How To Find Business Funding At The Best Rates

For small businesses, every dollar counts! This is why all entrepreneurs are so careful about signing up on financing deals – a good rate can result in substantial savings, whereas a bad one can impact the long-term health of the company.

While banks might offer stable and competitive financing deals, they are virtually inaccessible for small businesses, especially if the business has a poor credit rating or a shaky financial history. Their business model and risk-averse corporate mindset make them favor larger and more stable companies, leaving small businesses frozen out of the credit market.

But, the last decade has seen the alternative financing industry ride to the rescue of the small business community – offering flexible, fair, and fast funding to SMEs across America.

However, the alternative lending industry in the US is HUGE – the total transaction value in the sector amounts to US$32,539.0m in 2019 – spread over 1,687 thousand customers. The industry is split across thousands of companies offering a vast range of financing deals. To find the best deal amongst the various alt-lenders, you must keep some things in mind –

Starting point – the search begins with you! You must first arrive at a clear idea of your requirements before you start approaching alt-lender.

Find the most reputable lender – ask around in the market to find trustworthy, long-standing companies in the alt-lending ecosystem. You want a lender who offers not only the cheapest terms but also someone who will support you through the process, provide excellent customer services and can be counted on to help in times of stress. A good example of this is the New York-based Mantis Funding, which has excellent online Mantis Funding reviews and word-of-mouth reputation.

Find funding options that suit your situation – different lenders have different offers, which means, for example, that the terms of a merchant cash advance with one lender could be different from another. The only way to find a suitable offer is to check with the reputable companies on your list. You must also remember to check the terms and rates attached to each offer.

Finding the right-fit offer ensures you only stay in debt for a minimum period of time – thus reducing the financial burden of repayment costs on your business.

Find out what is needed to complete the formalities – do you need to provide collateral, do you need a specific minimum credit score or transaction history? Which documents are mandatory? All these questions are vital to get the complete picture. A lender might advertise a smaller APR, but this might not apply to the type of funding you need, or it might have some particular condition attached to it.

Understanding ALL the details will ensure you don’t waste time applying to lenders whose final offering ends up being more expensive than what you originally planned for.

Check for predatory practices – do read the fine print to weed out malicious players. Some of these would try to trick you with undeclared fees, use balloon payments to make loan rates look smaller, or ask for extra charges at the last moment.

Look for signs in online reviews as these are a good judge of a company’s reputation. For example, Mantis Funding reviews paint a fair picture of the company’s reputation across all online forums. This is impossible to fake!

Negotiate – Always negotiate hard! Many alt-lenders, once they have approved you, will want to bring in a reputable new client. And many are willing to offer more comfortable terms to keep your business.

Even a little bit of relaxation in repayment costs or timelines can make a big difference for a small business. So, do give it a shot!

The Bottom Line: The fact is that even in the alternate financing sector, better credit history and strong financials will result in a better rate. BUT, lower rates are still possible without good FICO scores or collaterals. You just have to look harder and bargain smarter.

6 Must-Know Facts About The Alternative Lending Industry

Despite what the pundits predicted a few years ago, alternative lending is here to stay. In fact, it has become a mainstay of small and mid-sized businesses looking for funding AND is slowly eating into the client base of the traditional banking sector.

The SMEs first started noticing alternative online lenders a decade ago when they faced a tightening credit situation in the wake of the 2008 market meltdown. When the capital from traditional sources dried up, alt-lenders saved many small businesses by offering flexible and quick funding.

Over the years, their commitment to the small business community of America and their fantastic funding offers have made them more and more attractive to business owners across the country.

For SME owners who haven’t yet partnered with alternative online lenders, here are a few important facts about the industry.

  • Alt-financing offers are flexible

    There is an unprecedented amount of flexibility available in the alt-fi sector. Most lenders, such as the leading New York-based Mantis Funding, offer deals between $2000 to $250,000. This means that SME owners don’t have to choose from 2-3 fixed amount slabs that banks offer – they can apply for precisely what they need and avoid getting locked into long term deals. Mantis Funding reviews also point to another feature of alt-lending – extreme personalization. Along with with the amount, almost all terms, fees, etc. are negotiable.

