As a small business owner, you have hundreds of things on your plate every single day. In addition to orchestrating your company’s overall vision and strategy, you need to manage people, drive innovation, enhance productivity, and otherwise serve as the face of your organization.
Suffice it to say that there’s not a ton of free time in your schedule.
This means that when you run into cash-flow problems—a routine ailment that plagues small business owners across all industries—you don’t have weeks or even days to wait to get your hands on money. You need cash in your company’s bank account quickly if you want to continue serving your customers and growing your operations.
One of the easiest ways for small businesses to overcome cash shortages is by securing financing from outside sources, usually in the form of a loan. Odds are that once you’ve determined you need a small-business loan, you’ll want to put that money to use right away. That being the case, you should know that it’s probably in your best interest to avoid applying for a loan through a traditional banking institution.
For starters, banks require loan applicants to submit heaps of documents covering everything from tax information and financial statements to business data and personal information. Not only can it take a considerable amount of time to put everything together, but banks need time to analyze the data and determine if you’re qualified for a loan—something that’s increasingly unlikely for small-business owners in the aftermath of the recent financial meltdown.
Even in the event you’re one of the lucky ones who have demonstrated years of steady revenue and exemplary creditworthiness to the point that a bank approves your application, it may still take 30 or even 60 days for money to come through. Who has that much time to wait?
The good news is that a number of alternative non-bank lenders have emerged to meet the small business lending demand. Unlike traditional banking institutions, these non-bank lenders don’t require you to submit mountains of paperwork in order to secure the money you need to grow your business. Believe it or not, the entire application process can be wrapped up in 15 minutes—which means you won’t have to eat up a lot of your day to overcome your financial woes.
Not only is the application process incredibly simple, but non-bank lenders also make it so that you won’t have to wait around to put your small business loan to use either. Once your application is approved, money is sent to your business’s bank account within 24 hours, which means you’re able to start making moves right away.
While the application process is much quicker with a non-bank lender, you’ll still need to submit some information in order to be approved for a loan. To expedite the process even further, consider getting these materials together today:
Business contact information. The basics: your address, phone number, and email address.
General business information. Information relating to things like your federal tax ID number and the structure of your company.
Ownership information. Do you own the entire company, or are there multiple owners?
Annual revenue estimates. You’ll have to have been in business for at least one year.
Bank statements. The more the merrier, but at least three months’ worth of financials showing steady revenue.
There’s no sense in going through the long and complicated process of applying for a small business loan from a bank when you don’t have to. The good news is, you can apply for a small business loan online in no time at all and get your company funded the next day.
If you need a business loan quickly, look no further than a respectable and reputed non-bank lender to help you reclaim control of your cash flow.