Start talking to alternative lenders now, even if you don’t need funding immediately!

1. Start Talking To Alternative Lenders Now, Even If You Don’t Need Funding Immediately!

2. If you are a small business owner, then it is almost certain that you will need funding sooner rather than later. In our current uber-competitive economy, small businesses must invest in expansion to remain stable and profitable. But often, business owners don't have the capital needed to achieve growth.

3. My personal experience illustrates this dilemma very well – I run a medical store in a bustling city, and as competitors opened up nearby, I had to think of new ways to stay profitable. I had plenty of ideas to attract new customers, but each needed some investment. Running around after banks turned out to be a colossal waste of time, but thankfully I had followed a friend’s advice and had been researching alt-lending on the side. That turned out to be a business-saver!

4. I wanted to add a naturopathy counter in my medical store to attract a different demographic. The other stores in the neighborhood didn't have anything like this, and market research pointed towards a growing interest in this area. I started with a new shelf to test the market and found that people responded with enthusiasm.

5. My plan was to extend my store to have a consultation space where different types of alternative medicine practitioners could offer their services and of course, space for stocking products to sell. I was looking for funding and was talking to different alt-lenders and exploring various financing deals. It all came to a head when I realized that one of my competitors was also planning something similar!

6. Suddenly, the pressure was on. There was no time to wait for banks to approve funding. I had to get started right away! Fortunately, my research in the alternative financing sector had put me in touch with several lenders, and I quickly applied. A few days of negotiations later, I decided to sign up with Mantis Funding for a merchant cash advance. Lack of Mantis Funding complaints convinced me this was a trustworthy alt-fin partner to deal with.

7. I spent some time talking to different companies, and this is how it helped me -

8. 1. I got money fast When time became a factor, my past interactions with alt-lenders ensured I already had a connection, and I knew different aspects of the process. I didn't waste any time finding out the details; I already had all the information – I just had to make a decision and apply quickly, and Mantis Funding's cash advance came through in just two business days!

9. 2. I was sure that I got the best deal I was 100% sure I was getting a good deal. With all the comparisons on my excel sheet, I never felt I was missing out on something better.

10. 3. I had time to negotiate Because I had saved time by identifying the final lender and offer, I could take some time to negotiate more. If I was in too much of a rush, I might have accepted the first offer presented to me.

11. 4. I had all my paperwork sorted and was sure of approval As I had already spoken to customer care executives in different alt-lending companies, I knew the main requirements for applying. I uploaded all my documents right in the beginning, and this, too, saved some time. The lender already had all the information to review the application, and I was confident that I had met all the eligibility criteria. My advice to small business owners, don't wait for the last minute to approach alt-finance institutions. You need time to find the right partner and the right offer, and extensive research is vital to ensure you have the best and the cheapest deal.