In the last couple of years, a lot’s been made about the failure of “traditional” financial institutions, like banks, to meet the capital needs of small businesses, especially as a means of helping to keep them afloat during the toughest economy of our lifetime. There has also been the implication that small business lending would at some point be back to what it once was. But, that hasn’t happened yet, at least to pre-recession levels.
Be that as it may, there’s a bigger story here. There has been an increase in “non-traditional” sources that have made it their business to help meet the specific capital needs of small businesses of all shapes and sizes. Without them, the small business story in the U.S. would likely be written quite differently.
We should know. Our company, BFS Capital, is one of these “non-traditional” lenders. But, the BFS commitment to small businesses is so strong, we don’t consider ourselves non-traditional anymore. In fact, looking over the entire small business lending landscape, the lines between traditional and non-traditional sources are increasingly blurred.
Although BFS committed to small businesses over a decade ago, we recently reinforced that commitment with a new $82 million line of credit from Wells Fargo Capital Finance. This strengthens and expands our ability to provide capital to small and medium-size businesses across the U.S. and through affiliates in Canada and the UK. By offering short-term business loans and merchant cash advances, we’re able to help businesses with virtually any expense, from expansion or remodeling to purchasing much-needed equipment to maintaining cash flow during business fluctuations.
We hear from our small business customers time and time again that we’ve been there for them with quick funding (as little as five business days after approval) when they needed it most, whether to take advantage of a terrific opportunity or to meet a challenge or problem that required immediate action. BFS has the capacity to provide capital in amounts that range from $4,000 to $1 million.
We’ve made the entire financing process as easy as possible for small business owners. Repayment is typically made through daily, automatic payments. For small business loans, it’s typically a daily fixed amount, although that could also be weekly. For a merchant cash advance, repayment is likely a fixed percentage from their credit card batches, made automatically. And all it takes to get started is a simple application.
Your small business has real business needs. We offer real financial solutions.
Give us a call at 866-905-4334 or click here to start growing your business – your way!