The American economy still thrives on small businesses. The truth is now more than ever is the time to invest in your small business. There are a variety of loan options that go beyond traditional banks and financial institutions that will lend sizable amounts of cash to entrepreneurs with little business experience and those with bad credit. Even the best ideas, with the strongest leadership can languish without a little financial help. Who knows what billion dollar companies like Apple, for example, could have done with a cash advance to help jumpstart their enterprises?
In 1976, Steve Jobs and Steve Wozniak founded Apple in Jobs’ parent’s garage. Like many young entrepreneurs the two had to struggle for funding, and could have used some quick cash to launch operations instead of asking family and friends for money. In addition to borrowing from family and friends, they also had to sell some of their possessions for capital. After some time, the duo finally secured a bank loan with the help of a co-signer, and were able to launch their company. With an advance from a less formal lender, they wouldn’t have needed to sell their possessions, or waste time groveling at the bank. Plus forget about the garage. A quick, small loan would have been enough to purchase a small, more comfortable and legitimate work space.
Since Apple was a tech company, a lot of its money went to acquiring and building parts and components for the Apple I. Because they did not have access to adequate funds, Jobs and Wozniak had to settle for a machine that was subpar and wasn’t as impactful as it could have been. With a merchant advance, they would have been able to work with the machine of their choice and made a bigger splash with the first Apple computer.
With a little extra cash from a lender, Jobs and Wozniak could have bought out their third partner, Ronald Wayne, with cash from advance money instead of having to scrape together $1,500. Which was a rather large expense for the entrepreneurs at the time.
First American Merchant is the online lender that specializes in providing merchant cash advances to all types of small businesses, especially high risk, tech companies. Our expert merchant adviser will give your small business a cash advance even if you have bad credit or little business experience.
Contact FAM to learn more about our easy loan options and cash advances for merchants today!