Getting Small Business Loans with No Collateral in this Recession

The global financial crisis has made it quite difficult for companies, especially small businesses, to get business loans. Ironically, it is also in this situation that smaller companies often need additional capital infusion to boost income. You may need to get small business loans to acquire a better business location, construct a new building, renovate your premises, pay for new equipment, fixtures or furniture or increase inventory and working capital.

Most Small Business Loans Require Collateral

To get business loans, even small business loans, is a major challenge.

First you need to identify which among the many types of small business loans you need. Small business loans ranging from $5,000.00 to $35,000.00 are called micro loans. For larger needs, such as for the acquisition of land, buildings and other major fixed assets, development financing is what you should find. There are also import export loans as well as franchise financing. Do your research to find out if you are qualified for small business loans guaranteed by the U.S. Small Business Administration or SBA.

Any of these small business loans will require extensive preparations and paperwork. As a small business owner, you will need to prove your credit worthiness through a personal credit history report. Lenders will also require a business plan which includes your credentials as the business owner, your company financial statements, business assets and an analysis of your market. All of these should be packaged in a professional loan proposal which presents how the loaned amount will be used to strengthen the business and how you intend to repay the loan. Most of all, you need to present your loan collateral – the assets you will put up to secure the loan.  

Quick and Easy Small Business Loans with No Collateral

For smaller acquisitions or day to day business needs, there is a way for entrepreneurs to get small business loans easily and quickly with no collateral. This is through merchant services.

Merchant services provide credit card services to businesses. This enables them to accept and process payments through credit cards or debit cards either through face to face purchases, online transactions, or even by phone or fax. Merchant service providers supply terminal equipment for card swiping, as well as the necessary software and high speed IP solutions.

Most businesses need credit card services since consumers routinely pay for goods and services through credit cards and debit cards these days. If your business has not taken this step yet, you may have been missing out on more than half of your income potential.

These same merchant services also provide the solution for your small business loans. Collateral-free loans can be availed of through their cash advances, with the loan amount computation based on the monthly credit card revenue your business generates. Credit card sales requirements may be as low as $3,000.00 a month. You will not be asked for collateral since your future revenue is your collateral.  

The best types of merchant cash advances do not require fixed monthly payments nor do they impose deadlines on loan payment. A certain percentage is instead deducted automatically from your credit card revenue each month to go towards loan payment. This way, you never have to worry about loan amortization.

Once your cash advance has been fully paid, you may apply for another one. It is like having a revolving credit line. Make sure that you compare the terms of several merchant service providers, though, and read the fine print on contracts. There are so many merchant service providers competing for your business that you’ll surely find one that fits your needs.

Advanced Merchant Services
Contact Name: Roger Inman
P.O. Box 1475 Safety Harbor, FL 34691
Bus: 727-642-3606
Bus Fax: 877-413-6067
E-mail: rinman3@tampabay.rr.com
Website: www.bankcardprocess.com


Related Blogs

March 21, 2010 | Filed Under Small Business Loan | Leave a Comment 

Is This Best Small Business Opportunity For You?

The best small business opportunity today has to offer you mobility and the chance to run it free of overhead and employees. What could be better than earning thousands of dollars every month without the hassles of a traditional brick and mortar business? Thanks to the internet, network marketing, and affiliate programs you can live the American Dream of owning your own small business selling products online.

To me the ability to work anywhere I can log onto the internet is the true American dream. No bosses, no employees, overhead. Of course that means no building to rent, no secretary to answer the phone, no phone, no monthly advertising costs, no warehouse space needed, no office furniture, no 8 to 5, no, no, no.

What do you need?

1. You need a computer. I use my HP Pavilion dv5000 notebook I can take with me anywhere at anytime.

2. You need an internet connection.

3. You need a valuable product or program that gives you a website and email marketing follow-up campaign.

4. You need to learn how to drive traffic to the website they give you.

Basically if you have these 4 things you have the best small business opportunity. As long as you are getting traffic to your website and following up with them you can make a lot of money and be free to set your own hours doing it. The internet is open 24 hours a day all over the world. It never sleeps even when you are.

My small business involves programs and products that are informational in nature. “How To” type of products are great because they are always in demand. People go online everyday searching for information. Your new small business can be the one to give them what they are looking for.

Another way to make money is to leverage your time by having people working under you selling the same products as you. When they make a sale you make a commission. Network marketing is a perfect small business because the opportunity to make money on the efforts of others without hiring them as employees. They are running their own small business just like you! You can do this in virtually any market and once you get one business set up you can start another one.

Anyone with drive and desire can start their own small business online thanks to the opportunities available today. I encourage you to find the best small business for you and get started today.

Jeff Schuman recently started the best small business opportunity he has ever seen. Try it risk free here now: http://www.team-schuman.com/success-university.html


Related Blogs

March 20, 2010 | Filed Under Small Business Opportunities | Leave a Comment