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More Businesses Dismissing Banks for Business Loans
Mar 26, 2010 (02:03 PM EDT)
CORAL SPRINGS, Fla., March 26 /PRNewswire/ -- As traditional bank loans become scarce, more small business owners are turning to alternatives like business cash advances offered by BusinessCashAdvance.com. The company has provided an attractive option to a growing number of entrepreneurs seeking business loans in this tough economy. It expects this trend to continue as credit tightens even further.
While many of BusinessCashAdvance.com's clients are businesses that have bad credit or have been denied by banks, the company is now welcoming a new type of customer—businesses with decent credit that skip over banks completely. These companies are aware of the difficulties in the banking industry and the stricter requirements for business loans. They've crossed big banks off their lists of funding sources altogether and instead are applying for a more certain option, business cash advances based on credit card sales.
Because this type of advance is based on future credit card sales, it doesn't require collateral. This makes it an attractive alternative for merchants, restaurants, stores, salons, auto repair shops, medical offices and others. Unlike their bank counterparts, BusinessCashAdvance.com has a quick application process and does not require a business plan or explanation of how the funds will be used.
Financing is usually provided within a week of approval. This provides a much needed cash boost to companies needing to buy new equipment, hire more employees, increase inventory and repair or renovate facilities. Once the advance is repaid, it can also be renewed again.
BusinessCashAdvance.com has established itself as a leader in the merchant cash advance industry. For more information, please visit http://www.businesscashadvance.com or call 1-866-411-0606.
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