What is your business dream? If you could afford any business dream, what would it be?
- Start a writing company. Is your dream to be a writing resource to high school and college students? A unique service available to students preparing college admission and scholarship essays. You know that you would be able to engage students in their writing goals while teaching them that strong writing with voice holds the key to powerful composition. You just need the money to hire a team to help you break into the field. You want to be able to teach students how to improve their writing, not spend hours on social media and website development.
- Start a music business. Is your dream to teach all types of music lessons, inluding voice, piano, flute, and violin? You remember how much you enjoyed taking lessons yourself and now you want to start your own studio. Although you have three pianos that you have been teaching with in your basement studio, it is now time to extend to a dedicated space that will provide more parking for the additional students who will be taking lessons from your two additional staff members. Purchasing or renting real estate though is outside of your current budget. You know that you will have the students and the income, you just need a way to get into more space quickly while the students are ready to increase the time and number of their lessons during the summer.
- Open a combination bookstore and coffee shop. Is your dream to create an intellectual gathering space in your community? You have a line on some affordable space to lease and a significant inventory of books started, but you need to purchase the coffee shop equipment. All of the online advice you have read indicates that you should start with the newest and best equipment you can afford, but the only wasy you can do this si if you can get your hand on some extra cash fast.
Securing working capital loans is the answer to these business dreams. For many new entrepreneurs though working capitol loans are out of reach. Finding a company that will offer short term, low documentation loans that are easy to apply for easy, low documentation, high interest rates. New businesses that have a need for money but don’t have access to it might need to look for different options. Needing funds within 24 hours or within a week especially makes these lenders in need of different funding options.
Although traditional bank loans can take a long time to process, some working capital loans can happen quickly and have a high approval rate. In fact, some direct lenders who offer working capital loans have more of a concern that new small and medium size businesses will not fail.
The number of entrepreneurs who are Baby Boomer starting a business since the year 1996 has increased from 14.3% to 23.4% and counting as of 2013. The majority of these possible businesses may need access to working capital loans to achieve their goals. Finding a lending institution that grants working capital loans that are tolerant of businesses often require no liens or collateral.
Banks often penalize lenders for paying loans back early, because they are counting on 100% of the interest payments they anticipated. The newest business owners, however, are often looking for lending opportunities that are more flexible and have no penalties for early pay offs.
Lack of funding for new businesses hurts the American economy. According to the U.S. Small Business Administration, although lack of experience is the number one reason for small business failure, lack of enough capital is second. New businesses that can not find the small business loans that they need slow the economy to dangerous levels. As an example, an estimated 25 to 27 million small businesses account for anywhere from 60% to 80% of all jobs. If these small businesses can not find the money to get started, this job creation method will go away. Small business working capital loans, on the other hand, will keep these new job rates at a level that grows the American economy.
where will you find the money you need to create your dream business?