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Unsecured Small Business Loans
Getting unsecured small business loans can be a challenge if you are not aware of the various alternative money lending options that are out there.
Why It Is More Difficult Getting Unsecured Business Loans Now
This current year of 2008, even individuals with great credit are finding it difficult to getting a mortgage or business loan due to recession and the mortgage crisis. Business loans are much more difficult to get even with collateral because bankers are just being more picky or cherry picking their loans to play it safe while the money lending industry stabilizes, and these bad loans out there are dealt with so everyone or bankers can resume lending money again and not feeling insecure.
What Can You Do If You Have No Assets To Secure A Business Loan
At any moment, you as a business owner may find a need to find a finance company that do unsecured small business loans. It could be for many reasons why you may need one. It could be for an investment opportunity, expansion, pay off debts, renovation, open another business, emergency issues, purchase inventory, meet your payroll, pay your lease, etcccc
Now if you have hard collateral and all of it is tied up, or you do not wish to use it, or maybe you do not have any assets to put up, to get a loan is going to be more difficult period.
However, if you are processing credit card transactions in your place of business you can get a working capital advance if you meet the criteria.
Hidden Assets Your Business May Have And What Are They
What you may have and not even know that it is considered an asset. Is your credit card transactions in your place of business. If you go to your local lender or bank, and they ask you what assets you have and you tell them your credit card transactions in your business, the banker will tell you politely it is not an asset.
However, there are companies like the one I represent that does consider it an asset and will advance you working capital against your credit card receivables.
This “Hidden Asset” which is nothing more then your future credit card receivables is definitely an asset to certain finance companies. These companies have a financial product that they will wire you money into your business account very quickly.
This product is referred to as:
- Merchant cash advance
- Business cash advance
- Cash advance for small business
- Credit card receivable funding
- Accounts receivable factoring ( similar in nature but not quite )
How Much Of A Alternate To A Unsecured Small Business Loan Can You Get
This can vary and depends on certain factors. You must be processing at a minimum of $2,500 a month in credit card transactions to get a small merchant cash advance. But you are able to get up to $150k for one location and up to 1 million for 5 locations, all of it unsecured of course.
The beauty of this business cash advance, it is not based on your credit, you do not have to collateralize the cash advance, you do not have to pay monthly like other loans, can get the money in 10-14 days rather then 4-6 weeks.
If you learn how to use this merchant cash advance wisely, you can benefit from having the option to get it when you need it and very quickly.
Call now: 718-512-8587