How a Startup Line of Credit can Help Your Business Thrive

Updated: Jun 17, 2021

Every entrepreneur knows how difficult it can be to start or buy a business. But securing business funding for a startup can be just as challenging as developing a business plan or finding the perfect business to buy. Opening a business line of credit is a great solution, but small businesses need their ways to secure business funding. Here’s how we at Financial Funding Networks turned an early-career failure into success stories for funding businesses all over the United States of America.

A Common Startup Hiccup: Getting Funded

Back when I set out to break into the world of business ownership, I experienced firsthand how challenging securing business funding can be. The owner of the shoe repair shop where I worked at the time told me he wanted to sell his shop. If I wanted to buy it, it was mine – I just needed to pay in cash. It was a good prospect; it had been in business for decades and had a strong client base. I had a background in that business, but as a new entrepreneur, I didn’t have the cash to buy it.

So, I applied for a small business loan at the bank. It was a small loan in the grand scheme of things -- $120,000 or so. When they told me I didn’t qualify, it felt like they were shutting the door on my dream.

I was a good candidate, as many entrepreneurs are. But I needed outstanding credit and a sizeable down payment to qualify for funding. That’s because banks have strict requirements for small business loan applicants, even for applicants with good credit. The applicant has to pitch their idea and submit a business plan. They have to know their business inside and out to convince the bank to bet on their success.

It’s a hard process and often ends in rejection, just like what happened to me.

Looking back, I wish there had been alternative funding programs for startups. Maybe there were and I just wasn’t aware of them. Like many entrepreneurs, I didn’t have a background in finance and didn’t know all my funding options. I’d run into a common problem. This observation from my business mentor has stuck with me ever since:

“Sometimes we as business owners don’t know how to raise financial funding for a new business or an existing business.”

That certainly applied to me. I didn’t know how to raise capital funding. All I knew about were banks and SBA loans, which didn’t work for me. If I’d known a financial consultant who could help me through alternative avenues and given specific advice for my situation, maybe my first attempt to own a business would have turned out differently.

Turning Rejection Into a Success Story

Today at my financial firm Financial Funding Networks LLC, I help business owners, entrepreneurs, and investors secure the funding they need for their businesses.

Business owners often run into issues getting funding from banks. But at Financial Funding Networks, helping you secure funding for your startup is our specialty.

We use our financial expertise, up-to-date financial tools, and strive to provide outstanding customer service to give small businesses financial control of their finances. We help business owners transform their businesses by improving cash flow, lessening risk with low-cost capital funding, and the power to grow their business to its fullest potential.

Partnered with a network of underwriters, we offer loans from $10,000 up to $100,000 regularly. We help business owners with good credit – or a cosigner with good credit – get funded. This gives small and medium businesses the liquid cash they need to handle the ebbs and flows of everyday business.

We’re committed to helping business owners and entrepreneurs make their dreams happen every single day. We call this a “startup line of credit.”

How a Business Line of Credit Can Help You

Small businesses need more flexible funding than large businesses do.

Here’s how we give businesses the control and flexibility they need to succeed:

  • Full pre-payment benefits with no penalty or fee. We apply a daily interest rate to your outstanding balance. That means if you pay your loan back in full on day 63, you only pay for 63 days’ worth of interest.

  • We re-amortize. Every time a customer draws on a loan, they stay on the same payment schedule – as all lines of credit should do. And each time you draw additional funds, we give the full balance an extra term to pay it back in full.

  • Quick replenishing line. Because the majority of each payment goes to the principal, many owners can easily use 150%+ of the line within the first year simply by drawing and making minimum payments as they go.

  • Zero-interest for up to 21 months. This gives the owner more flexibility in how the funds are used.

If you’re looking to buy or start a small business and are having trouble getting funding, contact us. At Financial Funding Networks, we give business entrepreneurs the leg up they need to succeed.

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