A Brief Overview of Business and Jobs
For the Month of January
- Businesses that have fewer than 50 employees lost 12,000 workers.
- Companies in the 50 to 499 employee range added a net of 9,000 jobs.
These statistics paint a picture of an economy that still suffers from some affects of the recession but is also en route to recovery. Small business owners can take various avenues towards raising money to build up their businesses, hire new workers and be part of an economic recovery.
- Obama’s recent proposals, including a $5,000 per worker hiring tax credit
- View an outline of proposed tax credits for small business owners here.
- Business Cash Advance
- Get up to $500,000 in unsecured business funds and use the cash however you choose.
What is on Your Business Christmas Wish List?
This is the season when all good children are granted a Christmas wish. Wouldn’t it be great if we could all be granted a Christmas wish?
If you could get just one thing for your business, what would it be? Would you expand your location? Give your place a face lift? Catch up on old debt?
We all know that it isn’t magic that get’s those kids their presents. We also know that it doesn’t take magic to make your business plans come true.
For those who have been turned down for loans in the past it may seem like magic, but funding businesses is something that we do each and every day. With the money you receive from a business cash advance you can make most of your New Year’s business resolutions come true.
Forget the naughty and nice list; a cash advance can fund nearly every business that applies. Of course you need to meet some minimal qualifications, like;
- You need to own the business
- You need to process at least $2,500 in credit card sales each month for the past four months
There are no restrictions on how you spend the money. You can use it to really make a difference in the new year.
Go to the Merchant Resources website to learn more, or you can use the form to get a free/no obligation quote.
Oh, and happy holidays.
California Merchants Need Business Cash Advances
The L.A. Times recently reported that small business bankruptcies in California have risen 81% in the past year, ending on September 30. This is compared to only a 44% increase in small business bankruptcies nationwide
According to Brian Headd, an economist at the small business administration’s office of advocacy, as quoted in the L.A. Times, this is a result of shrinking credit lines, consumer spending cutbacks and banks wary of lending.
Therefore, small business owners that have access to business funds have a
better chance of keeping their doors open, and based on the aforementioned numbers, small business owners in California may be more in need of business cash advances than merchants in other states.
Since there are no restrictions on how merchants can use business cash advances, small business owners have the freedom to use their advances in a way that is beneficial to their business, decreasing the chances of business closure. They can use the money to pay for daily operating expenses, until sales pick up again. They can use the funds to increase advertising in order to bring in more customers. They can even use the funds to stock up on inventory, if low inventory is causing customers to shop elsewhere.
Don’t let your small business be a part of that dreary statistic when you can get a business cash advance.
Although the Economy is Picking Up, Many Still Can’t Get a Business Loan
There have been many positive reports recently about consumer confidence and consumer spending. Yet for some reason, the banks are still refusing to loan money. I can understand why they would be apprehensive about loaning to people with poor credit; but even business owners with excellent credit are being turned away.
What is happening right now is that many merchants are finding it difficult to capitalize on the increased consumer spending. Without working capital, merchants are finding it difficult to get new inventory to keep up with increased demand.
If you are having trouble getting a business loan even though you have good credit, or even if you have poor credit; a business cash advance can offer working capital even after being turned down by a bank. They are an easy and fast alternative to traditional lending that more and more business owners are turning to.
To learn more about this funding alternative, I invite you to visit www.cashprior.com. I suggest using the form to get a free quote. You cannot make an informed decision unless you are armed with facts.
MRI Releases List of Best Business Cash Advance Content
2009 was a difficult year for many small business owners. Bank lending continued to decline and small business owners across the country searched for alternative ways to finance their businesses. As the need for alternative business financing increased, merchant cash advance content spread like wildfire, in attempt to inform struggling small business owners about the easy-to-qualify-for and convenient method of securing business funds.
As a business cash advance provider that is completely absorbed in the education of small business owners about financing options, MRI has compiled a list of standout business cash advance content of 2009. Included in this list are, “What’s in Store for Your Business in 2009? A Business Cash Advance” found on Ezine, “Merchant Cash Advance Can Either Help or Hurt” by Chris Ronk, “Invest in Your Franchise” from the Business Cash Advance Loan Blog and “What Type of Business Cash Advance is Best for Me?” from our very own Cash Prior blog.
As the New Year rolls in, so will new content about business cash advances. Hopefully, next year’s information, articles and advice about business cash advances will be just as informative and helpful as this year’s.
Bank Lending Still Down
Despite constant efforts to increase small business access to bank funds, small business lending has continued to decline, according to CNN Money.
“The 22 banks that got the most help from the Treasury’s bailout programs cut their small business loan balances by a collective $10.5 billion over the past six months,” wrote Catherine Clifford. Also according to the article, Wells Fargo saw the biggest lending drop.
So what do all of these statistics, numbers and percentages mean? Small business owners still don’t have the access to bank loans and many of their businesses are still struggling.
Fortunately, the bank is not the only place for small business owners to turn to for business funds. Many merchants have already taken advantage of these options. Still, if more merchants were aware of bank loan alternatives and willing to use them, more businesses could be saved.
