Money For Your Business May Not Be Hard to Find
Before you start thinking hard money, do not! Although, there are some sharks in the financial ocean.
These new business lenders are very appealing to any smart business owner.
Here are a few options that some savvy small business owners has taken advantage of these programs.
According to North American Banccard "Many businesses have acquired loans on their future credit card sales.
" This is also known as Business Cash Advancements.
To qualify for this advancement business owner must be in business for a minimum of 2 years, have 6 months bank statements and 6 months merchant account statements, a middle credit score of 550 and not over obligated in debt.
This is the traditional cash advance lending guidelines from Capital For Merchants program.
Funding is very fast.
In most cases 7 days or less.
Approvals can be obtained in 24 to 48 hours after application has been submitted.
There are other companies with less restrictions, but less restrictions equates to higher fees.
How much do they lend you may ask? Loans start from $2000.
00 to $250,000.
00 based on your six month average in credit card sales multiplied by 125%.
Some companies may lend up to $2,000,000.
00.
Another scenario, that can be considered is using your decent credit to lease or buy ATM's.
The ATM's should be placed in a high traffic area.
The income potential can be hard to imagine.
Some ATM locations are generating $1000.
00 per day and if you have five with this kind of volume you are having a a great week to say the least.
Here is the breakdown.
It does not matter if you lease or buy the ATM; however, I suggest leasing.
The monthly payments range from $65.
00 to $350.
00 per month.
You also have the option of allowing North American Bank & Meta Bank to use their funds to minimize your risk.
However, you must insure the ATM machines.
The next option, if you have great credit, is to get an un-secured business line of credit from lenders like American Unsecure..
The other option that I will just highlight is factoring.
Factoring is when you have rendered a service an you have a purchase order or invoice that you have not collected on.
You may wish to sale your purchase orders or invoice to a factoring broker or factoring company.
However, you will be taking a loss on your invoice but, you will receive immediate cash.
Finally, stay away from loan sharks.
Desperate measures will introduce you to desperate people.
This can cost you more than you are willing to pay.
For example, a stay at the hospital with a few broken limbs, the displacement of a loved one or being introduced to your permanent resting place.
So, stay away.
These new business lenders are very appealing to any smart business owner.
Here are a few options that some savvy small business owners has taken advantage of these programs.
According to North American Banccard "Many businesses have acquired loans on their future credit card sales.
" This is also known as Business Cash Advancements.
To qualify for this advancement business owner must be in business for a minimum of 2 years, have 6 months bank statements and 6 months merchant account statements, a middle credit score of 550 and not over obligated in debt.
This is the traditional cash advance lending guidelines from Capital For Merchants program.
Funding is very fast.
In most cases 7 days or less.
Approvals can be obtained in 24 to 48 hours after application has been submitted.
There are other companies with less restrictions, but less restrictions equates to higher fees.
How much do they lend you may ask? Loans start from $2000.
00 to $250,000.
00 based on your six month average in credit card sales multiplied by 125%.
Some companies may lend up to $2,000,000.
00.
Another scenario, that can be considered is using your decent credit to lease or buy ATM's.
The ATM's should be placed in a high traffic area.
The income potential can be hard to imagine.
Some ATM locations are generating $1000.
00 per day and if you have five with this kind of volume you are having a a great week to say the least.
Here is the breakdown.
It does not matter if you lease or buy the ATM; however, I suggest leasing.
The monthly payments range from $65.
00 to $350.
00 per month.
You also have the option of allowing North American Bank & Meta Bank to use their funds to minimize your risk.
However, you must insure the ATM machines.
The next option, if you have great credit, is to get an un-secured business line of credit from lenders like American Unsecure..
The other option that I will just highlight is factoring.
Factoring is when you have rendered a service an you have a purchase order or invoice that you have not collected on.
You may wish to sale your purchase orders or invoice to a factoring broker or factoring company.
However, you will be taking a loss on your invoice but, you will receive immediate cash.
Finally, stay away from loan sharks.
Desperate measures will introduce you to desperate people.
This can cost you more than you are willing to pay.
For example, a stay at the hospital with a few broken limbs, the displacement of a loved one or being introduced to your permanent resting place.
So, stay away.
Source...