I think it’s very important that small business owners know the
specific differences between getting “dream” funding from a
bank or “realistic” funding from an unsecured business cash
advance company. Your choice can end up deciding how
successful your business will actually be. The comparisons:
Banks –
Traditionally, banks are more conservative with their investment
dollars. Unlike many venture capitalists or angel investors, they
are far more likely to approve a loan for an established business
over a startup or emerging company. This is largely due to the
fact that they are investing the money of their depositors.
Business Cash Advance Companies –
To the contrast, there are financial companies out there that do
have the same deep pockets as these traditional banks. The
difference is that these independent wealth powerhouses will
give unsecured cash advances to businesses that they think
have a great future and thus invest in their potential.
Banks –
Before approaching a bank, you should have all your key documents
in order, starting with a solid business plan. You will also need to
have the most recent financial statements available, projections for
the business, and a repayment plan, plus collateral. Collateral
may include:
– Hard goods such as equipment;
– Real estate;
– Stocks or bonds;
– Other personal assets;
– Personal guarantees.
Business Cash Advance Companies –
This will make 99 percent of smart and shrewd small business
owners very happy. When you partner with a legitimate and legal
business cash advance company, you will find out how painless
doing business with them is.
There is no need for financial statements, no projections for the
business, no repayment plan and best of all, no collateral is needed
whether business or personal. Do you realize how important that
last part is to a small business owner. No collateral needed?
Banks –
Banks also want to know that you’re making your own investment
in the business. A bank is more likely to approve a loan if it sees
that the owners are investing a good percentage of the necessary
startup capital into the business.
Business Cash Advance Companies –
If you need an infusion of cash for your business, it probably holds
true that most small business owners don’t have a healthy some of
cash to invest in their business besides the loan they are looking
to get. So, the old saying that it takes money to borrow money is
obviously self-evident when dealing with traditional banks.
On the other hand, an unsecured cash advance comes with no
strings attached such as you putting up your own cash funds to
receive this advance in the first place. Let’s not forget that there
will be application fees ranging from $250 to $500 with a bank…
again there being no up-front application fees that are required
when doing business with a cash advance company.
Banks –
Once someone said to maximize your chances of receiving an
approval on a business loan from a bank, it’s wise to look at the
situation from the standpoint of the lender.
How so you may ask? Well, a lender wants to know:
– Exactly how this business will operate and why it’s expected
to make money;
– Exactly how the money will be used;
– How you plan to repay the loan and over what time frame;
– That you’re willing to take a significant financial risk in the
business;
– That you’re responsible and can manage this business;
– Who else is involved in management or operations, and that
they will also be responsible for the proper use of the money
from the loan.
Business Cash Advance Companies –
Besides the fact that any small business owner who has borrowed
money from a bank in the past knows the decision for approval and
the dispersement of funds doesn’t happen overnight. It takes time.
A long time in most instances.
With an unsecured cash advance business, you can expect an
answer on your approval within 24 to 48 hours. And the good news
is: Approximately 90 percent of small business owners are approved
for the business cash advance whereas only 30 percent get an
approval from a bank.
Best of all, you receive your funds within one week’s time. Plus, you
can do whatever you see fit with the money whether it be buying new
equipment, purchasing more inventory, buying a company vehicle or
expanding your business into other markets.
The smaller the business, the more closely the person behind will
be evaluated. Hence, you need to make sure you get all your
financial records in order before approaching a bank or lender.
You will also need a solid credit rating to make this work.
If waiting long periods of time for an approval, or laying your whole
financial history and personal history bare doesn’t bother you, then
a bank is for you.
However, if you want an alternative to bank funding that gets back
to you within 24-48 hours for an approval and who direct deposits
your funds up to $250,000 into your account within one week’s time
and all this being painless, then what in the world are you waiting for.
And for further clarification, you keep your bank account and Visa
and MC transactions the same. Your bank won’t notice the fact that
you applied for advance funding except when they’re impressed by
the deposit in your bank account.
Only you and you alone will know. It’s safe and secure. Above all,
it’s the new way to fund your biz. Get your business cash advance
now.
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