There is a plethora of business funding options out there; the key is knowing which ones will work best for you. Use the following guide to discover which business financing methods you and your business qualify for.
SBA ARC Loan
The Small Business Administration's (SBA) America's Recovery Capital loan program offers business owners up to $35,000 to pay off existing debt.
Requirements
• Business has had positive cash flow in at least one of the last two years
• Business must show evidence of immediate hardship (i.e. decline in sales, lost line of credit, etc.)
• Business must be for-profit and located in the United States
• Must currently have a qualifying small business loan
• Cannot be used to pay debts that are more than 60 days past-due
Merchant Loan
The merchant loan AKA merchant cash advance, is a business financing method designed specifically for merchants. Merchants can get up to $500,000 against their businesses' future credit card sales.
Requirements
• Owned business for at least six months
• Business processes minimum of $3,500 in monthly credit card sales
• Owner has no unresolved bankruptcies
• Business has at least one year remaining on lease
Business Line of Credit
Many banks offer business credit cards for small business owners. These cards can be used to make business purchases and are paid down just like consumer credit cards. Requirements for these cards vary depending on the bank and the card. Most banks require business owners to gather information about the business and its owner(s) and apply for a business credit card in person.
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