One thing is true of financing: There are always options, whether it seems like it or not.
At Direct Capital, we’re always looking to add more options to our financing, whether it be the amount available, the type of financing or the length of terms. We do this because we know that every small business is vastly different, and thus needs vary as well.
While we know not every bank, finance firm or uncle with deep pockets is willing to offer as many options, it’s useful to remember that you’re never entirely without those options. You can turn to a lender who does give you more, or you can advocate for yourself knowing that there are ways the lender can tailor the finance package to fit you:
Here’s a list of options you should look for to ensure your next financing fits your like a glove:
- Payback terms. Never get locked in to a term you don’t want. If the interest is too high for your blood or you simply can’t manage to make all the payments in six months, look for longer terms and a better rate.
- Types of financing. If you need help with advertising, look for a malleable working capital loan.* If you need equipment, get equipment leasing. And so on.
- Amount. The lender should not be telling you how much you need. You should make that determination for yourself, work with the lender to tweak the amount in case additional expenses arise and ensure you’re comfortable.
What options do you look for?
Direct Capital is a leading provider of small business financing.
*Working capital not available in the following states: AK, DE, ND, VT