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Dec 04, 2020
2 min read
Last update: May 16, 2024

The Top 7 Reasons to Choose an Alternative Financing Company for Business Funding

If you’ve ever applied for a loan with a bank, then chances are you know how time-consuming and stringent regulations are. The application process is long and tedious, the bank has to pull your credit score, and you’re required to provide collateral. There is however, a more convenient, easier, faster, and more flexible option known as Alternative Financing.

What Is Alternative Financing?

Alternative financing is quite literally an “alternative” to traditional bank loan products. Oftentimes, growing businesses and younger companies who haven’t been in business very long struggle to secure funding from traditional sources. They don’t meet the bank’s strict requirements or simply can’t wait for the lengthy approval process to be completed. Alternative financing helps small business owners and entrepreneurs get the capital they need for their growing businesses. With less regulations, less paperwork, and a lot of flexibility, alternative financing is an excellent option for small businesses.

Here are the top 7 reasons to choose an alternative financing company for business funding:

  • The Application Process is Simple

There is minimal paperwork to complete in order to apply and you can apply entirely online. At SBG Funding for example, we only require the completed 1-page application and business bank statements from the past 3 months.

  • Fast Approvals and Same-Day Funding

When you need business funding timing is everything. Unlike most banks, alternative financing companies provide fast approvals and even faster funding. Decisions usually take less than 24 hours and once you are approved, many companies offer same-day funding.

  • No Collateral Required

Alternative financing requires no collateral or personal guarantee, so you don’t have to worry about losing valuable assets.

  • No Minimum Credit Required

While banks require excellent credit scores for business loans, alternative financing companies understand that credit is only one piece of the puzzle. This allows businesses with bad credit and new or young businesses to access the funding they need to help them grow.

  • Applying Will Not Impact Your Credit Score

Submitting an application is free, it doesn’t affect your credit score, and there is no obligation to proceed once approved.

  • No Prepayment Penalties

We have products with no prepayment penalties.

  • It’s Flexible

Alternative lenders can create custom solutions specific to your business’s needs with flexible terms and repayment plans.

Learn More

At SBG Funding, we’re more than your traditional business financier. With us you’ll get a personalized financing solution, no matter the industry or business kind and despite your credit background. For more information about our funding products, email us at or send us a message here.

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