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Financial Problems Faced by Startups and How You Can Solve Them
When a company is in its infancy, owners may face several problems before it can really start to grow. Many of these logistical problems come down to a limited supply of money. Unfortunately, the traditional process of getting approved for a loan does not always work for small business owners. By working with a funding advisor for a non-traditional lender, you can find a financing solution that works for your startup business.
At Fidelity Advance, we know the struggles that business owners face with daily operations and getting off the ground. Our San Diego financing advisors are here to assist you with a hassle-free application for funding, whether you need quick capital or continuous borrowing.
Inventory and Payroll
As a business owner, you will always have some regular expenses to take care of. If you run a store or a restaurant, you will have to maintain a constant supply of product to keep your customers happy. And in almost any business, you will have employees to take care of with payroll. These regular expenses can put a strain on your finances, especially if you do not have much short-term capital to work with.
Advantages of a Merchant Cash Advance
As a current or aspiring business owner, you have many options when it comes to funding. However, many traditional lenders will turn you away if you do not meet their exact specifications. A merchant cash advance (MCA) may be just what you need to provide you with the capital you need to grow your business.
At Fidelity Advance, we know the struggles business owners go through. Our San Diego funding advisors can work with you to reach a solution that addresses the needs of your business. We can meet with you to see if a merchant cash advance is right for your business, and if so, you can fill out our hassle-free application for funding.
Accessibility
Most banks and traditional lenders will not approve applications for funding unless you are a well-established business with a high credit score. This can severely restrict your options for startup capital or quick funding, as it can be difficult to build up a good credit score if you are not given the opportunity to pay off borrowed capital.
One of the biggest advantages of an MCA is its ease of accessibility. Unlike other forms of funding, you can get approved for a merchant cash advance even if you have a poor credit score. As an added benefit, our application process does not require a hard credit check.
Best Loans for a Startup
If you have aspirations of starting your own business, you might be intimidated by the sheer amount of money you need to launch your company. You may have logistical concerns about hiring employees, getting real estate, and other issues. Unfortunately, traditional banks and lenders may not be willing to take a chance on a new business, depriving you of the capital you need.
Fortunately, you may have other options to secure the money you need for your startup. At Fidelity Advance, we help small business owners reach their goals with alternate funding solutions, opening the door for people with fresh ideas. Our funding advisors will work with you to obtain fast startup capital for your business.
Term Loans
A term loan is a lump sum payment that can give you immediate cash to work with. A term loan can be used for a variety of purposes, such as purchasing real estate, buying stock or supplies, or hiring new staff. Depending on how much capital you need, you might have as little as a few months to pay it back or several years. Term loans are paid off at regular intervals, giving you a consistent schedule to account for in your budget.
Tips for Applying for a Small Business Loan
Securing a small business loan can be an essential step in growing your company, whether you need funds for new equipment, hiring staff, or expanding your operations. However, the application process can feel overwhelming and you may not qualify for conventional loans.
Following these tips can increase your chances of approval and help you secure the financing your business needs. If you own a business and have struggled to secure funding from traditional sources, talk to the California small business loan advisors at Fidelity Advance.
Know What You Need
Before applying for a loan, determine exactly how much funding your business needs and how it will be used. Lenders will want to see a clear plan for the money, so having a specific purpose is essential. Whether it is for purchasing inventory, upgrading technology, or expanding your marketing efforts, being clear about your goals will help you choose the right type of loan and demonstrate to lenders that you have a solid plan for paying it back.