  • Expect a fast-moving process

    One of the most critical benefits of alt-lending is the speed of the process. Where banks usually take weeks, online business lenders approve and transfer funds within days. For smaller amounts – one can actually get the money in the bank in less than 24 hours.

  • The process is all online

    The alternative financing sector has managed better processing speed, higher customer satisfaction, and more accurate risk assessment by leveraging the latest fintech. With most alt-lenders, the process is almost entirely online. For example, Mantis Funding reviews the client applications, documents, and all transaction records online.

Digital technology – some of it AI-enabled – is also used to prepare risk assessment reports based on several data points. However, all this digital technology is led by a fund manager who talks to every client to understand their motives.

  • Approvals are based on a holistic look at the credit worthiness

    Unlike the banking sector, credit scores don’t hold a dominant position in the approval process. They are just one of the many data points used to decide the ability of the business and the owner to repay the funds. This makes alt-lending especially attractive to business owners with poor credit ratings.

  • Collaterals are not mandatory

    Almost all alternative lenders process secured as well as unsecured funding deals. Even if an owner is applying for a significant amount, it is entirely possible to pick an unsecured funding option.

  • The industry is loosely regulated
    Much of the flexibility and speed of alt-lending institutions stem from the fact that the capital is provided by individual investors and not by banking institutions. This reduces the amount of regulation on the industry, making it easier for lending companies such as Mantis Funding to balance their business between high-risk and low-risk companies.

The benefits of alternative financing are beyond doubt – the system has been tested for more than a decade and has proven to be effective for small businesses as well as for investors. Business owners have seen and experienced these advantages first hand and are now loyal alt-fin clients who automatically equate financing with alt-fin – not the banks!

The Right Kind Of Funding To Realize Your Business Goals

Mantis funding in New York states that small businesses need external funding to hire staff, as working capital, to expand, to buy machinery or even to refinance old existing debt. Read on to discover more in-depth as to the reasons funding is required.

Working Capital

Sometimes having sufficient working capital to get going and keep operations active is essential. Working capital will have a positive effect on your company’s financial health. Many entrepreneurs choose to take extra funding to expand their business or fulfill their growth goals. Mantis funding can provide the necessary finances to take care of short term requirements, help in acquiring something new or even bridge the gap between payments and customer orders.

Companies can also take advantage of the extra cash to act as a cushion for rainy days or lean days. Day to day expenses, a sudden surge in demand and low periods of productivity can benefit from this cushioning. A better-structured cash advance can also help to make monthly payments easier, shorter and lesser.

Restructuring an already existing debt is a great way to free up cash that should be spent on the business and expansion. Additional money can consolidate all the amounts borrowed and makes the cash advance more manageable and easy to track too.

Purchasing Assets

In order to grow and expand, you may be required to purchase new machinery that could really give your company’s production a positive boost. Purchasing new assets can be expensive and most often than not, cannot be bought with the cash that is already available. Mantis funding complaints deal with financial funding that is required to be paid at fixed monthly repayments with flexible cost and term.

Asset funding gives you the freedom to buy and invest in what is needed to make your vision come true. Companies use this money to buy their first vehicle, or specialized equipment or new innovative machinery that could help in better, quicker and more efficient production. Taking your business to the next level, means you need to work on increasing sales, introduce more products and services, expand the workforce, relocate and even add new geographical locations.

This is only possible if your existing business is able to take care of the day to day running operations. The additional funds can be used to expand and grow larger.

Seed Money

Seed money or startup funds can be acquired to get your business off the ground. It’s not always possible to save enough money to self- fund your business. Mantis funding customer service assists in providing small business owners with the funding they need much more easily than a traditional financial institution.

There are other ways to source external funding, from family, friends, crowdfunding, angel investors and grants. This type of funding requires a detailed business plan and the financial growth expectation before it is approved.

Funding is necessary for small businesses and obtaining it depends on the type of business, the financial projections and how well you sell your company’s’ growth potential.

Use Cash Advance to Follow an Ambitious Business Growth Plan

So you’ve done the groundwork and established a reasonably successful small business. Now you want to grow but working capital funding is a problem. Here’s how a merchant cash advance from Mantis Funding can help you in your small business growth plans.

