When your business needs financing, there are lots of options available. But not all options are available for every business. If you have struggled to get traditional financing, short-term financing may be a better solution for you.
One of the major benefits of short-term business financing is the time it takes to get funding. Many short-term lenders use digital applications, which means you don’t have to spend time meeting with people in person or sending in paper applications. Instead, the time from application to approval is much shorter, which means you can get the funding you need much more quickly than in traditional, long-term financing processes. If you have a deadline you’re trying to meet, this faster time frame can make a big difference.
Credit Carries Less Weight
If your business credit score is less than stellar, you may struggle to get traditional, long-term financing. Fortunately, short-term financing doesn’t place as strong an emphasis on your credit score. The applications may also accept lower credit scores than other lenders. That means that even if your business has a lower credit score, you can still get the funding you need to accomplish your business goals.
New Businesses Can Get Funding
Finally, one problem some businesses run into when trying to get long-term financing is the age of the business. Many traditional lenders require a certain number of years in business in order to apply for financing. If you have a young business, you still need funding, but you don’t meet the longevity requirements for long-term financing. Fortunately, short-term financing can be a solution so you can get the financing you need without waiting years to be able to apply for it.
Whether you need financing to build your business or to take advantage of a new opportunity, short-term financing can be a good solution. If you’ve struggled qualifying for long-term financing, short-term financing may be just what you need to achieve your goals.