Why Alternative Funding is Right for your Small Business

alternative fundingOpening a small business is building your dreams from the ground up.  You start with an idea, some skills and a lot of passion.  One thing you may not have to start with is capital.

Pop Quiz:

  1. Have you been in business for less than 2 years?
  2. Do you need less than $250 000?
  3. Do you make less than $5million in annual revenue?
  4. Is your credit score below 640?
  5. Do you just hate paperwork?

If you answered yes to any of these, then you are among the 80% of Canadian small business owners who might not qualify for traditional funding.  Traditional funding comes from banks and other financial institutions who require small business owners to meet specific criteria to qualify. If you don’t meet the criteria some banks will issue a loan that is backed by collateral. For a lot of small business owners this is not a viable solution to get the capital they need.

Enter alternative funding.

The Financial Post calls alternative funding “more accessible than a bank loan and less complicated than crowdfunding.” These solutions can come in many forms; SGE Financial uses our broad network of lenders to secure you the best funding for your financial needs.

“more accessible than a bank loan and less complicated than crowdfunding.”

Benefits of alternative funding

  • They have fewer requirements than traditional funding sources. Alternative lenders aren’t bound by regulatory bodies, so they can choose how much they want to lend and who can borrow.
  • Your funding is based on an assessment of your business AND its projections. This means that a small business that is just getting started has a chance to secure funding without needing to demonstrate a huge existing revenue.  The process of choosing who to lend to is based on a number of factors; both your credit score and the merit of your business plan are considered.
  • The process is much smoother than traditional funding. If you answered yes to question 5 and just hate paperwork, this is the solution for you.  The qualification process is simplified and funds are usually released much faster than traditional loans.  SGE Financial will work with you to ensure the lowest interest rates and a reasonable repayment plan.  We do this so you don’t have to try and fax documents to the bank.
    It’s 2018 people, there’s a better way.

Whether you’re looking to start a new business, renovate, upgrade or downsize your current business, we can find the best funding solution for you.  SGE Financial has access to a variety of lenders; we will connect you to our network of traditional and alternative funding to find the best solution for your small business.

Contact SGE Financial today to find out more.

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