Yes, the bank is the traditional method of small business financing, but is an ineffective and possibly detrimental act worth continuing, simply for the sake of tradition? For centuries, writers, philosophers and many other prominent figures have attempted to reveal the futility of empty, misconstrued traditions. American poet T.S. Eliot said, “A tradition without intelligence is not worth having.” Novelist, William Somerset Maugham said, “Tradition is a guide, not a jailer.” And musician Gregg Hawkes said, “Traditions exist so we can go beyond them.”
The small business owners who have put tradition aside, realizing that using an alternative business funding method, such as a business cash advance is in the best interests of their businesses, have received up to $500,000 in unsecured business funds, a flexible and easy repayment method and continued access to business cash, with the opportunity to renew their business cash advances every three to four months.
Complete an online application today.
Why MRI is Better Than the Competition
High Approval Rate
Merchant Resources International has a 90% approval rate, meaning 90 percent of business owners that apply for a merchant cash advance with our company are approved.
Therefore, with MRI, you have an excellent chance of receiving the funds you need to finance your business.
Multiple Programs
MRI offers various merchant cash advance programs for small business owners to choose from. Merchants who do not qualify for the standard program may be able to receive a starter business cash advance, where they’ll receive a small advance that can increase with each renewal.
Merchants with credit scores of 650 or higher who qualify for a $50,000 may be eligible for the premium program, where they will receive the lowest rates in the industry and loan terms of up to 12 months.
Renewals
Once a merchant’s advance is 60% paid off, he/she automatically becomes eligible for renewal. Typically, merchants can renew their advances every three to four months. 87% of our customers take advantage of this opportunity, renewing at an average of four times each.
Because of this, we have developed trusting relationships with our customers and we look forward to building even more relationships and producing many more loyal and satisfied customers.
Better Business Bureau Support
MRI has been represented by the Better Business Bureau since 2005 and has an excellent rating.
The Better Business Bureau’s purpose is to act as a mutually trusted intermediary between consumers and businesses to resolve disputes, facilitate communication, and to provide information on ethical business practices. The bureau also identifies its key purposes as facilitating dispute resolution, publishing business reliability reports, providing consumer and business education, emphasizing the importance of truth in advertising, and charity review. Being supported by an administrative unit that holds such high standards reinforces the fact that Merchant Resources International is a friendly, moral, ethical company that wants the best for its customers.
Small Business News # 4
Unemployment Rate Reaches 10.2%
The Bureau of Labor Statistics reported that the U.S. unemployment rate reached 10.2% in October. According to news sources, this is the first time unemployment rates have passed 10% since the Great Depression, which began in October of 1929 and lasted at least a decade.
Business Credit Card Rate Hikes
According to Gerri Detweiler, a financial education expert and co-founder of the website BusinessCreditSuccess.com, business credit card issuers are cutting credit lines, raising interest rates and even closing accounts, as stated on All Business.
A bill that was recently passed to amend the Consumer Credit Protection Act is most likely to blame for this phenomenon. This law only protects consumer credit cards and according to various sources, credit card issuers are trying to make up for losses via business credit cards.
Some small business owners have been forced to close their credit cards while others have had their lines cut. Still, other options, such as the business cash advance, exist for effected small business owners.
Top Five Books on Amazon in Small Business and Entrepreneurship as of November 6, 2009
- Crush It!: Why NOW Is the Time to Cash In on Your Passion by Gary Vaynerchuk
- Getting Things Done: The Art of Stress-Free Productivity by David Allen
- The Five Dysfunctions of a Team: A Leadership Fable (J-B Lencioni Series) by Patrick Lencioni
- Good to Great: Why Some Companies Make the Leap… and Others Don’t by Jim Collins
- The 4-Hour Workweek: Escape 9-5, Live Anywhere, and Join the New Rich by Timothy Ferris
Renewing Your Business Cash Advance
The business cash advance is often considered the bank loan alternative because the minimal requirements make it easier to qualify for than most bank loans, allowing more merchants a chance to get cash for their businesses.
Still, there are other aspects that separate the business cash advance from the bank loan. For example, the fast funding process, the unrestricted usage, the flexible repayments and most importantly, the automatic renewal eligibility.
The business cash advance process doesn’t stop once a borrower repays his/her first advance, because after 60% of the advance is repaid, the merchant automatically becomes eligible to renew his/her advance. MRI can fund renewals in as little as 24 hours and merchants can renew their funds as many times as they wish.
With Merchant Resources International, your business should never be without funds. Use your business cash advance to make the necessary purchases that will increase your customers, sales and profit.
Business Budgeting
A budget is a plan specifying how resources, especially time or money, will be allocated or spent during a particular period (Encarta Dictionary). People use budgets when remodeling a house, throwing a party, planning a wedding and for living day-to-day life. However, as a business owner, having a budget is extremely important and can help you make sure your business stays above water.
“Creating a budget is not glamorous. But a budget can help you gauge profitability, manage costs, and easily spot red flags,” wrote Amy S. Choi in “How to Create a Budget.”
Some Important Budgeting Facts
- Create a new budget each year
- Don’t be adverse to changing your budget
- Don’t be afraid to refer to your budget
Creating a budget for business cash advance funds can also very beneficial. This can help small business owners determine how the funds will be used to improve the business and how much money will go towards certain projects.
More Business Budget Information
Why is Having a Budget Important for a Business?
