expanding the business premises, hiring new staff, or purchasing new equipment or materials at a discount rate. It’s important that businesses are able to access the capital that they need to capitalize on the opportunities that can propel their business to new heights.
Let’s imagine, for example, that a seamstress has opened a small business and a new sewing machine becomes available at a once-in-a-lifetime price. It’s absolutely essential that the small business owner pounces on that opportunity to push the business forward.
As we can see, there are lots of instances where a small business will need to access new capital at just a moment’s notice. Unfortunately for many businesses, traditional lenders can take a lot of time to make a decision once a small business owner has submitted an application.
Here’s a closer look at the traditional funding process and why it takes so long.
– Tough Applications
First and foremost, the application process can be a nightmare for small business owners who have an emergency on their hands. These applications are incredibly large and it can take a lot of time to complete them appropriately.
Of course, some small business owners will have to work alongside professional accountants and financial advisors to appropriately complete their applications. This can result in additional expense and complexity, further slowing down the process with no guarantee of success.
– Lots of Data Points
A big issue with traditional lenders is that they take an incredible range of data points into consideration. Of course, it’s important that the lenders are able to make accurate decisions but this can often be overboard and frustrate potential borrowers.
Traditional lenders also have a tendency to rely on these data points too heavily and make conservative decisions that are rarely in the favor of potential borrowers. More modern lenders understand the nature of small businesses and the unique challenges that they face. This often makes them more likely to approve the funding that small business applicants so desperately need.
– A Failure to Leverage Technology
Traditional lenders are often stuck in the past – they rely upon antiquated data points and fail to use technology to get the best result for everyone involved. This means that many traditional lenders fail to make use of sophisticated algorithms that can expedite decisions.
This means that traditional lenders are often slower and less precise when it comes to making their decisions. It can be incredibly demoralizing for a small business owner to wait a long time for a decision, only to receive a negative response.
Modern lenders are capable of providing the quick business loans that small business owners adore. This is, in part, because they use the latest technology and algorithms to expedite the decision process and make better-informed decisions.
Those lenders are also more understanding of small businesses and the unique circumstances experienced by those businesses. This means that modern lenders can look at the data and get a better understanding of the applicant and their needs.
All in all, this means that many modern lenders are a superior choice when it comes to fast business loans. Small business owners across the country and discovering the convenience and utility of these lenders each and every day.
This means that small business owners are able to cultivate their business and access the capital that they need, when they need it. This is a positive development for the small business community and we’re confident that as access to funding becomes simpler, we will see more small businesses succeed over the years.
