Whether you are in the market for business funding or not, there are always a lot of business funding sources and brokers out there trying to give you money. So how can you tell the best business funding sources from the rest? Unfortunately, the best way to learn anything is from experience, and since we’re talking about finding the best business funding sources, those learning experiences can be painful.
How to Know the Best Business Funding Sources
Thankfully, there are a few telltale signs you can look for that may give you some insight as to which is the best business funding source or broker for you to work with. This is a good opportunity to make an important point that may come as a surprise to many people. A lot of people feel that it’s better to work with a business funding source directly rather than working with a broker, but brokers can really add a lot of value to your transaction. Plus, contrary to popular belief, they do not always add unnecessary cost to your loan. You just have to find the right brokers.
Honesty and Setting Expectations
So back to finding the best business funding sources. The first thing you should look for is how they sound on the first phone call. You should be a little suspicious of anyone who sounds like they’re just telling you what you want to hear. Any company that sounds like they’re being honest and realistic with you is probably a good place to start.
Another thing to look out for is accessibility. Make a note of how difficult it is to get in touch with your account representative. If you can’t get them on the phone for more than a few hours, it’s a bad sign unless of course they were out of the office or something like that. If it’s that hard to reach them when they’re trying to sell you a loan, I wouldn’t expect the best customer service down the line once you’re a client.
Rates and Programs
This may seem obvious, but the best business funding sources should have a strong variety of programs to choose from. You don’t want to be stuck choosing between two of the same program. Similarly, they should be able to accommodate different types of businesses, different credit profiles, etc. And then of course, the best business funding sources should be able to offer you the lowest rates, or at least rates that are competitive with the rest of the market.
These are just a few things to look for or keep in mind when you are looking for the best business funding sources out there. At Small Business Loan Options, we make sure that we only have good and reputable funding sources in our network so we can weed out some of the bad seeds for you. Fill out the Apply Now form to get in touch with some of them!