To get a business loan is not easy. It is easier and simpler to get finance for a $50,000 car than to get a $50,000 business loan. In general, over 92% of the entrepreneurs fail to qualify for a business loan of any size, including the Small Business Administration (SBA) Guarantee Loan Program.
Most banks won’t even consider providing a business loan: -
•• If you are in business for less than 2 years
•• If you had credit problems, low credit score or no credit
•• If you do not have enough collateral to cover loan
•• If the loan amount you need is under $100,000
Even if you qualify, You have to submit the following: -
•• A comprehensive business plan
•• Audited Tax Returns for 2-3 years
•• Detailed Financial Statements
•• Personal Guarantee regardless of legal entity
•• Pay an application fee and closing costs
When a bank makes a loan, there are specific rules and regulations they must follow. In Business Cash Advance, we purchase your future credit card sales at a 20-33% discount. Business Cash Advance prevents you from using your own credit card or personal guarantees or co-signers. There are some necessary requirements that are to be fulfilled before a Business Cash Advance Investment Company purchases your credit card sales. Since they buy your credit card receivables, it is not termed as a loan.
How to repay? You have to repay the business cash advance investment companies through future Visa and MasterCard credit card sales. There is no schedule to pay fixed monthly payment. Whenever you make a sale from your Visa or MasterCard, it gets paid automatically.
You don't have to worry about: -
•• Fixed Monthly Payments
•• Late Payments
•• Harassing Collection Calls
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