Beyond the challenges entrepreneurs face to get business loans, many feel limited by the options available for financing their business ventures. One in every five business owners describes the availability of business finance as poor, according to the BFS 2016 Global Business Monitor.
Further, funding a business is one of the top three concerns of business owners, with about one-quarter of those interviewed turning to commercial finance products to fund their companies.
Business owners take years to develop and grow their businesses and should take time to thoroughly evaluate who they partner with for business financing, considering the key advantages and disadvantages of the various solutions available. Whether to choose a traditional business loan or an alternative commercial financing solution like factoring or asset based lending is a critical decision for entrepreneurs. A good funding solution will provide the cash flow a business needs to support operations while including services that will help to enhance a business’s performance and productivity.
This is a major decision, so business owners are encouraged to do their research and put the financing company through a vetting process to determine if its solutions support the business’s long-term goals. Most business owners consider several suppliers in order to select the one that brings the desired characteristics of quality, service, and value to the table. It should be no different when looking for a trusted financing relationship for their business.
Ideal characteristics to look for in a business financing company include:
- A demonstrated commitment to building lasting client relationships. Seek a lender that believes in its clients' successes.
- Professionals who understand their clients' industries. These transactions can be complex, and some lenders differentiate themselves by working within select where they can specialize to create customized solutions.
- Added value. Some lenders go well beyond transactions to provide comprehensive support for their borrowers. This may include back office support, training or ancillary management help in areas that can make a company run leaner and more competitively.
Bibby Financial Services has representatives throughout the US who would like to learn more about your business, discuss our value proposition and customize a solution to help with your cash flow challenges. Contact us today at firstname.lastname@example.org or 877.882.4229.