Do you have a great idea for a small business? The internet has a million articles about how to fund and manage small businesses, but it can be difficult to separate truth from fiction. Some people may lead you to believe opening a business that is considered high risk is next to impossible. But the truth is now there are more options than ever that help entrepreneurs achieve their dreams. Here are a few myths about small business funding that need to be busted.
1. Only Good Credit Counts. This is a myth based on the old traditional bank model. Previously, established businesses and those with high credit scores really had a chance at obtaining loans. Today the alternative lending sector has become a legitimate answer to this issue. Now high risk businesses, individuals with bad credit, or little experience can still find sources of funding.
2. Approval Takes a Long Time. In the past if you were searching for a traditional loan from a financial institution, it could take weeks or even months. Now you can complete online lending forms in less than an hour.
3. Approval Based Solely on Numbers. Even though many loans are completed online, lenders don’t just throw applications into some heartless algorithm. Modern day lenders still consider intangible elements about loan applicants when considering applications.
4. Online Lenders are Crooks. Consumers should always be careful when choosing a lender, there are unscrupulous forces out there. But many online lenders are established and credible. When selecting a lender, be sure to research, research, research.
eMerchantBroker.com is the number one online lender for small businesses. To get a loan approved, businesses need only make $2,500 per month in revenue. The loan process is simple and hassle-free and merchants will be guided through each step by EMB experts who are available 24 hours to assist clients anywhere, anytime. EMB is the online lender that can give you the funds needed to launch your business. Our merchants specialize in providing business funding for every type of businesses regardless of credit history or even business experience.