Micro businesses and small businesses face different challenges when they need small amounts of capital funding. Many factors can cause them to need just a few thousand dollars to be able to get by in slow or hard times. Many factors can cause a small business to need additional funding for the short-term and a bank is not always willing to accept the risk. Banks look at different variables when they review a loan application. Small businesses, especially those that haven’t been in business for very long, don’t always meet the strict standards that banks require.
For one thing, their track record may not be long enough for the bank to decide to accept the risk. The amount of funding needed and the reason it is needed may not meet their requirements. For whatever reason, a small business may not be able to get a loan from a bank and if they can, the review and approval process may take too long. This may cause the small business to have to close its doors while waiting for the funds.
What Is Good News?
The good news for a small business is that there exists what is called a capital funding company. These companies, like Mantis funding, specialize in helping micro and small businesses get the funds they need when they are having a rough time. If you contact them you could be eligible for a Mantis funding cash advance. This is what funding companies do.
Mantis funding reviews multiple aspects of your business. Unlike banks, they are less concerned about your credit score and more concerned about your business, its revenue, and what you do with that revenue. Their determination of risk is more concerned with you, as a business owner, being able to pay back the loan based on your track record since your business opened.
Fortunately, they will even fund you if your business hasn’t even been open for a year. Just make sure to look up any Mantis funding complaints to ensure you like how they deal with issues before you sign a contract with them.
How Do They Decide?
First, they will look at your business. What you do is as important as how you do it. If you have a business that is viable and has a product or service that promises to be in demand, you will have passed the first hurdle. They will also review your business model to ensure it is viable. Then they look at the revenue stream you have had since you started your business.
Did it grow? Did it remain stable? Does it fluctuate from day to day or month to month and if so, what is the fluctuation like? All businesses have fluctuations in revenue but if they are wild fluctuations it could either affect whether you get the loan or the repayment terms you are offered. Either way, once you are accepted and the contracts are signed, you will have the needed funds in your account within hours.