A recent discussion in Entrepreneur Magazine touches on the difficulty that many small businesses are having securing financing in the current environment. To secure financing, many small business owners have to look outside of the traditional avenues where funding used to be readily found. Among these options are government grants, borrowing from a Business Development Corp (BDC) and online lenders.
The 3 options are all good ones but Government Grants take a great deal of time to apply for and are not a good fit for many types of businesses. “Landing a grant could require a well-prepared presentation about your business and a formal application process.” BDCs offer larger loans and have conditions that also may not be a good fit for all companies.
The online lending industry has grown tremendously over the past few years and offers borrowers fast and flexible options that typically work in every industry and for every business size. Growth and working capital can be accessed via an online application and without the lengthy process that come with traditional bank loans. Online lenders are a great way for a company to unlock assets and quickly turn them into cash they can use for whatever is at the top of the agenda for any entrepreneur.
Payplant provides growth financing for entrepreneurs, by entrepreneurs. Its Pay Me NowTM digital invoice-financing service provides cash to businesses when their customers pay too slowly. Payplant helps businesses with PO and Invoice Financing, Asset Based Lending, Term Loans and Customer Financing products. Payplant works with companies that don’t currently qualify for traditional bank financing, have grown too quickly for their current lender or are at the point in their evolution where an influx of working capital can elevate their business to achieve rapid growth. Payplant delivers fast and reliable funding, at very attractive rates and is completely on demand. For more information, visit www.payplant.com.