subject: Companies Finance Needed Projects With Business Advances [print this page] Small business owners across the nation scratching their heads as to the difficulty in obtaining a business loan in today's capital crunch. Business Advances can help alleviate the need for a business loan and/or needed capital and are now available through several sources.
Business Advances are in fact credit card factoring arrangements. With these factoring arrangements a merchant agrees to sell the Funder a percentage of his/her future credit card sales in return for cash today. There are several opportunities with this arrangement.
Advantages to Business Advances
*Quick response time. Stalled by their size, banks move too slow. You may be waiting weeks for the money from your loan, assuming it is even approved to begin with. Approvals for Business Advances are usually provided within 1 day and funds can hit your account in as little as a week.
*Paying it back. Banks do not take into consideration what you are earning month by month and will require you to make a fixed payment regardless of what you bring in. This leads to unnecessary stress for your business. Repayment of Business Advances is directly related to your monthly sales. This is a better model since when you earn less you pay less.
*Documents to apply. Applying for a bank loan commands tons of documentation and paperwork. Profit and Loss, Credit Reports, Financial Statements, and a Business Plan are needed when applying. Business Advances require minimal documentation, usually a one page application and processing statements will suffice. You will not need a Business Plan or Financial Statements.
Merchants know you cannot always estimate possible expenses which may arise. Maybe business grows too fast, a machine quits on you, or you have a potential opportunity. These are just a few of the purposes Business Advances are used for. There are many Business Advance Funders available to provide needed funds. Be sure to locate the right company. Terms such as cost, repayment, and amount may vary.
