By Anthony Ricciardo – Even though commercial banks are providing financing at record levels to small businesses at the end of last year, the qualification standards are fairly steep. It’s getting harder for Entrepreneurs and small business owners to get access to financing. According to the latest Nedbank Small Business Index (NSBI), there was better access to financing at the end of 2014.
The fact is that banks are less inclined to give out money these days and small business owners frequently need to sacrifice their personal credit to fund their business. Despite how your business is doing, if the owner’s personal credit score is suffering, then a bank will not fund your business. Additionally, if you are a startup, it’s near impossible to achieve funding from a bank unless you have some sort of substantial collateral.
There are many alternative options available to small business owners now, outside of banks, and better ways of accessing funding. Blue Clover Financial specializes in these alternative financing options to entrepreneurs and small business owners.
Blue Clover Financial is a small business itself, so, it understands the challenges faced today by small to medium sized business owners. Whether the owner and the business have good credit, cash flow, assets, receivables, contracts, or purchase orders, funding options are available. Their goal is to leave no business feeling left behind and work with every business, every situation.
The real estate investment industry is a sector the majority of small business lenders avoid. The founder of Blue Clover Financial has a back ground in investment real estate, so, he has been able to help develop products that specifically cater to this segment. Although hard money real estate loans are helpful, cold hard cash is always a necessity for investors.
One of the unique products offered by Blue Clover Financial to small business owners are their unsecured lines of credit product. It’s a growing trend that allows owners to achieve anywhere from $30k to $200k that convert to cash into their business bank account with zero percent introductory rates. The terms are some of the best rates available and are one of the preferred methods for real estate investors to having cash on hand. Lines of credit are based on the individual’s credit profile, but the majority of other funding options are not.
With other loan products, Blue Clover Financial uses a proprietary platform that is much more predictive than credit score, alone. In most cases, credit score will not affect an approval. They rely on other business analytics to determine loan viability and likeliness of a payback. Unlike bank loans, the application process is really simple and should take less than a few minutes. Offers for financing arrangements can be provided in at most 1-2 days and many times in as little as a couple hours.
New ways of accessing capital are always being developed and are appreciated by the small business owners who utilize them. This is because their loans are designed to be used as working capital. It allows owners to focus on growing, hiring, sourcing new suppliers, and developing new products or services rather than worrying about cash flow and how they will pay their employees next week.
Most lenders in the alternative financing arena only offer one type of loan. Blue Clover Financial offers over 6 types of funding and financing solutions. They use a consultative approach to finding the best funding options to fit the needs of the small business, not the loan that most profitable loan. Blue Clover Financial is a BBB Accredited Business and has locations in Georgia, as well as, Florida.