Business Loans: The Backbone of a Prosperous Business
With a grand total of 24,653,098 small businesses across the country, small businesses are clearly a big part of the United States. According to the Global entrepreneurial monitor (GEM), "There is a strong correlation between national economic growth and the level of national entrepreneurial activity in prior years." That being said, the need for business loans in the U.S. is also huge.
In Chief Executive Magazine's annual polling, CEOs ranked Texas, Nevada, and North Carolina, respectively, the best states to do business in, based on taxation and regulation, workforce quality, and living environment; while California, New York, and Michigan were ranked the worst states to do business in.
But whether your business is in California, New York or any of the many states in between, most small business owners are aware that a business loan can get a business moving and flourishing, especially in states with high taxes. Unfortunately, this can also make the demand for a business loan very high.
The best alternative to a business loan is a business cash advance, often referred to as an unsecured business loan. A business cash advance is considered an unsecured business loan because it is approved based on a business' monthly credit card sales rather than the owner's collateral, making a business cash advance easier for a small business owner to get than a business loan.
What is it?
A business cash advance is a purchase of a business' future credit card sales. After reviewing documentation of your previous four months of credit card sales, we will have a fairly accurate estimate of your business' level of productivity. Based on these numbers, one of our experts will determine how much you will be approved for, this will be a number that, we feel you will be able to repay without feeling the usual sting of a traditional business loan repayment.
Your repayment will be collected as a small percentage taken from your daily credit card sales. Ideally, your business cash advance will help your business' sales to increase; making you eligible for an even larger business cash advance renewal once 60 percent of your initial cash advance has been repaid.
How can I get it?
Two find out if you qualify for a business cash advance, ask yourself these three simple questions: Has my business been operating for at least four months? Does my business accept credit cards? Does my business process a minimum of $2,500 per month in credit card sales?
If you answered yes to these questions, all you have to do is fill out our short online application and send us documentation of the last four months of your business' credit card sales, and our specialists will do the rest.
Why is it better than a business loan?
Anyone who's ever applied for any type of loan through a bank, or even knows someone who has, is aware that the process is long and sometimes very strenuous. There is an excessive amount of stress placed on the person applying for the loan, who has to worry about presenting an excellent pitch to the loan officer and wonder whether or not he/she will be approved. But it doesn't stop there. If the loan is approved he/she is bombarded with interest rates and may have to struggle to make monthly payments on the loan.
On the other hand, a business cash advance requires no collateral, no fixed payments, and you could still be approved even if you have bad credit.
Who benefits?
The dedicated and motivated retail store owner who wants to expand his business, the innovative and resourceful car service owner who wants to increase her shop's advertising; in other words, any small business owner can benefit from a business cash advance. But your customers, who will receive better services and an overall improved customer experience can also benefit from your business cash advance. And what business owner doesn't want happy customers?
