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The United Capital Source Business Journal

The numbers are in: Younger business owners are most likely to apply for small business loans but older business owners are most likely to be approved and receive funding.

Innovation is key for specialty restaurants or, as they might as well be known in 2017, “restaurants.” In the past, customers gravitated towards more eclectic menus but with so many new businesses popping up and left and right, standing out has become more important than attempting to satisfy larger demographics. And standing out is an ongoing, seemingly endless endeavor.

You’d be hard-pressed to find a transition from an online business to a brick-and-mortar store that went smoothly. The business owner has no idea how the new store will be received and therefore cannot fully prepare for the new demands that will ensue. Critical information such as the amount of products that need to be produced by a certain time or the amount of staff members that are needed on a day-to-day basis is largely unknown until the first few months of business have passed.

Growing a small business isn’t as simple as funding a few large investments geared towards increasing demand. You might have obtained your new property, new staff members, or new inventory, but who says the business will immediately know how to handle this new level of demand or take productivity to unprecedented heights?

Companies like United Capital Source are far more generous than banks in regards to the business financing approval process because they can tell when a business has what it takes to succeed. Rather than simply judging small business loan applicants by their net worth and credit score, alternative business funding companies assess the potential borrower’s experience and proven track record. The potential borrower must not only have earned steady revenue over a considerable period of time but know exactly what is required to reach even bigger goals as well.

Companies that take out small business loans are hungry for change, and not on a small scale. They want to enhance their reputations, increase productivity, streamline operations, and ultimately prepare themselves for a higher level of competition. The investment that led them to additional funding is hoped to inspire a series of internal changes that make the company less prone to error. What some borrowers fail to notice is that these changes must begin well before funding is distributed.