Not too many years ago, many small businesses in need of financing headed straight to their local bank and filled out a loan application. Today, financing with non-traditional or alternative lenders is becoming more and more the norm for small businesses, as banks are continuing to slow their lending and up the restrictions on many of their products.
Here are some big reasons why right now is a great time to skip the bank altogether and finance with a non-traditional lender like Direct Capital:
Lending more than ever. Though many banks are still pumping the breaks with their lending, non-traditional lenders like Direct Capital are gearing up and growing. Direct Capital grew over 40% last year and continues to provide unique solutions for almost any kind of client. When banks put restrictions on their technology and equipment loans, Direct Capital works with each client to provide the right kind of financing to fit each individual need – whether you are buying new equipment or used equipment on eBay.
More forgiving. The last few years were tough for small business owners and it’s likely some may have a few dings on their credit report. An alternative lender will be much more likely than a bank to have a program to fit customers with less than perfect credit. It’s likely an alternative lender will even be willing to arrange for deferred or seasonal payments.
Financing the full cost. If you’re working with a bank, you’ll likely have to come up with some extra cash to cover your equipment’s delivery and installation. With a leasing agreement through a non-traditional lender, it’s likely that virtually all of the essential intangible costs of the equipment like training, delivery, installation, and maintenance will be rolled right into the lease agreement so you’re not left scrambling.
What are you waiting for? Come check out the financing options Direct Capital has to offer.
*Working capital not available in the following states: AK, DE, ND, VT