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There could be many possible reasons why you have yet to acquire the much needed funds for your business. With such an abundance of various types of financial lenders, you may feel bombarded and overwhelmed with the options. You care for your business and only have your business’ best interest in mind, so you have prolonged business financing because you would rather make no decision than make the wrong decision.

Or maybe you are on the opposite side of the spectrum, and your business is in dire need of financing, but you have no idea where to go for financial help. You have maxed out all of your usual sources (friends, family and savings) and now, you are utterly bewildered when it comes to what to do next in the search for business funding.

Two widely used sources of business financing are; banks which offer business loans, and business cash advance lenders, who utilize credit card factoring.

Why you may want to choose a bank:

Your credit score is 720 or higher

One of the many requirements for bank business loan approval is a high credit score. If your credit score is 720 or higher, you are more likely to be approved for a bank loan. Also the higher your credit score, the more likely you are to receive a loan with a lower interest rate, and lower interest rates save you money.

You have owned your business for three or more years

Applicants who own a business that has been in existence for a good length of time are favored by banks. Many banks are wary of lending to startup businesses because they are unsure if the business will last. A business that has been running for a while has already proven its ability to survive and bring in revenue.

Your business does not process credit card transactions and you have no plans to start

Bank business loans usually make the business owner responsible for repaying the loan on fixed monthly terms. Therefore, you would actually have to remember to make your loan payments every month. If your business does not accept credit cards, you will not be eligible to receive a business cash advance, and choosing a bank loan will be more beneficial for your type of business.

Your money needs are not time sensitive

Banks can provide you with the funds you need for your business, but due to the extensiveness of the application and review processes, it may be an extended period of time before you actually receive your money.

Why you may want to choose a merchant cash advance company:

You own a merchant business

If you own a merchant business that regularly processes credit card transactions, merchant cash advances are devised to work for you. Once you receive your money, a small percentage of your customers’ credit card transactions are used to repay your advance, eliminating the need to make fixed monthly payments, and allowing payment amounts to adjust according to sales volumes.

You’ve tried the bank route with no success

If you have already tried to obtain a business loan through a bank and were denied, a business cash advance should be your next choice. There are few requirements to meet in order to be eligible for a business cash advance, and quite often, business owners who do not qualify to receive a bank loan, do qualify to receive a business cash advance.

Your credit score is 700 or lower

You do not need an excellent credit score to receive a business cash advance. Business cash advance lenders rely on the business to repay the advance rather than the borrower. Therefore, the borrower’s credit score is less important. What is more important is the business’ credit card sales history. For this reason, borrowers are required to submit several months of their businesses’ most recent credit card statements.

You need money quickly

Business cash advances are ideal for business financial emergencies. The application is short, the review process is fast, and most lenders can have your bank account funded in as little as seven days after approval.



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We Buy Your Business

Getting out of business is a process. The length of time required to complete the process is directly related to the complexity of the business, and the circumstances underlying the decision to get out. Planning how you exit your business is just as important as how you started it.

The exit process, timing of events; and tasks associated need to be tailored to the type and complexity of the business. Each case is individual because reasons for dissolution differ, and problems that arise are unique to each circumstance. The following checklist contains key elements that should be evaluated as early in the exit process as possible to eliminate pitfalls later on.

The process for exiting a business should include evaluation of the following points:

1. Engage Professionals & Consultants as Team Members.

2. Prepare a List of Assets & Perform a Physical Inventory.

3. Perform a Valuation of the Business.

4. Prepare Detailed Plan & Assign Responsibilities.

5. Release Announcements & Notices.

6. Conclude or Transfer Contract Obligations.

7. Dispose of & Transfer Assets.

8. Settle Accounts Payable & Debt Obligations.

9. Prepare Final Financial Statements & Tax Returns

10. File Articles of Dissolution.

11. Prepare & Issue Special Filings, Notices, Informational Returns, & Taxes.

12. Receive Tax Clearance Notice.

13. Close Bank Account.

14. Store Business Records

The process for successfully exiting a business requires the same amount if not even more planning as starting the business. While the process may be easier, it is likely to be less enjoyable and more stressful. The best advice for business owners is to incorporate potential exit strategies in the early stages of setting up their business. Vigilance and diligent managerial oversight is needed to ensure that complications and problems which could affect dissolution, and net value, do not develop into roadblocks. When the time comes to divest or sell the business, be sure to engage the relevant expertise needed, and prepare an action plan.

We Buy Your Business enables clients an opportunity to sell businesses and business assets fast for cash. If your exit strategy requires a quick divesture option Contact WBYB for cash offer NOW. Website: www.WeBuyYourBusiness.com



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