One of the biggest reasons businesses fail or do not grow is lack of capital. The question is, how do owners obtain the funding necessary for success?
Banks
Often, business owners turn to banks to get working capital. Unfortunately, this is a time consuming and frustrating process. This is true even when the owner goes to the bank where the business bank accounts have been maintained for years.
Banks will ask for 3 years of business tax returns, a year of personal returns, profit and loss statements and other financial data. The underwriting process can take weeks and 98% of the time, the business owner is declined. This is because most banks will insist that the business show profitable tax returns for 3 years and a nearly flawless credit report. Even then, the owner will be turned down for some other reason. So, where does a business go for working capital?
Merchant Cash Advance
The easiest and the quickest way to obtain working capital is through a merchant cash advance. These are private lenders that have stepped in to fund businesses where banks will not do so. There are only 2 criteria to qualify for this lending:
- Be in business 6 months or more
- Show deposits into the business bank account of $10,000 on average over a 6 month period.
That is it. There is virtually no paperwork other than a one page application and 6 months of bank statements. Decisions are made in 24 hours and funds can be wired into the business bank account in less than 3 business days.
Bad credit scores are not an obstacle. An advantage is that if the need arises for more working capital after the business is funded, the owner can always go back and obtain more money. Even though this is not a line of credit, it acts like one.
Every business owner should have the same easy access to capital that the big boys have. Call Paul Warkow at 516-590-9803 and find out how quick and easy it is.
