As you gear up to launch your small business, ensure everything is on track. Have you tested your concept? Do you have a robust business plan in place? Have you decided on the business structure? Do you have adequate funding?
In most cases, small businesses apply for some form of financing before they launch their business. You may opt for a merchant cash advance or take out a small business loan.
This blog will offer a closer look at the benefits of turning to a business loan to kick-start your new venture. Is this a smart decision? If so, how will it benefit your business? We’re breaking it all down; keep reading!
1. Low Interest Rates
If you have a good credit score, you’ll reap the benefits of a relatively low interest rate. This is a far cry from the high annual percentage rates that come with traditional bank loans.
In comparison, private money lenders offer better rates to help small businesses hit the ground running without digging a financial hole for themselves.
Make sure your business is set to succeed. If your business idea or planning is shaky, we recommend holding off on financing. Once you kick-start your business, you should be able to meet your expected revenue goals and start repaying the loan as expected.
2. Fully Customizable
Small business loans are fully customizable. Work with experienced loan agents to determine the right loan amount, terms, and repayment schedule that works for you. There’s no hard-and-fast rule. You can customize your loan package until it meets your requirements to a tee.
This is one of the most pronounced benefits of taking out a small business loan. It’s completely flexible. You can borrow large amounts and avoid high origination and processing fees. At Whitestone Fund, we charge zero fees to make things even easier for you.
3. High Acceptance Rates
If you require funding for your business, you can’t afford to get turned down again and again. This will set things back and affect your timeline. It’s not easy to obtain a bank loan. There are strict requirements and regulations. On top of that, the acceptance rate is very low.
In comparison, private business loans have high acceptance rates. At Whitestone Fund, we accept 95% of the loan requests we receive. A high acceptance rate will help you enjoy the financing you want without worrying about being turned down. Your business launch plans will stay on track, and you’ll enjoy a successful, timely inception.
As one of the most reputable short-term business loan and cash advance providers in Yonkers, we boast excellent loan terms, variable loan amounts ($5,000 to $500,000 for business loans and up to $1,500,000 for cash advances), and fast fund provision.
If you’re looking for quality business financing in NYC or loan services in Yonkers, submit an online application. For more information, give our business loan agents in NYC a call today. We’re always happy to help!