You Just Might Need a Merchant Cash Advance

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News of tightened bank lending standards is abundant.  The truth is, getting a bank business loan is hard and the fact that so many small business owners need them doesn’t make it any easier.  If you don’t believe us, take it from the slew of journalists who write on the topic every day.  Take a look at the following quotes from various media outlets regarding bank lending, just in the past few months.  You might be surprised.

1. Entrepreneur – Karin Price Mueller

“Money might be available thanks to stimulus spending, but that doesn’t mean it’s easy to get.  The [banks] have tightened their lending policies, and it is more difficult for an entrepreneur to get financing,” says Velda Eugenias, a certified financial planner with Eugenias Advisory Group in Gadsden, Ala. “It is causing the small-business owner to have to get creative with finding sources of capital.”

2. AllBusiness.com – Susan Konig

“If you’re looking to get financing for your small business in today’s economy, you may have noticed it’s not easy. Despite a multibillion-dollar government bailout, banks are still feeling the effects of the subprime-lending crisis that peaked last year and nearly buried the industry.”

3. Marcy Gordin – Associated Press

“Banks, meanwhile, have tightened their lending standards. U.S. bank lending last year posted its steepest drop since World War II, with the volume of loans falling $587.3 billion, or 7.5 percent, from 2008, the FDIC reported recently.”

4. L.A. Times – Sharon Bernstein

“Data from the Small Business Administration show that despite an uptick toward the end of the year, banks in 2009 made only a third as many SBA-backed loans as they did in 2007.

Even though President Obama has asked Congress to provide $30 billion for banks to lend to small businesses, experts and many in the banking industry shake their heads in doubt.”

5. Darrell A. Hughes – Wall Street Journal.

“The U.S. Treasury Department is concerned the steady pace of bank failures could keep many small businesses from gaining access to new credit as the economy rebounds and companies seek to expand.”

Though the state of bank lending may not be where small business owners wish, there are other options, such as the merchant cash advance, allowing merchants to get up to $500,000 for their businesses, simply by meeting a few simple requirements.  Get a free online quote here.