Attaining A Merchant Cash Advance In Tough Fiscal Times
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If you have spent the last two years with your head in the sand, you may not realize that the economy is struggling. Even if the pundits have said that the recession is finished and we are moving towards better times, proprietors seeking funding from small business loan brokers are still experiencing great difficulty in attaining funds.
Perception Vs Realism
There is a frequent perception that small businesses are more likely to fail during these times. One of the most commonly quoted sayings is that just 1 in 10 new businesses make it to their fifth year. This fairy tale continues even though research has, time and again, proven these numbers to be gravely false.
Recurring investigations have publicized that today's small business close up not 90% of the time, but rather they shut down only 60 percent of the time, over a five year period. Those numbers are almost equal to all other types of new businesses. So who perpetuates the fairy tale?
Persons in the know in the business community believe it is the banks that actually keep this urban legend alive. Why? By maintaining this fear, they are able to charge steeper interest rates, offer less beneficial provisions to entrepreneurs, and require absurd levels of guarantees; and that is if they are even willing to loan funds at all.
Where Can You Get Capital?
If you have finished your first year of business, then a great source of cash is really sitting on your counter. That credit card machine is directly linked to your merchant cash advance broker. They are willing to provide you with cash in the form of a credit card factoring agreement. You sell, at a discount, a portion of your future sales to the business cash advance company and they make available the needed cash quickly.
Factoring agreements seldom have any fees associated with the application, you are told of your approval within a day or two, and the money is made accessible in about 7 days. Now that you realize that you don't need to go to the bank to fund your establishment, you have no reason to wait.
Article Source: Articlelogy.com
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