Whether you’re looking to purchase a new base of operations for your business, need more modernized equipment, or wish to do extensive remodeling, you may be thinking about apply for small business lending. Pennsylvania private capital lenders offer a more simplistic solution in lieu of having to go through a bank. When you apply with a bank, you may not receive a decision for several weeks. Even then, if you have a poor credit score, it’s very likely that you’ll be denied and forced to find an alternative. Private lenders utilize their own underwriting guidelines, which makes it easier for business owners with less desirable credit scores to get the funding they need for their companies. They minimize the wait, and give growing businesses an opportunity for success.
What’s Needed?
The application process with a private lender is easy to complete, and often takes much less time than with a bank. Copies of your recent bank statements and a simple application are generally all that’s needed to request small business lending Pennsylvania. Private lenders don’t require personal statements and documents, such as credit card receipts or records of your assets. Your approval is based solely on your credit history and the cash flow of your company, as well as its financial history, and how you’ll administer the funds you’re given.
Easier on Borrowers
Assuming you’re approved, you’ll likely have the cash available to make upgrades to your inventory, redecorate, or make necessary repairs in a little less than a week. Typically, the information used to assess your risk level will be used to also calculate loan rates and repayment amounts. With a private lender, you can expect daily payments as opposed to monthly ones. As a business owner, this provides a more efficient repayment plan for you, and saves you from losing tracking of your finances and being unable to afford hefty monthly payments. Contact World Business Lenders, our specialists will be more than happy to tell you why we are the best choice for your business funding needs.