If you’ve ever tried approaching a bank for a small funding, you know how hard it is to get approval. Banks hesitate to sanction funds for small businesses, especially those that only want a small amount. They have stringent eligibility criteria.

Your application may get rejected if you have a poor credit score, even though your business revenues are reasonably healthy. Moreover, the process of approval is time-consuming and could take weeks to months. But what do you do if you have to pay the deposit for a new storefront immediately?

How Is A Cash Advance Different?

A cash advance from Mantis Funding could be the solution to overcome the above-mentioned challenges. The company has a quick and easy process for approvals. If found to be eligible, you could get funding within a matter of days, not weeks. The company does not consider the credit score as eligibility criteria.

Instead, it looks into whether your business has been generating steady business revenues in the past and current times. As long as you can have documentation to prove this and can provide basic business information, you have a very strong chance of getting approval. The company accepts financing requests for small as well as large amounts.

How Do You Pay Back?

Once Mantis Funding reviews your application and finds that you qualify for a cash advance, it matches you with an appropriate lending option and puts forward a funding proposal. In the cash advance model, you repay from future receivables. A certain percentage is deducted from future sales.

The process continues until the entire lump sum, as well as applicable fees, are paid off. For a reasonably successful small business with strong sales figures, repayments should not be a problem. Another advantage of this model is that payments can be designed to complement revenue flow. You pay more when you have more sales or pay less when you have fewer sales.

Potential Uses of Working Capital Infusion

There are many interesting ways to use a cash advance for business growth. You can open a new storefront at a strategic location. You may use the money to implement a low-cost digital marketing campaign or a social media marketing campaign and connect with local community members.

You can also use funds to hire additional staff or buy additional inventory for the holiday season. Not only will this help you increase sales but also help you provide superior customer service. With superior customer service, you have an opportunity to convert first-time shoppers into loyal customers.

Taking cash advance from an unreliable company can lead to a can of worms. To avoid potential risks, check Mantis Funding reviews online and then fill out the application form. Once financing is approved, you can get started on the path to business growth!

How Cash Advances Can Help Solve Small Businesses Financing Challenges

While juggling multiple tasks, small business owners also need to ensure smooth cash flow and an adequate amount of working capital. Obtaining finance from traditional money lenders such as banks is not easy. Whether you need business financing at present or not, identifying alternative funding sources such as Mantis Funding and solutions such as cash advances can save you from worry and stress during an unexpected emergency.

Swift and Hassle-Free Approvals Process

Cash advances have emerged as popular solutions for small business financing challenges. Companies like Mantis Funding facilitate quick and easy cash advances for small business owners and support them when conventional money lenders simply won’t.

While banks are reluctant to sanction funds for small business owners with low credit scores, companies that offer cash advance solutions do not consider this as a critical criterion. A company like Mantis Funding considers consistent business revenue as the main factor for approving funds.

Accommodate Requests for Small and Large Amounts

Sometimes, small businesses just need a small amount to tide over an immediate cash flow crisis. Small businesses typically do not have large cash reserves and unexpected expenses can throw their accounts out of gear. Banks do not find it profitable to advance small funding and may reject the application.

Cash advances have high approval rates and there is a restriction on how much financing can be requested. Moreover, banks take a long time to process and if you need financing immediately, they’re not a good option. For cash advances, if you have the necessary documentation and agree to the terms of the contract, funds can be transferred to your bank account in just a few days.

Offer Flexible Terms of Repayment

Not only does a company like Mantis Funding review applications quickly, but it also offers flexible repayment solutions. If you apply to a bank, you will have to pay a fixed amount in installments every month. The cash advance model works differently. Here, repayments are done through a percentage of future receivables.

The percentage is usually fixed but the actual amount paid can vary, depending on future sales. This is a good solution for small seasonal businesses because their revenues oscillate in peak season and lean season. The cash advance solutions allow for adjustments until the entire advanced amount and applicable fees are paid off.

Tips to Find Reliable Service Provider

Not all companies that offer cash advances are the same. It’s important to shop around to find a reliable service provider. If you look at Mantis Funding reviews online, you’ll find that, by and large, there is positive customer feedback. The company is regarded as a trusted business financing lender offering the best solutions to small and micro-businesses.

