There are several types of small business loans available for many uses. A small business loan can cover equipment, inventory, payroll, or simply provides the working capital you need to keep your business running. These affordable and flexible financing programs have plenty of aspects to benefit your business. So what are some benefits of small business loans?
Get Funds Fast
By working with alternative lenders like First Union Lending, there is far less red tape and a much shorter waiting period to acquire funds. You can apply conveniently online and get funded in as little as two days in some cases.
You Develop a Working Relationship With a Lender
A trusted partner in the financial field when running a business is priceless. If you ever need funding again, your trusted lender makes the process easier because of your experiences with them in the past. Your ability to pay on time and have good communication practices with your lender is a great way to keep a relationship going with your lender.
You Get Your Financial Data in Order
When applying for a business loan, lenders ask for all types of financial statements and other pieces of information. Once you take the time to organize and pull everything together, this gives you a comprehensive picture of the financial status of your company.
When you utilize small business funding, you can build business credit to help you qualify for larger loans in the future. Building your credit history makes it easier to get better loan terms like lower interest rates and larger credit limits. You can also receive better credit terms from suppliers should you need additional equipment or inventory.
Keep Control of Your Business
When you opt for small business loans, you maintain complete control over your company instead of giving a stake in your business to investors. You do not have to seek approval from lenders before executing new business strategies or making other business decisions.
First Union Lending is here to Help!
If you’re in the market for a small business loan, we can help! First Union Lending offers numerous financing programs designed with small businesses in mind. Our business loans are fast and flexible, with financing options ranging from $5,000 to $2 million.
Call today to learn more about our various financing solutions to help your business grow and become successful.