Not all alternative lending companies are created equal. Non-traditional financing programs aren’t created equal either. When it comes to financing your businesses with non-traditional lending, it is important that you choose a reputable firm with ethical and clear terms on lending agreements. Our firm, RJ Funding Services (Rafter J Funding Services) has a number of lending programs suited to small businesses and large corporations alike. From Merchant Cash Advances (MCAs) to private money and venture capital, we have non-traditional lending programs for almost any kind and size of business. Since we are committed to helping educate entrepreneurs on their many financial options, following are three ways you can avoid common lending mistakes.
Research Your Lender
Before entering into any kind of financial agreement, you should research your alternative lending source carefully. Consider asking about any certifications and professional affiliations that your broker or firm might have. It is wise to check to see if the company you choose is accredited by the Better Business Bureau and to read any reviews left by former clients. As a firm with an A+ BBB rating, our team at RJ Funding Services can tell you the rigorous process of applying for and maintaining a good standing with the BBB.
Learn About All Your Options
More than likely, the alternative lending firm you choose has multiple offerings for non-traditional lending. Perhaps when researching your options, you only knew of one or two programs that could be of assistance. Fortunately, there are many kinds of alternative funding programs that could help you that you might not know about. A simple search on the Internet could teach you about many kinds of offerings that might help you meet your business needs. When it comes to making financial decisions, knowledge is power.
Take Time to Read All Paperwork
Once you have chosen a lender and selected an alternative financing offering, it is important that you read any paperwork that pertains to your funding very thoroughly. While most alternative financing firms strive to be as ethical and transparent as possible, miscommunications can still occur. By reading all necessary paperwork thoroughly, you create an opportunity to eliminate elements of your lending agreement that could come as a surprise later. It’s also an opportunity to ask questions if needed.
For more help when it comes to determining your lending needs, call Rafter J Funding Services at (325) 942-8685 to speak with a friendly member of our team.