3 Avoidable Hurdles When Applying For Business Cash Advances
Whether you are in the start-up phase of your business or are well established your business might need access to more capital than you currently have
. Business Cash Advances are created for just those situations. There are a number of sources to go to when you want cash for your company, with some being more manageable than others.A Conventional Bank or SBA Loan
Banks and the Small Business Administration both have loan services specially intended for small businesses. The obstacles with these loans are that they can be extremely hard to obtain. Your personal finances are required, paperwork is burdensome, the process can take forever, and even if you are approved, it may be for fewer dollars then you requested.
No one should be surprised that in an era of an economic down-turn, loans are harder to get. Witnessing the circumstances does not make it in the least easier to put up with, nevertheless.
Pals and Family
While friends and family are the people to insert to your mobile phone plan, they do not make a good supply of working capital. It can be very tempting to turn to them, but the astute CEO avoids these entanglements like the plague. Nothing will wreck a relationship quicker than adding business into the equation.
Under the very best of conditions, your family or friends will lend you the cash, propose really bighearted repayment terms with no interest accrued, and allow you to do what you want to do. Unfortunately, the more common circumstance is that they are either begging for their capital back constantly or they want to tell you how to operate your company now that they have an investment in its success.
Factoring Agreements
A factoring arrangement between you and a business cash advance provider can be a viable, manageable solution for required cash. If you have a documented credit card transaction history, you can sell future revenues for a discount to the account holder in return for cash now. After the next several months, or even a year, you will repay the funds based upon a fixed portion of your sales.
The turnover time for qualification is a good deal shorter than at a conventional bank or the SBA. You are drastically more likely to get the cash you require. No relatives or friends are drawn in so the deal is 100% business - a win/win situation for businesses in need of cash flow.
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