What to Do When the Bank Says “No”
July 28th 2019 at 6:45pm Published by sharpshooteradmin
If you are a small business just starting to get off the ground, then you’re probably come across the vicious Catch-22 involved in securing initial funding: you need money in order to expand, but banks want to see evidence that you are expanding before you can receive funding.
Nothing is more frustrating than putting months of work into formulating your funding pitch and anticipating every possible question, only to have the bank tell you that your business isn’t yet profitable enough to be considered.
But what can you do? In a country like Canada, where a handful of banks control most funding for small businesses, the industry is particularly susceptible to decisions to tighten regulations around how funding happens. And as restrictions around funding have tightened, many Canadians only resort for getting a much-needed capital infusion is their credit card.
Without the bank’s support, there’s just no way to secure the kind of start-up capital you need to hire the staff and purchase the equipment needed to create a viable business in the twenty-first century.
Or is there?
How New Funding Alternatives are Helping Small Business
Imagine you didn’t have to rely on the onerous process of applying for funding from a major bank. What would you do if you could simply apply for funding online with a high likelihood of having your application for medium or even long-term funding approved?
If you’re like most Canadian business owners, this would be a huge opportunity to expand your small business, bring on new staff, and start making plans for how you are going to grow your market share. As the old adage goes, you need money to make money, and flexible funding options can help you make a strong start.
One of the biggest news stories in Canadian small business funding in recent years has been the growth of alternative funding channels through companies like SharpShooter Funding that are committed to helping small businesses make a strong start.
SharpShooter Funding has been the #1 small business funding Canada provider for more than seven years, and in that time we’ve helped hundreds of small businesses achieve success by providing them with fast capital to meet their growth needs.
We understand that securing funding can be difficult for small businesses in Canada, which is why we are working hard to provide an alternative business funding model, so that when the bank says no, you have somewhere to go.
The Importance of Flexible Funding for Small Businesses
As a small business owner, you need to be ready for surprises. But even the best laid plans sometimes go awry, and it isn’t uncommon for businesses to put in difficult positions where they need an injection of capital right away in order to take advantage of an opportunity or deal with an expensive emergency.
At SharpShooter Funding, we understand that you can’t always afford to wait weeks or even months for your funding to be approved — you need the money now. For that reason, we offer flexible, fast options for businesses that need to meet a quick turnaround.
In order to be approved for funding, there are only three steps:
- Fill out an online funding application
- Have your application reviewed by one of our funding specialists (seventy-five percent of applications receive approval)
- Get your funding
In some cases, this entire process only takes twenty-four hours, which means that you can secure the capital you need within a single business day. No matter what your funding emergency is, SharpShooter Funding is the single fastest way to receive a short or long term infusion of capital to help you bolster your small business.
And if you’ve read our latest news you’ll know that we have attracted some high profile partners who see the value in the service we offer and want to help us extend funding to even more Canadian small businesses. We are pleased to be able to say that Bret “The Hitman” Hart, WWE Hall-of-Famer and living Canadian wrestling legend is part of the SharpShooter Funding team!
Don’t Take Chances: Full Transparency at Every Step
All of this might sound too good to be true. As any businessperson knows, start-up capital never comes without at least some strings attached, and the last thing most new business owners want to deal with are a bunch of hidden fees and penalties attached to a funding agreement.
One of the things that makes SharpShooter Funding different from some of our competitors is that we provide full transparency about our funding agreements. No matter what funding package you are approved for, the terms of the agreement will be clearly laid out.
For example, if you are looking for a $10,000 capital advance for a period of six months, you will know right from the beginning what the interest rate will be, and how much time you will have to fulfill your end of the funding agreement.
When you’re working with SharpShooter, you won’t run into any hidden fees or surprises, and if you are concerned about having to make a lump sum payment on the funding package, don’t worry — the businesses we work with pay us back on a weekly basis, which means you’re regularly making small routine payments along the way.
According to a recent report, one in four Canadian small businesses got their funding from an alternative funder in 2018, so if you are at all curious about how our small business funding and long term funding works, get in touch with us today to find out how SharpShooter Funding can help you grow your business through a cash advance.
Whether you’re looking for a merchant cash advance, business cash Canada, or long term funding, as the #1 small business funder for more than seven years, we guarantee that you’ll be happy with our service.