We live in a digital world. Our connected state has led us to look to the internet to take care of everything from shopping to education. For small business owners, the world wide web is a crucial tool for generating business. Not only can you have a website of your own, you can also place your business on search engines (Google, Bing, Yahoo), mobile applications (Yelp, Foursquare), and social media platforms. Indeed, the digital revolution has restructured the way you attract customers to your door. Furthermore, buying supplies, learning from fellow business owners, and keeping up-to-date on the latest industry trends can all be done with a click of a button. It has gotten to the point that we expect everything to be available to us online.
Getting a small business loan in the dark ages:
In the past, when looking for a loan, small business owners were forced to go to the bank. There, important hours would be spent as bank employees dove into business documents. The initial visit was just the tip of the iceberg, with SBA loans taking up to three months to process after being approved. For many small businesses, a three month wait means permanently closed doors.
That was then. Flash forward to present time: business owners have a number of online options to choose from, including a variety of financial solutions.
What does the future hold?
If we already have small business financing, why is the title of this article “The Future of Small Business Financing?” While it is true that alternative financing methods are currently available online, they are still in their infancy. Currently, these methods already cut the waiting period of applying, being approved, and receiving funding to a fraction of the time that your local bank would take. However, the process will only continue to improve. Imagine being able to secure funding the same day you apply and using that capital to seize great opportunities. Think what it would be like to not have to dig through years of paperwork for required documents only to be rejected. This dream is close to being a reality, but if you need business funding right now, you’re in the right place.
Small business owners can use Transfac’s financial services to go from application to funding within 48 hours. Our rapid process was a perfect match for the digital age. Transfac Capital has been financing small business owners nationwide since 1942. For 74 years, the company has been working with business owners to get them funding as quickly as possible.
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