Lendinero's blog on Growing Your Business
There are approximately 30 million small businesses in the United States. The small business financing industry has never been as vibrant as it is today. There are probably over 1000 lenders and brokers in the market offering small business financing. Some lenders have set a name in the industry to include On Deck Capital, Kabbage.com, Can Capital and others. It seems to be a very saturated space but in reality it’s not. Many of these lenders have a different appetite for small businesses.
Invoice financing is similar to factoring but more it has been simplified. Traditional factoring normally will want to fund all the invoices you have and with invoice factoring you choose the invoices. Traditional factoring requests that your small business has reserves and requirements. With invoice factoring you don’t need reserves and there is no minimum requirements.
Revenue based financing
Did you know you can use your future revenues to obtain small business financing? There are lenders that will review your past revenues to project future revenues and lend you money based on a projection. Your past revenues are no longer just a number they are an asset you can utilize to leverage financing.
Daily average bank balance
Most business owners don’t pay attention to daily average bank balances but lenders do. Today, there are lenders that will provide you with a daily payment based on the daily average bank balance. As a small business owner it is important that you pay attention to your daily cash flow because it can land you the next loan.
There are more financing options available today to small business owners than ever. Lenders are becoming highly creative to compete in today’s marketplace. Many small business owners know about these options but out of 30 million businesses perhaps only 10 million have tried some of these options.
To learn more about financing options you have never heard from Lendinero, click here.
By: Richard Lopez
Miami, FL September 20, 2017
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