Banks are the old standby for small business loans. However, since the financial meltdown a few years ago, banks are more cautious as to who they lend funds to. Many times, small businesses are left out in the cold. This is not just new businesses; in fact, many establishes small businesses are finding that they are having a hard time getting a loan from a bank. This is not the worst thing that can happen. Actually, bank loans are not a great idea for small business owners.
Bank loans require almost immediate repayment. Even if your business is losing money, you still have to make your payments on time. This can be disastrous, and often leads to business closures and bank liens. Thankfully, bank loans are not the only option for small businesses anymore. Many are taking advantage of FAM’s merchant cash advance program, which is much more sensible than a loan. With a merchant cash advance, you obtain the fund needed by FAM, and then when your business begins to make money, a certain percentage of funds is taken out of your merchant account. This is the better solution for all small businesses, as it does not put your company in debt from the start.
Another great thing about FAM’s merchant cash advance program is that the application is simple. Many small businesses are accepted when their owners have a credit score less than 500, which is unheard of in the banking industry. You also receive your funds in as little as 72 hours. This is unheard of! Thankfully, there are no tax forms to file, since we all know that small businesses have far too many to file already. A merchant cash advance, unlike a loan, in also considered to be a transaction, and not a loan, so it does not show up on your credit report.
If you are a small business and are looking for a bank loan, you have probably been turned down at least once. Banks and their loans are a thing of the past, thanks to FAM’s merchant cash advance program.
To learn more about FAM and their merchant cash advance program, click below
