Many of the biggest corporations including tech giants of the United States are located in California and so it would be surprising for you to know that they comprise just 0.2% of the businesses based in this state. The remaining 99.8% of businesses in California are classified as small and they employ almost 50% of the workforce in the state. If you are running a small business here and are facing barriers in accessing credit from mainstream lenders, relax. There are excellent options for retail store business funding in California and they are mainly geared to fund small businesses.
There can be several reasons for a business to seek funding and it applies to businesses of all sizes. However, for small businesses, the need for credit arises on very short notice and can have grim outcomes depending on whether the need is to manage a crisis or utilize an opportunity. Oftentimes, it is a mix of both a crisis and an opportunity but the basic fact remains the same. Small business loans in California are needed on short notice without any hassles. Traditional lenders won’t oblige you but alternative lenders will offer you the credit on very easy terms and in a quick time.
Is your business eligible for funding?
When you go looking for funds it is very important to remember that lenders will assess your eligibility to borrow, on different parameters. Mainstream lenders would give you the impression that they are doing their best to deny you the funding by bringing up terms and conditions that are very difficult for most small businesses to comply with.
When you approach an alternative source of funding, you are immediately in a different world where you will get the impression that the lender is keen to lend you the money. More importantly, such business funding near you is unsecured as they don’t ask for any collateral and neither do they check your credit history. You just need a running business with regular cash flow.
Small businesses have small funding requirements
Many times, when traditional lenders reject the loan applications of small businesses, the first innocent query is, ‘I just asked for a small amount as per my need; is it so difficult for such a big bank to lend a small amount?’ That’s precisely the point – it is actually very difficult for such lenders to lend any loan less than $200,000.
They have their own policies and risk assessment criteria that are not favorable for small businesses. However, alternative funding companies don’t operate with such constraints and have very easy eligibility criteria wherein they ask for your business bank account statement of the last year. That makes it easy for them to verify your cash flow which indicates your ability to repay the loan on time.
It is really easy for businesses to borrow working capital in California from alternative lending companies because they are oriented toward servicing businesses of all sizes. Alternative Funding Group is one such company that is reputable and reliable across the country for the efficiency with which they lend.