The world is changing and a traditional business bank loan is not the only kid on the block. What about a cash loan? The money is the same green and in many ways better than a traditional bank loan. Let’s face it folks this economic climate is tough and money is tight. It doesn’t mean that your business stops needing money for you to expand or perhaps maintain. However, it does mean that you might have in order to cast your internet in different waters. Of course there is some being approved, but not nearly as much as with a traditional bank loan.
Even though you have been turned down previously for a traditional company loan, you may still qualify for a cash advance working capital. Why does one business fail and another business excel? Many time two businesses with an identical product or service might have different levels of success, and one may even fall short or go out of business. One cause this may happen, may be the amounts of working capital available for the business to get past the break-even point and continue to grow. This break-even point is different for various businesses. Usually the break-even stage is about three years prior to most business can realize some real profits from their initiatives.
Many businesses will open up their doors without enough foresight and working funds to sustain their business past the break-even stage. Having enough working capital is extremely critical to the success or failure of a business. Many occasions businesses may not be eligible for an a traditional bank loan, particularly if the business is less than 3 years old. So, how does a new business get the working capital needed to operate and grow?
There’s good news for businesses that meet certain qualifications. Businesses are able to take advantage of the new capital for retailers program that allows these to receive a cash advance up to $250,000 per places. Businesses can use this money to open a new location, remodel or expand a current location, or for whatever the business needs are. To qualify for the cash advance program is extremely easy.
Most businesses are approved if they meet the following qualifications:
The. A business must have been around for at least 2 years.
B. Have been accepting Credit and MasterCard for at least 1 year.
C. Have a monthly sales volume associated with $2,000 in Visa and MasterCard transactions.
Cash Advance vs Conventional Bank Loan
Why would a business want to get a cash advance rather than a traditional bank loan? As mentioned earlier, many business that have been running a business less than three years, may not qualify for a traditional financial loan. Even if a business qualifies for a bank loan, waiting for or approval time period can be long, three to four weeks or lengthier. In addition, a lot of paperwork is required, usually 2 yrs of income tax returns and/or fiscal reports. To qualify for a bank loan, the business would probably have to put up collateral as well as pay a closing cost. Interest rates, software fees, and/or start up fees would be required. In many cases, there would be hidden fees. To qualify for the bank loan, the business might usually need to have “A or even B” credit.
Benefits of the Cash Advance Program
What are the benefits of the cash advance program? It is “Not a Loan!” There is no interest rate to pay. The company does not need to have “A or even B” credit. The approval doesn’t depend upon credit. The authorization amount relates to the quantity of “future sales volume for the Visa and MasterCard transactions” which are expected. In addition, there is no need for the businesses to provide income tax statements or financial statements. There is no lengthy paperwork required to obtain the application process started.
Over a regular business mortgage the application process is straightforward and straight forward. Businesses are usually able to apply for the significant capital cash advance by completing a short 1-page questionnaire. There is a 95% approval price, and there is no closing price or collateral required. The approval time becomes manifest pretty quickly, usually within Twenty-four to 72 hours. There are no hidden fees. Clients adore the fact that after authorized, the money can be moved directly to their business bank account. There is no check to cash, unless of course the business would rather receive the money in the form of a check. As you can see, there is no reason behind a business to do without the working capital needed to help to make their business a success, especially if the business is over the age of two years, and the business has been accepting Credit and MasterCard for additional that 1 year, and it has at least $2,000 sales volume in Visa as well as Master Card transactions.
This article cannot be printed without full author’s details.
About the author
Joyce McKnight is a published internet author, and an advocate for consumer awareness. To learn more about merchant accounts and business cash advance/business working capital see http://www.ezcapitalformerchants.com/landing/index.php.