It is difficult for many businesses right now to find a source of funding. I will list some different programs for you to consider. Keep in mind that you have been turned down for traditional funding so you will not receive outstanding rates, but if you have a need for funding there are programs that can help.
The first program is a Merchant Advance; this is based on your credit card receivables. Generally, you can expect an advance of 125% of your monthly credit card sales. For example, you do $10,000 a month in credit card sales, your advance amount could be up to $12,500. With a $12,500 advance, your total pay back would be around $16,500. The terms vary from six months to one year. You will receive the cash in around 7 business days. You will more than likely have to switch your credit card processors, but most companies will meet or beat your current processing fees. Since this program is based on your previous sales there is no collateral necessary, and bad credit is not an issue. The amount available with this program is $5,000 to $300,000 per location.
The second program is a Fast Cash Business Loan, this program is based upon both your credit card receivables and all sales totals. The Fast Cash Business Loan is based more upon the stability of your business, than just credit card sales alone. This program is difficult to tell you what you might qualify for; it is based more upon your individual business all around, and marginally on your personal credit (minimum of 600 FICO score). You will receive the cash in around 7-10 business days. The amount available with this program is $5,000 to $100,000 per location.
The third program is a Success Business Loan, this program is again based more on your overall sales. The Success Business Loan works much in the same way as the Fast Cash Business Loan. There are two main differences between the Success and Fast Cash Business Loans. The first is the amount available; the Success Business Loan has $100,000 to $2,500,000 available per location. The second is the length of time for funding; the Success Business Loan takes around three weeks to provide funding.
The fourth program is an Invoice Factoring Advance, this program is based on your accounts receivable. You can receive up to 80% of your receivable accounts. This program generally takes about a week to receive funding. Approval for this program is based upon the credit worthiness of the account holder, not the business owner.
Making Obstacles Manageable, Inc.