There has been a cloud of uncertainness
about
small business loans due to this
comparatively new method of financing for small to
average size businesses, and poor advertising and
explanation by the industry proprietors .
Lastly business owners can come to
Merchantcashadvances.org, the # 1 reference for
suggestions about the small business loan industry.
The program goes like the following: a
small business loan lender will advance a
business owner money at a fixed cost. The loaner collects the money
back by taking a portion of the
small business owner's Visa MasterCard sales until the small
business loan is paid back in full. The cost of the program is
determined by the proposed time period it takes to pay back the small
business loan. The vendor is usually not required
though to pay back the small business loan under any time period.
Generally the
small business loan procedure is speedy and not terribly
paperwork heavy. Most lenders will require minimum paperwork
initially, including a few months bank statements, a few months merchant
processing statements and a filled out form. After a underwriter reviews the financials, numbers can be
created within 24-48 hours and contracts can be produced that same day provided the business owner and the small business loan lender have come
to an agreement about the amount of the small business loan and the percentage
of Visa MasterCard receivables withheld .
