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As the country moves deeper into recession, the impact is being felt through all areas of the economy. While the plight of automakers and their bid for financial aid tends to dominate headlines, what aren’t so widely reported are the ramifications of an increasingly tight lending market on small business? Let’s face it; it’s always been tough for small businesses to secure financing through the banks. The loan application process is complex and seems intentionally designed to drive customers away; if small business loans were approved, they often came with a string of conditions on how the funds could be spent. If obtaining financing was difficult a few years ago, today it’s a nightmare. Rapid Capital Funding understands the need for small businesses to have access to cash and that’s why they provide an innovative Business Cash Advance product. If your business accepts payment from customers by credit card, the program gives you the cash you need in advance of future sales. Repayment is based on a percentage of credit card sales, so, unlike with a traditional loan, if you have a slow sales month you aren’t faced with a fixed monthly payment that you can’t meet. There are no conditions on how you spend the funds, so you can use the money as you see fit: inventory, equipment replacement, expansion or even to cover operational expenses during a downturn. Partnering with North American Bankcard (NAB), Rapid Capital Funding is able to offer 24/7 customer support (call 1-888-702-2748 or visit rapidcapitalfunding.com), a 95% approval rate, no closing or application fees, no limit on advance amounts and approval in as little as 24 hours. A far cry from the barriers the banks have put up. One of the more unique aspects of this business loan alternative is that it does not penalize people who happen to have a damaged credit rating. Approval is based on the credit card transactions generated by your business; there is no collateral required, an extended business history is not necessary and you are not personally liable for the advance. Many small businesses that have been turned down for loans through their bank are approved, making this an ideal solution for small businesses in need of cash.
Article Source: http://www.new.citynewslive.com
Daniel Manson has taught Entrepreneurial courses through several colleges in the Midwest and is currently researching a book about the impact of recession on small business. He is currently focusing on Merchant Cash Advance and other alternatives to traditional small business lending, including the increasingly popular Business Cash Advance.
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