The Real Cost of Waiting for Traditional Business Financing
The Real Cost of Waiting for Traditional Business Financing
Businesses need to act on opportunities when they arise. A supplier offers a deal on inventory, 40% off if paid within the week. A competitor's lease is ending, and their spot is coming up for rent. Equipment is going on sale, and the clearance ends Friday. Opportunities arise, and they require that decisions be made quickly and money be available even more quickly.
Traditional financing through a bank takes weeks, if not months. Fill out an application, have it reviewed, submit to a committee for approval, gather documentation, gather more documentation, wait for final approval. The lower interest rate than other sources might be great, but what's the use of cheap money when it comes in too late?
Business professionals think abou...