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Four Steps to Successful Small Business Financing via Alternative Credit Score

Small business financing can be one of the most important, yet most difficult needs to manage. The barrier is usually a low credit score which minimizes the chances of legacy banks supporting your business. There are alternative ways to measure your ability to repay the loan even when your score falls below an acceptable level for traditional lenders. These alternative methods require a record of your past payment records, bank statements, and the expected business cash flow. These few steps usually determine the actual loan that reflects the business' future growth rate minus the risks.

The first step to small business financing is a cash flow analysis. This involves not only the evaluation of your banking statements in the last six to twelve months, but also calculations of credit loopholes for your enterprise. For instance, if the cash flow issue lie in fixing short-term problems, an analysis will offer a recommendation for seeking a loan that can have a long-term effect. The reason is to ensure that the next round of funding will not lead to further debt. The process also indicates whether the business can repay on its own future projected revenue.

The second step is to check your payment records to measure the repayment risk in case of business financing. These can range from any land liens that your enterprise sits on to the average time it takes to repay a creditor, using previous records. The lender can also evaluate the current working capital which reflects the liquidity of your company's assets less the liabilities. If these points are positive, you are more than likely to receive a line of credit or small business loan from an alternative lender.

The third point is to determine an appropriate financial model that suits your business. Unlike a commercial loan, a non-traditional form of funding is often repaid on a continuous basis, dependent on incoming sales payments. The amount of the loan or line of credit is determined by perceived future financial need as well as a business’s ability to reliably pay on time. This is after a review of the company's assets, past payments, and other cash needs to predict future necessities.

Finally, if the business financing need coincides with the tax season, you can request for auditing to see if you may get deductions. Near-bankrupt companies filing their taxes may have access to tax relief. If the calculations show results of high financial strain, the company can file with the tax agency to receive such aid. Our team at Quick Fi Capital often guides you on how to include any interest you have paid to your creditors over the past year as expenditures.

If you are looking for small business loans to finance your company, you can start with a lending agency like Quick Fi Capital that uses alternative credit scores. Our process ensures that much of the information comes from your transactional, remissions and performance records rather than your credit score alone. With this data you not only get funding that reflects your true financial outlook, but get recommendations for fixing financial problems.


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