While many think that small business owners are mauled by the bank’s loan department, new data is showing that it isn’t true. In fact, many of today’s new start-ups are being funded by the owner, and not by the bank. Whether it is personal savings, or a family loan, or even a crowdfunding source, this brings forth the information that mall businesses need not rely on the big banks anymore. However, not everyone has the resources, so sometimes bank funding seems to be the only choice. Luckily, for merchants, this is not the only choice.
Merchant loans for start up companies are available, but the good ones are not your typical loan. One of the best is FAM’s merchant loans program. This business funding program is not a typical loan, as it operates vastly different, and you do not file paperwork with the IRS at the end of the year. Many types of business qualify for this, as well. From high-risk businesses to professional corporations, all business types are considered for a merchant loan.
Merchant loans for start up companies are not easy to find, as start up companies are unproven. With FAM’s merchant loans program, we provide you a merchant account with eMerchantBroker.com, if you do not already have one. Studies have shown that people are more likely to spend money if they can use a debit or credit card, as opposed to a cash-only business. Unlike a bank loan, there is no pre-set monthly repayment schedule. We design flexible cash remittances that can adjust to your revenue at that time, as we know business revenues can vary from month to month. In addition, if you have bad credit, no credit, or a recent bankruptcy, you can still apply for a merchant loan with FAM.
Funding a small business can be tough. While data shows that banks are getting less love from merchants, many do not have the resources to fund their own business.
If you are in need of a merchant loan for your start up company, contact us today!