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How to Get Funding for Your Business - Fast
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Many small business owners find themselves with the same problem: how to find additional funding for their growing businesses. There are many options to consider when seeking working capital, however, busy owners need their funding ASAP, and don�t have time to wait weeks or even months to receive their funding.
The Business Loan Option
A loan is a form of debt expected to be paid back with interest within a stipulated period. It can be secured (a loan that is granted against any form of collateral), or unsecured (a loan without collateral security). If the loan is secured and the borrower is unable to pay it back within the time given, then his collateral is repossessed instead.
Loans can be broadly classified into two categories: personal loans, and business loans. A personal loan is taken by an individual. Hence, all responsibilities in relation to it have to be undertaken by that person.
This is where a business loan differs most particularly. A business is an artificial entity. Hence, all liabilities (loan) are borne by the business, instead of a particular individual.
Fast business loans are availed by executives, mainly for a business startup. Every business needs its initial working capital based on which they can proceed with the production. For this, the executive needs a fast business loan that can be sanctioned to him quickly.
While loans from banks or lending institutions may be a small business owners’ first stop when looking for additional funding, it may not always be the best choice. Many times banks will require that business owners meet strict criteria prior to being approved for a loan, of any amount.
To apply for and be eligible for a loan to start a business one needs a valid business plan, financial statements bearing both personal and business details, actual contracts received by the business, and securities and guarantees. Aside from this lengthy amount of paperwork that needs to be provided, most banks and other lenders require potential borrowers to meet other strict criteria. This can include a perfect credit rating for all shareholders of the business, and a list of collateral from owners.
Additionally, banks can take up to several weeks to even approve or deny applicants, which can translate into months before small business owners even receive the desired funding (given that they are indeed approved).
Statistics show that up to 92% of business owners are denied traditional loans due to the fact that they are unable to meet such rigid requirements set by the banks and institutions.
The Cash Advance Option
For business owners who do not qualify for traditional loans, or perhaps want to avoid the hassle of applying for the loans, there is an alternative in cash advances. With a cash advance from MerchantCashAdvance, business owners can rest assured that our application process is quick and simple. There is no proof of collateral required, no tax records required, no credit application fees, and best of all, MCA does not require a perfect credit rating from our clients.
We can offer these advantages to our clients, because we are NOT a bank or traditional lending institution.
Once the application is complete, our clients will have an approval answer within 10 – 14 business days. Once approved, funding will be directly deposited into the merchant’s checking account within 24 – 28 hours! We do this because we want our clients to have the working capital that they need ASAP!
For more information on cash advances from MerchantCashAdvance, call 800-503-1146 to speak to knowledgeable financial specialist.
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