Posted on Saturday, 21st March 2009 by admin
Business Directory
You are one of the many small business owners in the United States. And unfortunately, due to the current economic situation, you are also one of the many small business owners in the United States who do not qualify for small business loans. This has led you to ask the question, “What should I do for business financing if I can not get a small business loan?”
There are many alternative options out there, but this article will focus on the one small business financing option that was designed with merchants (owners of retail and/or service-oriented businesses) in mind; the business cash advance.
What is a Business Cash Advance?
A business cash advance is a method of business financing in which lenders utilize credit card factoring. In other words, a business cash advance lender can give you cash now, and will eventually collect the advance through your business’s daily credit card sales. Only a small percentage of those daily credit card sales will be deducted, allowing your business as much time as it needs to repay the business cash advance.
Who is Eligible to Receive a Business Cash Advance?
Most business cash advance lenders hold similar requirements. Basically, a small business owner of at least six months, who owns a retail and/or service-oriented business that processes a minimum of $5,000 in monthly credit card sales is eligible to receive a business cash advance. Other things such as the applicant’s credit score and the business’s lease are also taken into consideration. But generally, a small business owner does not have to have great or even good credit to be approved for a business cash advance.
How Much Money Can I Get with a Business Cash Advance?
Small business owners can typically receive anywhere from $5,000 to $500,000. How much money they actually receive depends on their businesses’ monthly credit card sales volume. Though there is a chance that a borrower may not qualify for an advance as large as he/she had hoped, many lenders do allow borrowers to renew their advances every three to four months, giving small business owners the opportunity to acquire the funds they need over time.
How Do Business Cash Advance Repayments Work?
Just as the amount that one can be advance is based on his/her business’s monthly credit card sales volume, repayments are also linked to a business’s credit card sales. When customers make payments with their credit cards, a small percentage from those daily sales goes toward the repayment of the business cash advance. It generally takes about six to eight months for a business cash advance to be repaid, but there are no fixed terms and, therefore, no penalties for early or late repayments.
Small Business Web Hosting
You are one of the many small business owners in the United States. And unfortunately, due to the current economic situation, you are also one of the many small business owners in the United States who do not qualify for small business loans. This has led you to ask the question, “What should I do for business financing if I can not get a small business loan?”
There are many alternative options out there, but this article will focus on the one small business financing option that was designed with merchants (owners of retail and/or service-oriented businesses) in mind; the business cash advance.
What is a Business Cash Advance?
A business cash advance is a method of business financing in which lenders utilize credit card factoring. In other words, a business cash advance lender can give you cash now, and will eventually collect the advance through your business’s daily credit card sales. Only a small percentage of those daily credit card sales will be deducted, allowing your business as much time as it needs to repay the business cash advance.
Who is Eligible to Receive a Business Cash Advance?
Most business cash advance lenders hold similar requirements. Basically, a small business owner of at least six months, who owns a retail and/or service-oriented business that processes a minimum of $5,000 in monthly credit card sales is eligible to receive a business cash advance. Other things such as the applicant’s credit score and the business’s lease are also taken into consideration. But generally, a small business owner does not have to have great or even good credit to be approved for a business cash advance.
How Much Money Can I Get with a Business Cash Advance?
Small business owners can typically receive anywhere from $5,000 to $500,000. How much money they actually receive depends on their businesses’ monthly credit card sales volume. Though there is a chance that a borrower may not qualify for an advance as large as he/she had hoped, many lenders do allow borrowers to renew their advances every three to four months, giving small business owners the opportunity to acquire the funds they need over time.
How Do Business Cash Advance Repayments Work?
Just as the amount that one can be advance is based on his/her business’s monthly credit card sales volume, repayments are also linked to a business’s credit card sales. When customers make payments with their credit cards, a small percentage from those daily sales goes toward the repayment of the business cash advance. It generally takes about six to eight months for a business cash advance to be repaid, but there are no fixed terms and, therefore, no penalties for early or late repayments.
Small Business Web Hosting
Tags: Allowing Your Business, Small Business Loans, Small Business Owner
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