Are looking to grow your business and need financial assistance to get to the next step? Developing a positive relationship with the right financial lender can be a vital asset to ensuring the future wealth and development of your company. With many options at hand, the choice between public versus private assistance can sometimes be confusing for owners. While both have a unique set of benefits to offer businesses, many enjoy the freedom and flexibility offered by private lenders. Learn more about the benefits of a private partnership below!
Financing Is Not “One Size Fits All”
Oftentimes, it can be frustrating for business owners with unique needs to gain support from banks, who tend to adhere to a more traditional and rigid qualifying process. If you’re seeking assistance that is more flexible and is able to be customized to your needs directly, private lenders often have the ability to cater more directly to individual clients than lenders in the public sector.
Private Doesn’t Necessarily Mean More Expensive
One aspect that may give uninformed owners a point of hesitation when it comes to approaching a private lender is the misconception that the cost is higher. The reality is, each loan and deal varies dependent on the need of the client, and is customized to be as mutually beneficial as possible. While your initial interest rate may be higher, your overall loan period may be significantly shorter than those offered by banks, meaning that you save more in the long run.
One of the biggest appeals to working outside of the public sector is the speed with which you can get started on your deal. With less hoops to jump through, private lenders can often grant approvals in as little as 24-48 hrs as opposed to the weeks you may wait to hear back from your bank. If you need money fast, private may be the way to go.
About Current Financial
Current Financial is a private, asset focused lender. Built by entrepreneurs, we understand the unique challenges and needs of today’s business owners. Our team of experts strives to provide exceptional service and solutions that make a difference. With plenty of custom options available, we’re here to help you find the capital you need! Contact us now to learn more!