In today’s rough economy, most small business owners that need working capital for their businesses are afraid to apply for a loan. In a recent study, a whopping 73% of small business owners who need a loan don’t bother applying for one fearing rejection. Small businesses rely heavily on credit to receive financing. Banks have reported lent just 1.5 million small business loans, the smallest number since 1999, according to FDIC data.
In today’s down economy, businesses need their working capital quickly. If the process takes multiple months, the result can be detrimental for the business.
There are alternative ways to secure financing and loans for small businesses, one of which includes using a company's existing assets. For example, asset based lending allows small businesses to survive in this down economy. The key benefit is lenders look at a business’s assets such as inventory or account receivables instead of the company financials.
Quest Lending specializes in commercial real estate loans and asset based lending, as well as other commercial lending types. Feel free to call us toll free 1-800-594-7730 or visit our website at www.QuestLending.com for more information.