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2017 August Blog Posts

By First American Merchant

Feel free to give us a call for more info 1-800-210-5649

Small Business Loans with No Credit Checks Do Exist

Are you interested in a startup business loan? Do you know what’s your credit score? Or maybe you don’t have a credit history? What about small business startup loans with no credit? Credit Scores Many Americans aren’t even aware of their credit score. In fact, apart from your Social Security number, your credit score is one of the key numbers you need to know. Your credit score determines whether you can be eligible for loans and what interest rates you’ll be required to pay. Issued by Fair Isaac Co., FICO scores are the gold standard of credit scores. As of […]

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Credit History and Credit Scores | The Best Way to Build Credit

Good credit history can play a crucial role when trying to get a mortgage, loan, apartment lease, or credit card. Your credit score is key to determining how much interest you’ll pay. Good credit demonstrates you’ve been financially responsible in the past. So, the higher your score, the more chances you’ll have to get approved for a loan with favorable terms. Credit History and Credit Scores The credit scores of Americans may undergo fluctuations over time. Different scoring systems may show slightly different results. FICO scores, which is the most commonly used model, range between 300 to 850. You must […]

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Applying for Financing After Having Been In Operation for Over a Year

About 2/3 of business survive 2 years in business, half of all businesses will survive 5 years, and 1/3 will survive 10. According to a US Bank study, 82% of businesses fail because of cash flow problems. However, 75% business owners say that they’re confident in their own business. Even though you aren’t a starter and think your business is near to perfect, your business may still have room for improvement. Let’s find out what advantages businesses have when applying for financing after being operational for more than a year: You Know Your Financial Patterns New businesses have a fluctuating […]

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Get Approved for Tire Business Consumer Financing

The auto service landscape in North America is developing on several fronts. Based on recent research by IHS Markit Economics, there are over 37.600 automotive-related franchise enterprises active in the US, which generate $41.2 billion in revenue and provide employment for 195.670 workers. According to Tire Business research, there are almost 5.000 franchised outlets active in the automotive service/repair business, including quick lube/oil businesses and auto parts wholesaling in addition to vehicle maintenance/repair. Applying for Tire Financing Merchants can turn to many institutions and companies to get loans and financing for their tire customers. However, to get tire consumer financing […]

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Working Capital Can Help You Pay for Small Business Inventory

You can use working capital to restock your inventory, purchase new goods to sell in your business, or fill future orders. You, as a business owner, must never fail to keep up with your customer demands so to fight the competition in your industry. For this, you should closely monitor your small business inventory to guarantee only the best for your customers. 27% of businesses surveyed by the National Small Business Association (NSBA) reported that they weren’t able to receive the funding they needed. To get merchant funding without difficulty and at low rates, consider turning to First American Merchant, […]

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What You Need to Know About the 3 Major Business Credit Bureaus

Apart from personal credit, you, as a business owner, also have a business credit score, which is also known as a trade or commercial credit score. Your business credit score helps financial institutions to figure out whether you’re a good or bad candidate for financing. There exist several business credit bureaus that offer business credit scores, which may vary based on the way they’re calculated. Dun & Bradstreet, Equifax, and Experian are the 3 largest business credit bureaus gathering data about your business. It’s important to note that with reputable business loan providers like you can easily secure business […]

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Get a Business Loan with “No Credit Check”

27% of businesses surveyed by the National Small Business Association (NSBA) reported they weren’t able to receive the necessary funding for their business. According to the NSBA Small Business Access to Capital Study, 20% of small business loans are denied because of business credit. Based on a 2015 survey in the field, of small business owners surveyed, 45% weren’t aware they have a business credit score. 72% have no idea where they could find information on their business credit score. 82% have no idea how to interpret their score. “Credit Check” and “No Credit Needed” If you’ve decided to apply […]

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Online Lending Industry Regulation

Top federal bank regulator Thomas Curry, US Comptroller of the Currency, last year told marketplace lenders in Washington D.C. to expect a tougher regulatory framework for the industry. The Office of the Comptroller of the Currency would be collaborating with other regulators. Tougher Regulatory Guidelines Tougher guidelines are in line with those that govern the rest of US banking. Calls for such guidelines followed an explosive expansion in the online lending industry and a series of high-profile missteps. The OCC reports, in 2015, so-called marketplace lenders generated about US$29bn of consumer loans, which was a six-fold increase from 2013. Some […]

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How to Offer Customer Financing | In House Financing

Very often, merchants are interested in a “90 days same as cash” program for their customers. Small business owners are looking for ways to offer their customers financing like the bigger chain stores do. Thanks to in house financing, your customers can boost your sales, improve customer loyalty, and build a repeat clientele. In reality, the average order size of a small business offering customer financing can grow as much as 120%. About 2/3 of customers make an additional future purchase of $500+ in stores they receive customer financing from. Customer Financing Customer financing is called to convert a browser […]

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Loans Vs Cash Advances Vs Factoring

Are you looking for a financial product for your small business? Make sure to choose the right financing option so to get the best for your business needs. With a carefully chosen financial product, you’ll be able to make your situation better and take your business to new heights. Let’s see how small business financing options differ from each other so that you can make the right decision. Small Business Loans Small business loans report to the credit bureaus about the credit of your business They require a good FICO score You can be required to use all your company […]

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