Let’s consider a situation where:
The Great Recession has just hit the market, the world economy is shaking with its tremors, and many small and medium businesses are facing the wrath of this.
You are a young SME owner who is looking to save his business. Coincidentally, at the very moment, you get a very lucrative opportunity to expand your business to strengthen it.
However, due to a lack of funds, you approach a traditional channel for quick help. Due to the recent economic downturn, the banks demand various things like a good credit score and heavy collaterals. Unlikely, you don’t have either of them.
Hence, the bank without understanding your situation declines your application. You helplessly see that opportunity slip away and someone else takes advantage of that.
Now, think about the same situation in this decade and ask: Will this repeat again?
The answer to this question is, No!
When the Great Recession came, there were not many channels who provided funds. Alt-funding firms like Mantis Funding rose to the occasion and changed the way financial institutions worked.
They brought lucrative funding deals, which were tailor-made for small and medium-sized enterprises. The most important thing they did was, they provided funds quickly and efficiently and that too without the need of credit score or collateral!
They laid the foundation of criteria where the businessman has to ensure a good volume of sales was the base of approval. And, ensuring that the funding is provided soon as the application is approved. Besides in cases of emergency, they worked to provide funds in 24 hours!
Advantages They Offer
The biggest advantage is that they are quick and efficient. There is no hiding the fact that traditional channels take ages in verifying before rejecting your application. Alt-fin firms like Mantis Funding work with the sole aim of providing funds for the growth of SMEs.
For this reason, they don’t take credit score and collaterals into their criteria. The reason being that it is hard for an SME to maintain these two aspects while working out ways to tackle different situations. They look for your business model, how well your revenue stream is working, how good is your social behavior, etc which define your creditworthiness.
Mantis Funding reviews each and every with a broader perspective than that of traditional channels. Hence, they understand what the candidate needs.
How to Find the Best-Fit
With the increase in the number of firms, it is getting harder to pick the right firm that is the right match for a particular business or a businessman.
Moreover, the biggest strength of these firms is also their weakness. Yes, the flexible rules and regulations can be good enough for firms to trick you. So, how do you get to know them? Well, going for a face-to-face meeting is pretty fair and perhaps, the best thing you can do. However, while spending time online, try reading reviews on various forums and on alt-fin firm’s website. This will give you a wider perspective regarding the reputation of firms and their services.
Like that of Mantis Funding Reviews, they offer an insight into how much they value being a customer-centric funding group. Also, they tell you whether the firm’s executive was friendly or pushy.
Of course, you don’t want to get tricked and trapped as a businessman. Hence, it is better to check out different forums, look into the website to getter a wider view of things, and go with your gut feeling.