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loans for small businesses

Why You Should Consider a Direct Lender for Your Business Loan

It can be a challenge to secure financial assistance for your business. A small business loan for a bank or other financial institution comes with a number of obligations and restrictions that can make it difficult to get the money you need to make your business grow in a timely manner.

Why Get Business Credit Funding?

A business credit is scored on a scale from 0 to 100, unlike a personal credit score which ranges from 300 to 850, making it more difficult to obtain a business loan than a personal one. Having a score of 80 or higher is considered a good score. But if you have a business credit score lower than that, most financial institutions may not consider you for a loan.

Loans for small businesses are often necessary to keep the business from going under or using your personal funds to support your business. But not all lenders are sympathetic to this plight.

Startup companies in particular who don’t yet have a lot of cash flow or collateral, struggle to find the cash to expand your business is an arduous and seemingly impossible task that can result in extreme measures like opening up a slew of credit cards or taking out a second mortgage to finance your business.

There has to be a better way. Luckily, there is. Before you head to your local bank with an armful of tax returns, talk to a direct lender about your factoring services needs.

What Are Factoring Services?

Factoring is a form of debtor finance and financial transaction in which a business sells its accounts receivable, such as invoices, to a third party or direct lender for immediate cash.

What is Invoice Factoring?

Invoice factoring, also known as accounts receivable funding or factoring, is an asset-based lending method that uses a company’s accounts receivable as collateral.

With Eagle Business Credit, you can provide the invoice from a reputable company and we will provide you the cash you need within 24 hours.

Some other services provided by a direct lender like Eagle Business include staffing factoring, international trading, and trucking factoring for transportation businesses.

For all of your funding exports, contact us at Eagle Business Credit to get loans for small businesses, receivables funding, and working capital funding strategies.