The landscape of the small business economy is always changing and it can be difficult for small business owners to know where to turn to keep their businesses moving forward.
Working capital can help you take that next step – be that for finding a new location or expanding your business, buying or repairing equipment, helping with operating costs and inventory or even buying your partner out.
But choosing a funding provider can be a difficult decision. Small businesses need to find investment professionals that listen to the ever-changing needs of the small business community and help business owners like you with tailor-made programs designed to meet those needs.
Traditional Lending can be an arduous process, and one that many entrepreneurs find they don’t qualify for. With restrictions like collateralisation, credit scores, time in business, business plans... you can be looking at weeks, if not months, before receiving financing or finding out you have been denied.
betterRetailing.com has worked with Got Capital to look at three key areas that you need to consider when looking at financing your business.
By purchasing a small portion of your future sales, Got Capital structures a repayment plan that is paid as you continue to operate your business. Some benefits of investment through the purchase of future sales are:
No early payment penalty
Need the money to bridge a gap? Finding a provider that won’t penalise early repayment could be crucial. Your repayment plan needs to be structured, so look for a company that you can repay while you concentrate on growing your business.
No interest accruing
Small businesses have sales that ebb and flow, so look for a company that offers a fixed payback cost, regardless of the pace of payback. If renovations or seasonality slows the payback, you don’t want to be penalised for this.
One of the most off-putting things about applying for business finance can be the speed and simplicity of the process. You need a fast decision, a streamlined and simple application process and FAST funding. Look for a company that can go from inquiry to funding in just a few hours.