Traditional Bank Loans
Traditional bank loans have long been a financial product used by small business owners to get money into their businesses. In the right circumstances, these financial tools can be used by the business owner to stabilize and grow the business, even if incoming cash flows are inconsistent.
However, the needs of small business owners are diverse, and sometimes traditional bank loans may not be possible. Depending on a business owner’s needs and the details of the business, traditional bank loans may not be an option. In these cases, there are alternatives.
One of the most popular tools to access working capital used by small business owners today is a Merchant Cash Advance, or credit card receivable funding. A Merchant Cash Advance is not a loan or a form of financing, so this option appeals to many small business owners who seek an alternative to traditional bank loans.
Traditional bank loans require above average credit histories, some form of securing collateral, and typically, a substantial down payment. The application process can be rather time consuming, with lots of paperwork to complete and waiting periods that can easily stretch into weeks or months. A Merchant Cash Advance does not require the same things: no personal collateral is needed, the application process is quick and easy, and the money can be in-hand in as few as 72 hours.
Traditional bank loans often must have a clearly designated purpose, while a Merchant Cash Advance does not share these restrictions. With a Merchant Cash Advance, the business owner is free to spend the money on any business purpose as he or she sees fit.
The most important thing for a small business owner to realize is that there is rarely only one way to handle financial responsibilities. If your small business is struggling in trying to qualify for traditional banks loans, we encourage you to look beyond the limits of traditional financing, and discover the ease, speed, and simplicity of a Merchant Cash Advance.
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