In case of complaints, the company works with clients to find an effective resolution. With this company, you can rest assured that once your application gets approved, the funds will be transferred quickly and you can use the fresh capital infusion for any business-related purpose, whether it is maintaining payroll, buying new equipment, or adding inventory.

Save this information in your memory – you never know when you may need an alternative source of working capital funding!

A Business Dilemma

Let us consider a small business, say a daycare and the potential financial risks that might arise in the ordinary course of business. The owner markets the business in the village’s community center and within no time the business had the maximum number of children it can take. The business also involves taking all the children on little trips like to the zoo or a children’s museum.

The business has a car that can handle the number of children involved, and also have the required car seats for the children to make it easier for the parents. All of this is included in the fees charged. But then the state authority decided that different car seats were required for younger children. Now the business is in a dilemma. This is where companies offering Mantis funding cash advances and equipped with a platform to address Mantis funding complaints play a significant role.

Who Is To Pay The Required Costs?

When these parents signed up with the business, the deal was that the required car seats would be supplied by the business so as to make things easier for the parents and give them one less thing to worry about. But this new regulation would increase the costs and the business would have to get the new car seats quickly in order to comply.

The business cannot pass the cost on to the parents as it is a one-time expense that was included in the fee. The problem, however, is that owner is now in need of immediate access to cash so as to purchase the number of seats needed, and the business has to have additional seats for new clients. In this situation, it is difficult for one to find the funds for this one-time expense and this is exactly where a company providing Mantis funding cash advance can help.

The Solution To Quick Cash Crunches

What a business needs, is a small cash advance and a company offering Mantis funding cash advance would give just that. The company providing Mantis funding cash advance reviews the revenue stream, business model, customer pool and other factors and uses that information to determine how much capital advance they could offer the business at flexible cost structures.

If both parties agree to those terms, then a flexible repayment plan is worked out. Once the contracts are signed, within hours the Mantis funding cash advance is transferred to the borrower’s account and the dilemma is solved.

Platform For Addressing Grievances

If the client wants to know what type of customer service a company offers prior to signing the contract, it is advisable that they make sure to look up the Mantis funding complaints prior to reaching out to a capital funding company.

Mantis funding complaints department help the client solve any issue regarding the advancing of the required funds. Thus, every company providing such advances should have a provision for it just like Mantis funding complaints on its website or in the offices.

The Significance Of Working Capital

Working capital is the fund that is required to carry out the daily activities of a business organization. The efficient management of working capital is important as it is the lifeblood of the industry. Working capital enables companies to cover their day-to-day expenses. Big business enterprises generally have sufficient working capital to tide them over.

However, small operators often find it difficult to streamline their working capital as they are often strapped for cash. They find it difficult to get money from banks as they usually do not have good credit scores nor do they have any collateral to bank on. Capital funding companies such as Mantis funding cash advance come to their rescue and provide them with sufficient funds so that they can continue operations without delays or interruptions.

The need for a continuous supply of working capital

Working capital is important as it increases the operational efficacy of business organizations. It also increases their chances of profitability and growth as they get the funds to invest in equipment and personnel.

Mantis funding cash advance is aimed at helping small businesses capitalize on opportunities for expansion. They require minimum documentation and once the business qualifies as per their requirements, Mantis funding cash advance is immediately released. Funds are transferred immediately so that the business can continue its operations without glitches.

Help from experts

The team members of capital funding companies are professionals who leverage their experience in different industries to help out customers who need help with funding solutions to their Mantis funding complaints. When a company applies for Mantis funding cash advance, the team swings into action and uses its skills and expertise to get the business on its feet again.

These are usually small duration cash advances meant to meet immediate cash requirements. The repayment options are flexible like the split percentage system where a percentage of the sales that have been agreed upon is deducted at the source.

Get the help you need, without hassle!

Getting a merchant cash advance is not difficult. The risk and weight norms that capital funding companies consider are vastly different from those considered by traditional bankers or lenders. They look at the business model, revenue stream and bank statements as opposed to the current credit score, which is what banks take into consideration.

Potential borrowers would no doubt have numerous concerns about the funding, the procedures and repayment options. All of these concerns can be addressed by looking up the Mantis funding complaints carefully. This will help the potential borrower make an informed decision as to the type of funding required.

