Small businesses are the backbone of a healthy economy. But most small businesses tend to fail within the first years of existence. There are many reasons why a small company could go out of business. My startup was very close to this point. For me, it was the lack of experience and financial planning which led to this point.
One of my customers once said every dollar of a business has to be spent according to a plan. This surely wasn’t my case, but many banks don’t offer much support to small businesses. In some cases, it’s not even about a large loan as it is about paying current bills.
I took out a loan from National Funding to cover 3 months where my business failed to make a profit. As a result, my company survived. Then it started growing to the point it sustained all of its costs and still made a small profit. It also helped that they didn’t ask for any collateral or down payment form my business.
National Funding Features
Personalized Loans
When it comes to loans, many of them suffer due to their unchanged nature. But not all businesses need the same type of loan.
While I couldn’t find anything just as good as what a traditional bank offers, most traditional banks won't loan to small businesses. For my business, working with National Funding allowed me to get the capital I needed to keep my business, which wouldn't have been otherwise possible.
Since National Funding creates loans that are personalized, I was able to secure a term that fit my business and industry. You're able to find out how they can meet a loan that meets your specific needs by discussing your plan with a loans specialist.
Customer Service
Customer service at National Funding is among the best. I wasn’t expecting too much at first. Banks are notorious for their lack of communication and openness. Many of my friends have been killed by the fine print on loans they have taken out from other lenders, at National Funding, customer service was exceptional.
Based on the reviews online, it's clear that customer service is their priority. In my particular case, my advisor went above and beyond to explain the loan.
Fast Processing
The payment processing is also a bit quicker than at a regular bank, and you can use the loan to grow your business.
There’s no reason to wait for months just to get some cash. Loans can get approved in as quick as 24 hours. You will need 3 months of bank statements, and depending on your current revenue, you will have acccess to money quickly.
Loans start at $5,000, but go up to $500,000 if needed. However, you won’t have access to the highest amounts of lendable money if you don’t have the right turnover. National Funading lends you the money your business can pay back, similarly to how a bank would operate.
Covering Bills
Nation Funding's loans can be used to cover bills during slow seasons or while waiting for customer payments.
The loan can effectively be used as a bridge loan to help cover expenses during a short period of time while waiting to get paid. This can be critical for contractors who get paid in large sums as big jobs are completed, but need the cash up front to do the work.
Financing Upgrades
My startup needed to keep up in the tech space. I needed better computers for my employees doing web development. But buying high-end computers proved a big expense requiring a month's worth of profit.
I priced out the cost of the computers, tablets, and other necessary business equipment and I called National Funding to get a loan for this amount.
The loan was quickly approved for the amount I needed. Before I even started paying back the loan, I already started earning with the new computers.
Small Business Growth
Growth loans are also supported. This doesn’t necessarily entail purchasing equipment. It can also cover marketing plans.
For example, if you plan to invest $1,000 per month into Google ads, you would need a $12,000 loan to cover a year.
Even adding the interest paid on this size loan, the revenue earned from this investment will exceed the cost and will help grow your business.
High Customer Satisfaction
National Funding has an average of 4.5 starts out of 5 stars on customer review sites. This is a higher customer satisfaction rating than most banks.
Customers love National Funding for their outstanding customer service and for the versatility of their loans.
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Final Verdict
Many large companies have taken out business loans at some point to help grow their business.
If you want more information on how these loans work, you can contact National Funding directly. You will be connected with a specialist with knowledge of your particular industry who can help you understand how a loan would work for your business.
