Small Business Funding – A Saviour for Small Enterprises
Getting a bank loan is easy theoretically but harder in practice. There are all kinds of paperwork that are required, high-interest rates, guarantors and formalities to deal with. Many business owners will actually lose hope before completing the initial steps for an application unless they get help from experts at newcityfincnial.com.
Small Business Funding
This is a fairly new concept in lending is also popularly known as business cash advance. Although a relatively new entrant in the economic block, this concept has proved to be a saviour for entrepreneurs and small business owners.
Cash advance is a unique business loan because even people with bad credit history can be awarded this loan. The credit is often sanctioned against debit card sales and your future credit card. Small business funding companies will first want to understand the nature of your business before they award you a loan. They also won’t demand hefty hidden costs or a guarantor from you.
As long as you have a merchant account with your credit card sales showing some amount of transaction you are eligible for a loan from a small business funding company. You will then agree with your lender on the percentage of credit card sales that will be deducted every month (or week) to repay your loan until you repay back the entire amount.
The capital from a small business funding company like newcityfinancial.com to expand, run or strengthen your business amongst other uses. Unlike in the past when it was almost impossible to get a business loan because banks and other lenders required security, today you neither nee security nor an excellent FICO score.
Who has your best interest at heart?
Although small business funding companies have flooded the market, not every one of them is looking out for you. Always confirm if there are any hidden costs that you will be charged. Also be doubtful of companies that base your interest rate or approval on your credit history.