Businesses need capital. You need money to launch a business and you need money to grow it. Whether you are looking to buy inventory, increase your marketing and advertising program, acquire equipment or real estate, renovate your restaurant or retail space, or any other business need, it takes money. And, when you are really growing, money is coming in and out quickly so having access to a loan or line of credit is an enormous benefit.
The Hole in the Market Left by Traditional Lenders
Unfortunately, traditional lenders such as banks and credit unions tend to be so risk-averse that it’s nearly impossible for companies who need money to get money. We have heard a lot of horror stories of companies that desperately need cash and wait and wait for their loan to be approved, all the while being told it’s all “coming along just fine,” only to be told at the 11th hour that the loan is not approved. To be fair, banks are subject to a lot of regulation and oversight. It’s hard for them to move quickly and to think outside the proverbial box. That’s where local and alternative lenders like us come in.
Our Non-Collateralized Working Capital Loan Programs
We are a direct investor and lender. That means we use our own capital at times. We also partner up with nationwide lenders when it makes sense and allows us to get you a better loan program than we could offer to you directly. That doesn’t happen often, but it happens. Our goal is always to find you the best loan or financial program that your business qualifies for and meets your growing needs. Our working capital loans vary in terms of rates and fees. They may meet short-term loans of a few months or allow for a repayment term of upwards of ten years. And, we give term loans where your business gets all the money it needs on day one, as well as lines of credit that allow you to access money when and as needed. And, yes, we have non-collateralized loans for startup companies. Our working capital loans are often secured by a personal guarantee. For those you will need decent credit. Not all our business loans require good credit, but if your business has no operating history and you have no assets to pledge as collateral, there is no way around you needing decent personal credit. If you run a non-profit, benefit corporation or low-profit limited liability company and need a loan, we can help you, as well. Visit the Social Impact Finance Group.
Size Matters: The Benefit of Being Small
We are not a huge company. But, that doesn’t mean we lack sophistication. In fact, our founders have a lot more finance and operating experience than most financial services management teams. More than a source of pride, that’s a source of competitive differentiation. We know business finance. Because we aren’t a massive company, we don’t have layers and layers of management, credit committees, corporate headquarters, and boards of directors. So, there isn’t a lot of red tape between you and a loan approval. We move fast. That goes for when we say “yes,” as well as when we say “no” (yes, it happens sometimes). You won’t waste weeks and weeks figuring out what loans you qualify for – you’ll know quickly.