Get an incremental business loan by funding in smaller weekly parts totaling the same amount. This is an excellent solution when your business does not qualify for larger business loans it may need.
Incremental business loan
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Smaller Weekly Funding.
Your business did not qualify for a large business loan. But it DOES qualify for a much smaller loan. Get several chunks of the smaller amount over several weeks from the same lender totaling the larger amount. Another strategy is to get multiple loan parts from different lenders.
Your $25,000 business loan request was denied. You may qualify for $5,000 or $10,000, but need $25K. So what can you do?
With an incremental business loan, you would be approved for $5,000 deposited weekly for 5 weeks, and deposits continue with timely repayments. $5,000 is deposited into your business checking account for a total of $25,000.
With a good repayment history, your business should qualify for a renewal, including higher amounts.
Why less money is better
Your business applied for $50,000, was declined, and therefore received nothing. Getting $10,000 per week for 5 weeks equals $50,000. Wait just 5 weeks to get $50,000 and pay a small price to get the money your business needs.
Smaller funding is a lower risk to your business’s ability to repay. Repayment challenges are easier to handle with weekly funding and negotiations similarly are easier when less money is involved.
A $50,000 business loan may have a total repayment of $65,000. A loan workout on a $35,000 debt is much harder than on a $4,000 debt.
Establishing a borrowing relationship helps your business far into the future. Your business now has an existing source from which to borrow from anytime down the road. Keep relationships active even if there isn’t constant borrowing. Don’t close a paid off account or let the status become dormant.
Your business can likely borrow higher amounts later.
FAQ: How to get incremental business funding:
What is an incremental business loan?
A business loan in small equal batches over a longer term that totals a larger amount instead of trying to get approved for the larger amount upfront.
Why is this good?
It is much easier to qualify for lower amounts than higher amounts. Funding in 10 equal parts means many more businesses, including yours, may qualify. A business only needs to qualify for a fraction of the total amount to get the same amount of money.
What if my business needs the full amount upfront?
Use work around solutions such as spending the money over a longer term. Many businesses do not need to spend the entire amount immediately. Negotiating with contractors or vendors to pay them in weekly segments for several weeks is another option.
The best part of an incremental business loan is that your business can get the entire amount it needs instead of nothing, or much less. Get $25,000 over 5 weeks rather than nothing at all.
With advance notice, many businesses can change their spending and payment schedules to make this work. Take advantage of this unique business funding option today!