Careful and thoughtful analysis is always required when considering any type of funding, and when considering alternative funding, there are two questions that must be answered to a point of confidence.
- First: How much is the alternative funding going to COST?
- Second: If I accept the alternative funding, how much PROJECTED REVENUE will my business receive?
If you determine that the projected revenue is greater than the cost, then alternative funding may be the way for you to go.
CASE STUDY #1
A Small Restaurant Owner opened the doors to her business and after a short three months experienced a wave of happy customers and there was no sign in sight of slowing down.
She quickly noticed that waiting customers were leaving because the wait time was too long.
The owner of the restaurant saw that she needed to expand the space of the dining area to accommodate the overflow of customers, so she went to her bank and applied for a business loan… she was DENIED.
‘NOT ENOUGH TIME IN BUSINESS’
She needed to take advantage of this incredible growth opportunity and decided to turn to an alternative funding source.
She was quickly APPROVED, and though the COST for the money was more than the bank would have charged her, she was happy to pay, as it afforded her the ability to expand her business quickly and serve her overflow of customers
CASE STUDY #2
A Business Owner of a Manufacturing Plant was in need of another processor to make more product to satisfy the business’s new client contracts that were to begin in forty five days.
So he approached his bank for a business loan… and was DENIED.
CREDIT SCORE TOO LOW
NOT ENOUGH CREDIT HISTORY
After applying to an alternative funding source, he was APPROVED the next day.
Although the COST of funding was more than what the bank would have charged, the money was accessible to his business immediately, and as a result, he was able to acquire the needed equipment and satisfy his obligations to his new clients.
IN SUMMARY
…these two Small Business Owners were able to expand and grow their businesses and increase their revenues by using alternative funding.
Since the BENEFIT was GREATER than the COST it made perfect sense for these two Small Business Owners to take advantage of alternative funding.
There are many similar stories such as these and alternative funding is ready and available to help make it happen for your small business.