If you need quick access to funding, but you don’t qualify for a bank loan, you don’t have a credit record, or you have a bad credit score, then a Merchant Cash Advance is an excellent financing option for you. Companies of any size can apply for a MCA even if they don’t qualify for a business loan. The approval process is faster compared to traditional loans and the paperwork needed is minimal.
Asset-based lending for equipment is a secured loan using equipment as collateral. It gives the company the capacity to tap sources of funding from available equipment. You can use the loan as capital to finance the growth and operations of your company while keeping ownership of the machinery. Like most secured loans, the lenders can seize the equipment when you fail to pay your dues.
Asset-based lending for properties is the practice of using commercial properties as collateral for a loan. The cash from this transaction can be used for any business project. In case the borrower fails to pay the loan, the lender will seize the property. Any commercial property can be used as collateral for asset-based lending. Even mortgaged assets can be used to secure the loan.
In attempts to improve the economy, the government has decided to provide support to the growth of small businesses in the form of small business administration (SBA) loans. The purpose of the SBA is to encourage lending institutions to approve small business loan applications submitted by small businesses. The SBA guarantees banks and lenders that a portion of the money owed by small enterprises will be repaid, even in the case of a default.
Most people nowadays carry credit cards instead of cash. Aside from the convenience of cashless purchasing, credit cards also let you make cash advances for when you find yourself in a cash-only situation. WeCompete Lenders’ credit card processing provides businesses with credit cards that allow cash transactions. Credit card processing allows you to withdraw money from ATMS or in banks. The credit card has a personal identification number (PIN) and works like a debit card.
Possessing the proper equipment is essential in ensuring that business operations are running smoothly. Acquiring new and updated equipment, however, can make a serious dent in your cash flow. Fortunately, there are a variety of equipment financing options that can help you get the equipment your business needs.
Every business deserves a conducive work space, but renovation and construction can be expensive. A construction loan is solely intended to fund construction costs such as the cost of land, cost of materials and cost of labor. Commercial construction loans are tailored based on the cash flow cycle of the project to minimize equity required and maximize project returns. This loan allows you to fund your building without breaking the bank.
Invoice financing is a funding option that lets businesses borrow money based on their invoices or accounts receivables. A quick fix for businesses that have slow-moving sales and late-paying customers, this financing option allows you to bring back capital to your business by using your unpaid invoices as collateral for a loan.
A business line of credit is a funding option that helps companies finance different business expenses. It works like a credit card because it has a maximum loan balance. The borrower can make a request to draw from the line any time as long as the requested funds is within the maximum amount set by 2 parties. One significant advantage of a line credit is it only lets you pay the interest rate of the funds you draw.
Debt or Loan consolidation combines existing lines of credit and loans into one account at lower interest rates than the individual accounts. Funds acquired from the new loan are used to pay off all smaller debts, and the only remaining unpaid loan is the new consolidated one. With loan consolidation, you get to free up your revolving credit lines and even qualify for another business loan.
It takes a lot of money to finance a healthcare facility. Medical equipment and medical supplies are expensive and upgrading or restocking can really cost a dent in your cash flow. Traditional bank loans require a lot of documents and spotless records. Even then, approval is not assured. Medical practitioners that run a small practice can turn to alternative financing to get the funds they need. Our medical/healthcare financing options takes care of practitioners that take care of our health.
Additional capital is needed by small businesses when they want to expand their operations. Most small businesses experience cash flow problems and complying with additional customer orders is impossible without added financing. However, it is not good for your reputation to turn customers down. This is where purchase order financing comes in. It is a financing option that involves lenders paying your suppliers for the materials needed to fulfill orders.
Commercial property loans are used specifically to support expensive prices that come with the purchase or development of new properties. They are for business entities like corporations, partnerships and trusts. Property loans can finance acquisition, development and construction of commercial real estate. The application process for this kind of alternative loan is more rigorous compared to other financing options. You also need to hand over some of the rights to the creditor until you pay off the loan.
This financing option bridges the gap between your immediate needs and the next infusion of capital to your business finances.The main feature of a bridge loan is it is quick and easy to obtain. This loan is quite flexible and is often customized to fit the status and the needs of a small business.
POS stands for Point of Sales, which is the central component of any business. All hardware, software, and support that manages customer transactions are part of POS. POS Systems are complex; they can schedule client appointments, capture customer data, track employee activity, manage inventory and process payments. They have made significant advancements over time. And since consumers are now more reliant on technology, POS systems are essential for the success of the business.
Factoring is one of the quickest ways to obtain funding for business operations. It utilizes the company’s accounts receivables - selling it to a financing institution so the company can raise capital or avoid a cash flow crunch. With factoring, you don’t need to wait for slow-paying customers, you can receive cash immediately to generate more business for your company.