Additional finance needed for the company? See alternatives to a bank loan if you can not count on this form of financing.
Most of the people who run their own businesses often use an additional source of financing. However, not everyone has the opportunity to obtain a company loan or a revolving loan through a bank. Then you need to look for a different way to obtain additional finance for the company, which is an alternative to a bank loan.
Why do we need access to extra cash when running our own company? Because your own business very often involves unpaid expenditures or costs that you must incur. We receive non-regular income, one month they are larger and another smaller. In addition, revenues from our contractors are not regular. One issue an invoice with a 7-day payment period, and another with a much longer one. A completely separate issue is the delay in payments from our clients. Our clients do not always pay on time and may be late with payment, worse that we must timely pay tax or social security contributions. That is why it is very helpful to have additional financial resources in such situations. If you do not own funds then access to additional finance in the form of a revolving limit for companies. We can obtain such additional funds through the bank in which we have a company account. Of course, in order to get it, we must have a good enough ability and credit history. What, however, if we do not have it?
If we can not obtain additional financing for the company through the bank, we can look for alternative methods of obtaining cash for the company. Currently on the non-bank loan market, there are a number of companies that allow you to get a loan or a loan for self-employed people. However, it must be known that costs in some of these companies may be higher than in the case of traditional corporate loans that we get in the bank. Loan companies generally have higher costs, so in the case of corporate loans it can be very similar. That is why it is so important to conduct a loan cost analysis before signing a loan agreement. We can carry out such a preliminary simulation before applying for a loan. Every self-respecting company that grants corporate loans has on its website a calculator with which we can calculate the costs of such a loan. All you have to do is enter the amount of the loan and the repayment period, and the loan installment and its cost will appear next to you. On this basis, we can compare several different offers that we can find on the Internet.
Below we have collected a few ready-made proposals of companies that allow you to raise additional cash for people running a business. We decided to mention only the most-tested ones, which should not expose you to any large costs.
Aasa is closer to business as a loan for business development of up to PLN 20,000. It can be granted from the first day of the company’s operation. All formalities are dealt with online and the contract is signed in the presence of a courier.
We can also obtain additional finances for the company through Lapuda Cash, especially if we have debts which prevent us from obtaining a loan with the help of a bank. The company provides loans with a guarantee of up to PLN 25,000.
Aforti Finance is a non-bank loan for companies, for which the loan can amount up to 150,000 PLN. The company guarantees quick decision on granting a company loan, even within one hour from the moment of submitting the application.
Iwoca is a company that allows obtaining non-bank financing of up to PLN 150,000 with a short repayment period, which can be up to 12 months. The company guarantees transparent rules, instant decision and in the case of acceptance of the application – funds on the account within 48 hours.
The next non-bank alternative to a bank loan is Credit market. A loan for entrepreneurs running a one-man business, in the amount of up to PLN 50,000 granted for any purpose, with a convenient capital repayment system.
We also obtain a corporate loan through the Prominent company, well-known on the domestic loan market for over 20 years. We can get loans up to PLN 15,000 for the execution of business plans. We can also use it to pay rent, rent or pay ZUS fees.
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