Business transactions of any kind are susceptible to problems or issues. This is not necessarily a bad thing. In fact, companies can service customers better when they are faced with Mantis funding complaints. This will help them come up with solutions that address the concerns that have been raised. Thus by looking up Mantis Funding complaints, one can know the quality of customer service.

Smooth Working Of The Business With Sufficient Working Capital

Working capital is the life and soul of a business enterprise. The amount of working capital determines the financial stability of a company. It is needed to run the daily operations of the company efficiently without hitches. Lack of adequate working capital could result in stagnation and ultimately bankruptcy of a business enterprise.

Investors are interested in investing in a company whose working capital corpus is healthy and prospects are good. Sufficient working capital allows a company to take on new projects which need a sudden infusion of funds without a hiccup. It also allows the company to meet emergencies without faltering.

Trade discounts and other concessions often come their way when suppliers are paid on time. This, in turn, allows them to offer their products at competitive prices and lead the market, way ahead of their rivals. The entire management team is upbeat and confident when there is sufficient working capital.

This is why business finance lenders such as Mantis Funding are always around to help out with merchant cash advances when needed.

Prompt Cash Advances By Business Money Lenders

Merchant cash advances by lenders such as Mantis Funding are extensively used by small and medium businesses who are unable to access funds through other means. Businessmen look for funds during an emergency and these lenders respond very quickly to their needs. They do not need a credit history.

They only look at the credit card statements, both the past and the current, to ensure their client has a sufficient volume of sales to repay the cash advance. They also have talented teams of professionals who are well acquainted with different industries and very knowledgeable about their funding needs too. They are thus able to provide creative solutions to their clients and match the funding options with their business needs.

Tiding Over Crises With Injection Of Working Capital

There is no doubt that businesses need working capital for their various expenses such as payroll, debt repayments, taxes, to buy supplies, and to meet all overhead costs. Lack of sufficient working capital means that their assets are equal to their liabilities and there is no balance amount to meet their short term requirements.

The ideal working capital ratio is between 1:2 and 2:0. Any number below 1 implies that you have a crisis and any number above 1 indicates you are safe. In the event of a crisis, they will have to resort to borrowing from business finance lenders such as Mantis Funding.

If your ratio is above 2, it indicates that you are not managing your working capital wisely and that there is a lot of money stuck in assets or debts that have not been cashed. Declining working capital is also a pointer to declining sales and should alert the management so they can bring about remedial measures.

Choosing The Right Lender

Working capital funds are taken by the management to finance the daily operations of their business. These are short term funds that are used to pay short term expenses. They can be used by business owners to make smart investments to help in the short term growth of the company. There are many lenders who offer short term working capital funds to businesses.

It is, however, important to choose authentic and reliable lenders such as Mantis Funding to ensure you are not taken for a ride. The borrower must read sufficient reviews and testimonials and if necessary speak to some of their clients to find out their experiences with the lender.

These lenders should also have sufficient funds to meet all your funding needs so that you are not left in the lurch in the middle of a project.

Preventing Cash Crunches With Help From Business Finance Lenders

You often hear of small business owners experiencing cash crunches due to the nonavailability of working capital. Cash crises happen because the businesses are small and the volume of business is also small. It is really difficult for them to approach traditional money lenders such as banks and financial institutions as they would want to know their credit history and credit score.

Most of these small businessmen would only have just started their financial history and so it would be impossible for them to have a credit score that is considered suitable by banks. That is why they turn for help to business finance lenders such as Mantis Funding in West Palm Beach to help them to meet their financial needs. These lenders do not follow strict lending criteria and are willing to lend against the number of daily business transactions that they have.

Business Funding Options From Industry Specialists

When small and medium businesses apply for cash advances from finance lenders such as Mantis Funding in West Palm Beach, they get the full sum of money in their bank account very quickly. These lenders clear the funding requirement with minimum documentation. Applications can be made online with no cost involved.

The approvals are done fast because the people who work there are specialists from different industries who know exactly how the business functions. They are thus able to provide these applicants with the most suitable business funding options. They support their business partners with adequate funds so that the borrowers can successfully achieve their business goals.

