Financing is a never-ending process. The moment you think that you have sufficient funds is the exact moment you will seek a financier to fulfill your uncertain quest for growth or expansion.
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Given the market’s jam-packed scenario, it is quintessential to have backing from a financier. In case you fail to get it, the consequences like debt, poor credit score, and substantial loss of collaterals are inevitable. Going with the same declining trend, it is easy to assume that traditional financiers will be the first to discard your application. Due to their standard regulations, it will be hard for them to understand your situation. For them, your high credit score and lucrative collateral is the right measure of your worthiness. Pretty damping to hear, but, it’s true!
However, the inception and the unprecedented rise of alternative financial institutions have changed the scenario in favor of small and medium businesses. Firms like Mantis Funding are constantly working to upscale their operations in order to help more SME owners. For them the motive is simple: Help the country’s economy grow by strengthening the country’s economical backbone. Something that traditional channels couldn’t understand and master regarding small and medium businesses.
Nonetheless, here are a few points that assert the case why SMEs should work alt-financing firm:
● They Fulfill Your Requirements by Providing Exact Funds
It is fair to say that alt-financing stands for customizable financing. Firms like Mantis Funding have devised their procedures in such a way that they fulfill their applicant’s expectations by delivering exact funds. They understand that every business, of varying levels, have their own set of requirements. These can range from a sudden hike in payrolls to buying new equipment to upgrade their business. This is the reason why they never measure or prepare their offers in a standard manner. Their flexibility in timelines and cost structures is the reason which makes them a unique and exciting prospect to work with.
● Funding is Quick, Very Quick!
There is no messing about this fact! They believe that funds are quintessential for SME’s smooth operations. A slight delay can hamper an SME’s chance to grow or expand. This is the reason why they rely on their super AI/ML-powered systems and gateways to provide funds in a matter of 4-5 days. In case the requirement is very urgent, they ensure that the funds are deposited into the applicant’s account within 24 hours!
● Credit Score, Collateral, What?
Poor credit score and lack of substantial collateral is the reason why many SME owners are deprived of their basic right. As per regular norms, the lack of any of the above-mentioned factors means that the SME owner is not credit-worthy.
However, what if these factors are removed from the system? What if there is a new criterion to measure your creditworthiness?
Alt-fin firms like Mantis Funding have created a new bubble for SME owners. This bubble does not assess them on their credit score or collateral. As per Mantis Funding Reviews, the alt-fin services take a holistic approach to measure the creditworthiness of the SME owner. Transaction records, social behavior, business prospect, etc are now important.
In a nutshell, the success of any business depends on the usage of the funds. Yes, there are many advantages of working with alternative financial institutions but the real benefit of the funds lies within the SME owner’s capability to use it.