How to Set Yourself Up for Success: Securing Additional Financing
In today’s fast-paced business world, securing additional funding, or a renewal, is essential for growth and scaling operations. Whether it’s expanding your team, investing in new technology, or increasing marketing efforts, having access to more capital can be a game changer. Proper planning and financial management can greatly improve your chances of obtaining additional business financing from any funder. Here are just a few ways to help set up your business for continued success with Forward.
Stay Engaged and Transparent with Us
- Open Communication and Navigating Payment Issues – Running a business can be unpredictable, and financial hurdles can arise unexpectedly. When you face payment difficulties, it’s essential to communicate early with our support team. This might include temporary adjustments to your payments or other accommodations that can keep your account in good standing.
- Engagement and Renewal Assessments – When it’s time to renew or apply for additional financing, a primary factor we consider is your level of engagement. Staying engaged demonstrates commitment and transparency—two key elements that positively influence renewal decisions.
Ensure Your Revenue Levels Support Additional Financing
- Revenue and Affordability – Your business revenue is crucial in determining your eligibility for additional financing. Our team would like to see your business generate sufficient income to comfortably support the new funding, especially alongside your existing obligations. Before seeking additional funding, make sure your revenue levels are steady and can handle the added cost.
- Consideration of Stacking with Other Financing – Obtaining financing from multiple sources (known as stacking) can affect your ability to secure additional funding, as multiple obligations can be overly burdensome. Before applying, carefully review your current commitments and evaluate whether your business can handle the combined payments. Transparency about any other obligations is essential in maintaining a strong relationship with our team at Forward.
- Postponement as a Strategic Option – In some cases, postponement can be a smart move when seeking additional financing. If it is too early in your current advance, we may suggest deferment to alleviate cash flow pressure and provide more room for growth before taking on additional obligations.
Maintain Financial Responsibility across Your Credit Profile
- Strong Credit Indicators and Payment History – Your credit profile and payment history are critical in the renewal process. Our team will look for signs of financial stability, which is often demonstrated through timely payments and consistent communication. Being financially responsible comes with significant rewards. Businesses that consistently make timely payments, maintain strong revenue, and engage openly with our support teams can often secure better terms for future funding.
Ready for More Funding?
If you’re interested in applying for a renewal, now is the time to start preparing. Engage with our representatives, ensure your revenue can support additional financing, and maintain strong credit indicators across your profile. If you’re a Forward customer, with at least 50% paid on your current round of funding, please contact your dedicated Account Executive. If you’ve worked with Forward before, but forget who your Account Executive is, simply email getstarted@forwardfinancing.com, and we’ll work to get you a decision within a few hours!