Jan/100
Getting Business Funds with Bad Credit
It’s a widely-known fact that in this society, one’s credit score holds a significant amount of weight. Credit scores are reviewed when attempting to purchase a car, rent an apartment, buy a home and receive a credit card.
Unfortunately for small business owners, banks even review an applicant’s credit before approving him/her for a business loan. Those with low credit scores often miss out on the much needed funds to save and/or develop their businesses, simply because of their credit histories, but for these small business owners with less-than-perfect credit, there is another option – the business cash advance.
Unlike bank loans, business cash advance approval is not based on the applicant’s credit score. Instead, business cash advance providers look at a few other important factors, to determine whether a merchant is eligible for a business cash advance and if so, how much he/she is eligible to receive. Business cash advance requirements are as follows:
- The business must process at least $3,500 in monthly credit card sales
- The merchant must have owned the business for at least six months
- The merchant may not have unresolved bankruptcies
- The business lease must have at least one year remaining
Why is Your Credit Score Less Important When it Comes to a Business Cash Advance?
Banks rely heavily on credit scores to determine whether they want to lend to an applicant because they must depend on the applicant’s steady and sufficient repayment to get their money back. Banks need to see that the applicant has a history of making prompt payments, to ensure that lending to a particular business owner will not be a huge risk.
Business cash advance providers, on the other hand, rely on the business rather than the business owner. Instead of requiring borrowers to make fixed monthly payments, business cash advance providers automatically deduct a small percentage of the business’s daily credit card sales. When sales are low, payments are low and when sales increase, payments increase accordingly. This repayment method takes the responsibility away from the business owner and puts it directly onto the business.
Small business owners can still rebuild their credit while they have a business cash advance. And once they’ve reached a credit score of 650 or higher, they may qualify to receive various business cash advance incentives such as, a choice of loan terms of up to 12 months and the lowest rates in the industry.
Business Cash Advance Key Facts
- Unsecured
- Approval in 48 hours
- Funding in as little as five business days
- Receive up to $500,000
- No restrictions on how funds can be used
- Automatic renewal eligibility approximately every three months
Jan/101
Bank Lending Still Decreasing
According to a report released by CNN Money, bank lending is still declining. In fact, according to the report, the nation’s biggest banks cut their collective small business lending balance by another $1 billion in November.
Based on this information, it can be concluded that a widespread need for alternative business funding methods such as the business cash advance, still exists.
Small business owners can take advantage of the opportunity to get up to $500,000 in unsecured business funds, through one of MRI’s business cash advance programs.
- Standard Program
- Starter Program
- Premium Program
- Restaurant Loan Program
Merchants who choose one of these programs will receive unsecured funds, flexible repayments, automatic renewal eligibility and the freedom to use their funds however they wish.
Dec/090
Business Cash Advance for the New Year
As we enter into a brand new year, it’s time to say goodbye to the business financing problems of 2009. Dedicate 2010 to improving your business by taking advantage of the alternative business funding options offered by Merchant Resources International.
Use this time to determine which funding program is best for your business (standard program, starter program or premium program). Then, apply for your business cash advance, for the opportunity to have up to $500,000 in unsecured business funds in your account by the beginning of the New Year.
Below is a reminder of the benefits you will receive when you choose a business cash advance.
- 48 hour approval
- Funding in as little as five business days
- Unsecured funds
- Unrestricted usage
- Minimal requirements
- Flexible repayments
- Automatic renewal eligibility
Aug/091
Business Cash Advance for the Summer
The summer brings forth myriad opportunities for small business owners that other seasons don’t.
The weather is warm, the kids are out of school and the tourists are rampant, which is why in nearly every city, carnivals, fairs, expositions and other events are popping up almost every weekend.
Small business owners can use these events to promote, advertise and even sell their products and services. “More and more business owners are viewing summer weekend festivities as a way to earn extra cash and build their customer base…” writes Susan Wilson Solovic in her American Express, Small Business Open Forum post. “Depending on the size of the show, the majority of small business owners say they can earn between $1-2,000 at each weekend.”
Of course, merchants who choose to take advantage of these events must pay for space, booth rental, travel expenses, employees, etc. and unfortunately, some merchants may be missing out on these opportunities simply because they lack business funds and can’t seem to find anyone that will provide those funds.
Merchant Resources is the perfect place to get business funds for summer expenses, because we specialize in providing business funds, year-round.
Just complete our online application and one of our expert funding specialists will contact you within 24 hours. Act now and you could have money in your business bank account in less than two weeks.
Don’t let the summer pass you buy without taking advantage of all of the opportunities that it brings to you and your business!