Woman-owned and veteran-owned businesses are often eligible for some assistance when it comes to
business funding from conventional lenders but many entrepreneurs who need business funding who are often denied. Fortunately, alternative lending programs can be of benefit to small business owners, including women, veterans, and minority groups. RJ Funding Services (also known as Rafter J Funding Services) is an alternative business funding firm that offers lending programs like Merchant Cash Advances (MCAs), purchase order financing, and asset-based lending.
The Financial Stress of Business
Owning a business is a goal for many people. More importantly, though, is successful business ownership. Sometimes a small cash crunch can throw a wrench in a business’s operations, and once production falls behind, so does revenue. Catching up after a financial strain is very difficult and resuming operations as normal might require applying for and receiving business funding to tide you over during a difficult time.
Unfortunately, being denied access to funding can hurt many small business owners, especially those who belong to communities that would benefit from local economic growth. The rigid nature of traditional lending requirements can leave woman-owned and veteran-owned business owners out in the cold. Alternative lending, on the other hand, does not have to adhere to as strict of requirements. This is because non-traditional lenders focus on other criteria to measure a business’s ability to repay. For example, a conventional lender might focus on credit scores while an alternative funding firm might focus more on the amount of receivables a company brings in or the worth of its assets.
How Alternative Lending Can Help Small Business Owners
Alternative lending programs can provide funds for specific things. For example, a person could apply for business acquisition funding to purchase an existing business. The funds released in this type of program are only used for the acquisition of an existing business. Other programs may involve leveraging other forms of capital for funding, such as the value of existing assets or incoming receivables.
If you operate a woman-, veteran-, or minority-owned business and are curious about non-traditional business funding, give our team at RJ Funding Services a call at (325) 942-8685.