Small businesses are back. The United States has always run on the backs of small businesses, but when the economy crashed in the early 2000’s many small and medium sized companies closed their doors. Now that the economy has been rejuvenated, a growing number of entrepreneurs have decided to get back to work. But some cannot attain conventional loans. Luckily, there are now more options for small businesses that seek loans. The following are some of the most popular ways entrepreneurs are finding loans for their businesses.
Microlenders. Small businesses are using microlenders to provide quick small to medium sized loans. Generally these loans range between $5,000 and $25,000. This is an especially popular option for businesses with bad credit.
Family and Friends. Family and friends can be a good source of funding. Over 50 percent of new businesses get financing from friends and family members. After all, they are the ones who want to see you succeed the most. Plus a call to your aunt or bestie takes a lot less time than finding loans, applying for loans, and waiting for banks to approve them.
Grants and Gifts. Who doesn’t want free money? This method takes more time and research to find, but it is well worth it. Does your business qualify for federal or state support? Healthcare organizations, law companies, tech companies, and even retail businesses in low-income neighborhoods can qualify for grants.
Crowdsourcing. Cut out the middle man by going directly to the public with your needs. GoFundMe, Fundable, and Kickstarter are a few choices that can generate some serious income if your business plan is tight and the pitch is right.
ACH is an effective alternative to paper checks. ACH can be processed just as quickly and efficiently as online credit or debit cards. FAM provides ACH check processing solutions that merchants can utilize like:
- Checks-by-Phone. Merchants only pay $25 per month for voice authorization from clients. There are no signatures required.
- Checks-by-Web. Customers can complete their orders with a secure website.
- E-Signed PDF. Merchants can utilize services like Echo Sign or Docusign to collect signatures for the pdf electronically and more.
First American Merchant (FAM) is the online lender that gives merchants access to ACH business loans along with a variety of payment options. Don’t miss out on this profitable payment processing method. Start your application today or learn more about fast, low hassle ACH business loans today.