I have seen a lot of businesses fail this past year. Many of them could have been saved if they still had access to the short-term business loans that they were able to get prior to this so-called credit crunch.
What strikes me most about this is that the very institutions that are refusing to loan businesses money are the same ones being bailed out by our tax dollars. I’ll stop there except to say that they need to remember small business is the backbone of our economy.
The good news is that this recession seems to be coming to an end. The businesses that get through this are going to be much stronger as a result of this. Some are even taking advantage of this market and capitalizing on the lack of competition and incredible deals being offered by desperate vendors.
One of the problems I am currently running into is that many of these businesses have suffered – particularly their credit. As a result of the slow market, they have fallen behind in their mortgage, lease payments and business loans.
If you think that business loans are difficult now; you should try getting a loan with bad credit.
Luckily a merchant cash advance doesn’t rely on good credit to get you approved. You don’t need collateral either. All you really need to qualify for a merchant loan is to be in business for more than 4 months and process at least $2,500 a month in Visa/MasterCard sales.
This makes it possible for almost any business to gain access to working capital; even if they have recently been turned down by the banks. This is good news for everyone; particularly for businesses with bad credit.
There are many reasons a merchant cash advance can fund businesses while the banks are still turning down about 90% of their loan applications, but that is outside of the scope of this article.
Click here if you would like to learn more about this loan alternative; or would like to see how much your business could be qualified for. You may be surprised.