They also realize the importance of providing financial stability for small businesses in order to help them to initially expand and then succeed gradually. The whole process of cash advance application is streamlined and efficient with excellent communication from the committed team.

Qualities Of A Professional Cash Advance Company

Very often business owners desperately seeking cash advances land up in the hands of unscrupulous money lenders. It is therefore important that adequate research is done especially the experiences of previous borrowers to find out which is the right company to approach. It is extremely important that the lender you choose has sufficient lending limit so that all your cash advance needs can be met from a single source.

The lender should be flexible and you should be able to use the funds for the expansion of your business. Moreover, there should be sufficient flexibility in terms of the cash advance. Good lenders such as Mantis Funding will explain the terms in detail to the borrower so that there is no misunderstanding.

The borrower should clearly know the pros and cons of the funds before signing on the dotted line. All questions must be answered so that an informed decision is made.

Business Growth With Strategic Partners

Borrowers must keep away from lenders who have been involved in scams and choose ones with good reputations. Speaking to previous borrowers, understanding the type of experience they have had with the lender, and also looking up reviews are ways to locate a genuine and trustworthy business finance lender.

These lenders should have been in the business for a long time so that they have the knowledge and the skill to address your funding needs. Mantis Funding has an impeccable team of specialists from different industries who are able to match cash advances with the needs of the borrowers.

If your lender is also your strategic partner, you could receive management assistance which will stabilize your business and result in its growth. Since there are professionals working in these lending institutions, you could benefit from the depth of their knowledge about your type of business.

Importance of Working Capital To A Business

Working capital is crucial to the survival of any business, be it big or small. It is the amount that is left over when you subtract the liabilities you have from your assets. The greater this amount, the more successful and stronger is your business.

Working capital is used to expand the business and increase its growth potential. Working capital can be used to manufacture new products or to add to the products of a retailer. It could also be used to purchase machinery and inventory.

The company hires more personnel using this money or uses it for employee training. It can also be used to meet unexpected expenses. Thus the working capital of a company is used to run the daily operations of a business organization.

If the working capital corpus is low, or there are expansion plans, companies borrow money from lenders such as Mantis Funding to ensure they can stay on the growth path.

Looking To Quick Cash Advances from Financial Lenders

The working capital of a company covers costs such as the rent for the premises, the payroll, and any repayment of debts, payment of taxes, and all other overhead costs. This is why it is so important to maintain sufficient working capital in any company.

If this corpus dips too much, it could result in bankruptcy with your company closing down. It could also lead to an inability to attract investment in your company by other investors.

It could stifle the growth of your business and also result in increased cost of inventory as suppliers will be unwilling to give trade discounts to those who do not pay on time. That is why finance managers quickly look for lenders such as Mantis Funding who responds to financing requests with minimum delay. They also provide flexible repayment opportunities giving the business an opportunity to stabilize itself.

Business Funds versus Cash Advances

Mantis funding cash advance is different from business funds obtained from traditional banks as the future sales of the business are offered as collateral for the cash advance. This merchant cash advance is given on the basis of future revenue.

In banks, the entire amount is handed over to the business owner and the interest rate applies as long as the fund is pending. The cost & term rates vary depending on the duration of the term.

In cash advances, however, the cost & term rate is agreed upon at the very beginning and the borrower is expected to work towards paying off the entire amount. The greater the sales for the day, the greater will be your payment. There is no fixed payment that has to be made on a monthly basis and this flexibility ensures less stress on the business owners when business is slow.

Easy Tracking Of Cash Advance Repayment

Merchant cash advances by Mantis Funding is easy to track as payments are made by customers using a card machine. The lender and the payments provider work in unison to ensure the percentage agreed upon reaches the lender during each transaction.

The lender is also able to keep track of the total sales for the month. The merchant is able to factor in his costs including the repayment costs right from the beginning.

Each payment brings down the total debt amount, which can be quite comforting. There is also no money to be put aside as the percentage due to the lender goes out with each transaction. Cash advances are usually taken when the working capital dips and there is no other avenue of credit.

The cost and term rates can be rather high which is a deterrent but the lack of the need for collaterals makes this way of cash generation rather attractive.