The article below was provided to JerseySmarts.com by one of our readers. It details how you might be able to access some capital if you have a small business that is looking for a loan. So, if you’re a small business owner please read through this information and be sure to check out the links throughout the article. Back to your regularly scheduled JerseySmarts.com programming later today. Enjoy!
Applying for a business loan can be a stressful process for some. Today, banks are being much tighter with their money, and are not taking as many risks, especially with small businesses. Being a small business is not an easy thing these days, so many taxes to pay, and if you are a restaurant, you have to deal the rising cost of food and gas. Business loans can be really helpful when you’re feeling the crunch, but the banks are just not as tolerant as they once were. If you have any dependencies on your credit report or a lower FICO score you may not have the opportunity to take out a loan from a traditional institution. If you are having problem finding funding there are other options out there to consider, and we are going to take a glimpse into them now.
A merchant cash advance is one way that you can avoid the complications of getting a loan from a bank. Getting a merchant cash advance is much less arduous than bank loan, but still has the sophistication and quality of service that you are looking for as a business owner. It’s understandable that to some business owners, independent institutions other than a bank might evoke some doubts, but there are actually many reputable companies out there looking to help you. But yes, they are looking for money, too! Taking your time to do some research will help, as with everything, knowledge is key to making the right decision. It would be wise to shop around and see what kind of loans are out there, and what kind of repayment plans are available, as every business will have different needs. Most merchant cash advances can go all the way up to $250,000 and maybe some up to $500,000.
Receiving a business cash advance can be as easy as filling out an online form and waiting to receive a call from a customer service representative. Many loans can be processed as quickly as 5 to 7 days from the day you first applied, receiving the money directly into your business or personal account. If you have problems with your credit, you have a great chance of getting a merchant cash advance, because although they may technically take a look at your credit history, their decision is usually mainly based on the sales of your store.
So if you’re having problems receiving a traditional loan for your business, start looking up some different options. Sometimes you would be quite surprised with the level of quality service you can get from thinking outside of the box. Start by doing some research and see if this could be a possible option to help you out, whether you are having financial problems you need to take care of, need to make improvements to your already open business, or need funds to help with advertising this loan will help you accomplish any of those things.