Working Capital Loan
There are numerous small businesses that require a working capital business loans and these can be obtained if the business owner has the correct know how on how to get it achieved.
Typically, when a small business owners approaches the bank they most probably won’t get the funds they require. The reason for this is because of the strict qualification criteria that banks maintain.
A private lender such as Funding Easily, however will fund a small and medium sized business and this is again due to the different criteria that we maintain. There are numerous differences in the criteria of banks and private funders.
Working Capital Financing
The criteria that banks maintain are related to the security of their funds, and banks simply view small businesses as a high risk investment. As an operating policy banks do want to ensure that they invest their funds with the safest options available. These safe options from the banks perspective are generally corporations and large business ventures.
The general requirement of banks is a credit score of 700+, and the financial documentation of the working capital business loans should show the business to be in a financially secure position as well as profitable. Most small businesses who require working capital loan however find it hard to meet these criteria.
On the other hand we provide businesses with unsecured working capital to be more precise we do not require collateral, security or guarantees. In addition to this we do not also require a high credit score and often work with credit scores that are less than average, and sometimes in the mid-500s.
The loans we provide are easy for small businesses to qualify for, and our basic criteria are as mentioned here; the business needs to be at least 12 months old, the owner of the business should not be in bankruptcy and the gross income of the business needs to be at least $10 thousand a month. Most small businesses are able to qualify with these criteria easily.
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