What To Look Out For When Obtaining Unsecured Business Cash Advances
If you have spent the previous couple of years with your head in the dirt
, you may not realize that the economy is hurting. Although the pundits have said that the collapse is finished and we are moving towards better times, business owners looking for funding from small business loan professionals are still experiencing a lot of difficulty in attaining money.Perception Vs Actuality
There is a common perception that small businesses are more probable to not succeed during these times. One of the most frequently quoted figures is that only 1 in 10 new businesses make it to their fifth year. This legend persists even though data has, time and again, proven these numbers to be seriously false.
Recurring inquiries have shown that today's small businesses shut down not 90% of the time, but instead they shut down only 60 percent of the time, over a 5 year period. Those numbers are almost the same as most industries. So who perpetuates the legend?
Persons in the know in the business community believe it is the financial institutions that actually keep this urban legend alive. Why? By maintaining this terror, they have the ability to charge inflated interest rates, propose less valuable terms to entrepreneurs, and demand ridiculous levels of securities; and that is if they are even willing to lend the money at all.
Where Can You Get Capital?
If you have finished your first 2 months of business, then a great resource of funds is actually sitting on your counter. That credit card device is directly linked to your ability to obtain business cash advances. This program gives you funds in the form of a credit card factoring agreement. You sell, at a discount, a portion of your potential credit card sales to the company providing merchant cash advances and they supply you with the needed cash quickly.
Factoring agreements rarely have any fees connected with the application, you are notified of your approval within a day or two, and the funds are made obtainable in about a week. Now that you realize that you will not need to go to the local bank to fund your business, you have no reason to stall.
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