Are you on your way to being an entrepreneur? You want to start your own business and need to get all your paperwork together that is required by the lender before it even begins to consider your request. Be prepared. You will be asked – at minimum – for a complete personal background (including college, jobs and any arrests); resume; your business plan; probably all three credit reports; income tax returns; bank statements; any legal documents and more. Are you cross-eyed yet? Small business loans are not easy to come by. After gathering all this paperwork are you prepared to be declined?
You want funding for your new business but it seems that everywhere you turn lenders are only willing to help large corporations or small business owners who really do not need the money. They keep telling you that you are high-risk because you are new. Didn’t they even consider all your work for others in the same industry? Conventional lenders are all about the chance of losing their money. They do everything possible to mitigate the risk and this includes declining anyone who may be just beginning. It doesn’t seem quite fair.
If you need a first time small business loan your initial move should be speaking with First American Merchant Funding. This company is totally different from traditional lenders because they specialize in small business loans for those opening a new business. When you apply for a small business loan at your bank, they are more interested in your past. First American is more concerned with your future. Your bank will waste your time by making you gather all sorts of documentation. It’s almost like they make it so difficult you just quit in the middle and go away.
With First American there is just a short application. The way they are able to lend you working capital is by introducing you to a high risk credit card processor. All start-ups are considered high risk so you are in good company. It is not because they consider you a high risk individual. Your business needs to be able to accept credit and debit cards to survive. No successful company is on a cash-only basis except the medical marijuana dealers and there are several reasons for that. If you are going to sell via the Internet, you must accept plastic and maybe even ACH checks.
This lender will look at your future sales and base the amount of your loan on a percent of the potential credit card receipts. You will not have one big payment due each month. The cost of the loan is a low percent of your future sales. If you have a 5% payback and you settle $5000 in credit card sales in a month, your payment for that month is $250. If you only settle $1,000 in sales, the payment would be $50. It’s a cake walk!
If you are looking for a small business loan for opening a new business call 1-888-785-6811 first.