Businesses with bad credit are growing at an alarming rate. Bad credit is yet another symptom of our economic slowdown. Having bad credit makes it much harder to conduct business in an already difficult time.
Whether you are at fault or not, it is still something that you are going to have to deal with. Bad credit can impact your business in many different ways;
It makes it difficult to get a business loan.
It makes it difficult to get credit from suppliers.
If you can get credit, it makes it much more expensive.
For a business to run effectively, they are going to need access to working capital. One of the best ways to gain access to working capital is through a bank. The problem is that banks just aren’t loaning money the way they were before the economic downturn, and it looks as though that isn’t going to change anytime soon. It is particularly hard for businesses whose credit has taken a hit.
Another way for businesses to get money is through a bank loan alternative called a credit card advance (or merchant cash advance). Not only is it an effective way to get funded with bad credit; it is also much faster and does not require collateral.
The merchant cash advance industry has grown dramatically over the past couple of years and has captured the attention of many in the finance industry. Small businesses like them because of the fast simple approach to financing their business. Even if they’ve been turned down by a bank, they may still be eligible for a credit card advance. Many providers boast a 95% approval rate.
There are no restrictions when it comes to spending your cash advance. Many businesses have spent theirs in the following ways;
Catching up with outstanding debt
Purchasing new equipment
Purchasing new inventory
Expanding or refurbishing the business location
Moving or opening a new location
Expanding their marketing efforts
Buying out a business partner
Whatever your reasons for wanting a credit card advance; if used wisely, it can have a very positive effect on your business.
I invite you to learn more. Use the following link to see how a credit card advance can help your business.
Chris R. writes articles about business loans and credit card advances for.