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 deals 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 the customer department helps 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.

Fuel Your Business With The Right Funding

Funding is the fuel that pushes businesses forward, so if this fuel is missing or being withheld, the business is sure to flounder. A business is started with the help of seed money which can come from savings, a cash advance, or from an investor. After it takes off and there is a great demand for the services or goods, then the retailer must expand or else risk perishing as other businessmen could step into the vacuum created by the inability to increase the production.

right funding

Cash advances are also required in order to upgrade machinery and other office equipment. Mantis funding cash advance comes to the rescue of businesses when they are unable to get required the advances from banks.

Funding after due consideration

Mantis funding cash advances are given after giving due consideration to the duration the owner has been in business, his/her business acumen, the total amount of monthly deposits, and cash flow. It is important to note that such advances are suited to meet a businesses’ need to access instant cash.

Non-trust worthy capital funding companies may charge a fee for their services that is way higher than what the banks charge. If that be the case, clients can look up for the Mantis Funding Complaints to check if there are any negative reviews or not.

When do businesses seek funding?

Mantis funding cash advance is sought out by companies for numerous reasons. The most common of the lot is when businesses face financial instability that can be stabilized with the immediate capital influx. It is also sought out by business owners who are going through a slow season but know for sure that good times are certainly ahead.

Some companies look for merchant cash advances just ahead of the holiday season to boost their stocks in anticipation of bumper sales. Such funding is most perfectly suited for businesses that involve a lot of transactions every month such as bars, restaurants, and nail salons as they tend to have a steady flow of customers predicting a steady income.

Potential borrowers must do adequate research to understand the nitty-gritty of funding before going ahead. At any point, if clients are to be faced with grievances, they can always approach the Mantis funding service to get their grievances redressed.

Convenient services

The biggest advantage of opting for Mantis funding cash advance is the flexibility it offers in repayment tenures. They study the businesses seeking funding before offering any funding solutions. This is because the very purpose of non-banking capital funding is to curate a funding solution that is specific to the risks in the business and that will ensure that they grow and become profitable.

The application and submission procedure is streamlined and very efficient. The team behind it are talented professionals and from different sections of the industry. They can, therefore, understand the clients and use their expertise to get the best funding options for them and can also arrive at suitable solutions for any Mantis funding complains.

Getting Funding for a New Supplier Is Not Always Easy

Every business, large or small, that sells a product must have a supplier for that product. When you contract with the supplier you agree on the terms. It could be regular deliveries of a specific amount of product or it could be an on-demand situation where you order the product as you need it.

Regardless of the arrangement, you have made you need your supplier. One of the worst things that can happen, particularly for a new small business, is for their supplier to close its doors.

If it is a common product sold by many vendors your problem is simply finding the one that can give you the best terms. If you have a specialty shop finding a new supplier is more challenging. Regardless of which type of vendor you need one thing is for sure, the terms will be different, probably priced higher, and you will need them fast.

You may also need a small loan to replenish your inventory quickly before you had intended to because you have to ensure the new supplier is as reliable as the previous one was. But where do you get the funds?

Can You Go to the Bank?
Banks loan money. That is a part of their business model. But banks don’t loan money to just anyone and they have strict requirements for loan approval. They also may not wish to loan the small number of funds you need and may question why you hadn’t set aside funds for this type of situation. In other words, you may not meet their requirements and you may simply be turned down for the loan.

Your problem is that you don’t have the time to apply, get reviewed then get turned down. This is where capital funding companies like Mantis Funding come in. They deal only with micro or small businesses and understand the challenges that these businesses face. When you contact them for a Mantis Funding cash advance, they get to work immediately.

What Do They Do a Bank Doesn’t?
Mantis Funding reviews your business, not your credit score. They look at your revenue stream, your product, and your customer base. They do not exist to simply pass out cash, they have to ensure that your business model is viable and that you handle the revenue from it responsibly.

Once they decide that you are a good risk they work with you to determine payment terms that you can meet. They also offer flexible repayment plans that can be handled in different ways.

Once you agree on repayment terms and sign the contracts, within hours the funds you need are in your bank. The rest is up to you. Just take the time to research any capital funding company you consider so you know you will get the type of money you need with a company you like. For example, by looking up Mantis Funding, you can see how they have worked with people in the past when a problem arose.

How New Regulations Can Lead Small Businesses to Need a Capital Funding Company

When you decided to open a home daycare business, you did it because you understand how difficult it is for parents to find reliable and decent people to watch their children. Now that yours are out of the house, you decided this would be the perfect business for you.

Your home is already set up for children and you raised your own. They turned out fine and you love kids. You also realized that you can charge a rate that families can afford.

You marketed your business in places like your church and your village’s community center and within no time you had the maximum number of children you would take. You want to be sure they could all get the attention they need and that you could handle.

You also like to take the children on little trips like to the zoo or a children’s museum, with parental consent of course.

You have a car that can handle the number of children you watch, and you also have the required car seats for the children to make it easier on the parents. All of this is included in the fees you charge. But then your state decided that different car seats were required for younger children. Now you have a dilemma.

Pass the Cost On or Cover It Yourself?
When these parents signed up with you part of the deal was that you supplied the car seats. It makes it easier for the parents and also for you because you can leave them set up in your car. But this new regulation would increase your costs and you have to get the new car seats quickly in order to comply.

If you pass the cost on to the parents, it would be difficult to do because it is a one-time expense and it was included in your fee. The problem is you don’t have sufficient cash on hand to purchase the number of seats you need, and you have to have additional seats for new clients as the children age and no longer need your services.

How can you find the funds for this one-time expense? Here is where a company similar to Mantis Funding can help.

Capital Funding Companies.
What you need is a small loan and a Mantis Funding cash advance would give you just that. Mantis Funding reviews your revenue stream and other factors and uses that information to determine how much they could offer you and at what interest rate. If you both agree on those terms, they will then work out a flexible repayment plan.

Once the contracts are signed, within hours the funds can be in your account and your dilemma is solved. If you want to know what type of customer service a company offers prior to signing your contract, make sure you look up something like Mantis Funding complaints prior to reaching out to a capital funding company.