Merchant Loans are Still Great Alternatives to Bank Loans
Despite numerous federal efforts to make bank loans available to small business owners, bank lending is still extremely low and merchant loans are still serving as an excellent alternative. In the last five months, the 22 biggest Tarp recipients have cut their outstanding lending balances by $8 billion, according to Catherine Clifford of CNN Money. These statistics have obviously led small business owners into the arms of alternative funds providers.
Attributable to the availability of merchant loans, small business owners have been able to get up to $500,000 for their businesses and use it without restrictions. Even merchants with no collateral and lower credit scores have had access to these funds and they have been able to renew their accounts approximately every three and-a-half months.
According to CNN Money, there are other initiatives in the works, to help boost bank lending to small businesses. For example, the President will unveil programs that “…increase the maximum amount businesses can borrow through the Small Business Administration’s primary loan program…[and] expand access for smaller banks to the Troubled Asset Relief Program (TARP), a move aimed at spurring more local lending by community banks,” according to CNN Money.
However, in the meantime, small business owners still need access to business cash now. Moreover, when bank lending does improve small business owners can still use merchant loans if they don’t qualify for bank loans, if they don’t want to endure long waiting periods for bank funds, or even in addition to bank loans.
Merchant loans can be approved in only 48 hours and funded in as little as five business days. Qualified merchants have owned their business for at least six months, process at least $3,500 in monthly credit card sales, have at least one year remaining on the business lease and have no unresolved bankruptcies.
Get a free online quote today!
Chrystal King writes articles about Merchant Loans , the alternative method of business funding, for Merchant Resources International. Article Source:http://www.articlesbase.com/loans-articles/merchant-loans-are-still-great-alternatives-to-bank-loans-1364674.html
Restaurant Loans for Easy Business Cash
According to a recent article on finding startup cash, some of the top sources of funding for most small business owners are personal savings, family and friends, credit cards, home equity loans or lines of credit and grants/contests.
These funding methods might work as an initial source of securing business funds, but as all restaurant owners know, the need for business funds doesn’t end after startup. Restaurant owners need business cash for the multiple projects and endeavors that occur during all stages of business ownership. These include advertising, expanding and redecorating, just to name a few.
So what is a small business owner to do once he/she has secured startup funds, gotten his/her business off the ground and later realizes that he/she needs more cash? Fortunately, the restaurant loan is an option that is both easy and convenient.
Restaurant loan providers offer restaurant owners a chance to get business cash with no collateral and even less-than-perfect credit scores. In fact, the requirements for restaurant cash advance eligibility are relatively easy to meet. The owner must have owned his/her business for at least six months, the restaurant must process a minimum of $3,500 in monthly credit card sales, the owner may not have any unresolved bankruptcies and the business must have at least one year remaining on the lease.
Restaurant owners that meet the requirements mentioned above can receive up to $500,000 in business funds in as little as five business days after approval. Moreover, the cash can be used however the restaurant owner chooses, with no need for a written business plan or proposal.
Get a free online quote today to find out how much you qualify to receive for your restaurant!
Chrystal King writes articles about Restaurant Loans for Merchant Resources International.
Article Source:http://www.articlesbase.com/loans-articles/restaurant-loans-for-easy-business-cash-1330461.html
