What Are Some Alternatives?
SBA loans, while a good funding option, are not always within reach for every small business. Businesses that have recently opened or do not have a high credit rating are unlikely to be approved due to the strict requirements. Even businesses with a strong likelihood of approval may look elsewhere for faster funding, as the SBA loan process is a lengthy one.
In either case, a comparable option is a line of credit from an alternative lender. For example, a Headway Capital small business loan offers funding options of up to $50,000, with funds delivered in as little as one business day, if approved. Headway Capital’s lending requirements are more favorable for small businesses that may not meet stringent SBA requirements, and the application process can be completed in a matter of days. Plus, the revolving line of credit gives business owners the ability to draw funds whenever they need.