How to Get Money for Your Small Business

From Our Series on Financing Solutions for Small Businesses

In any economic period, getting a loan or credit line from a bank or traditional lender to build, sustain and/or promote your small business is difficult. In today’s economy, it’s almost impossible to get a traditional small business loan or line of credit unless you are large, very profitable, have exceptional personal and business credit scores and have a long track record in business- in other words probably do not need the money.

I’ve written an informative e-book called “10 ways for small business to get working capital in today’s economy” which is free. From this-book, I’d like to focus on just one of the way’s small business can receive the working capital they need; the one that I feel makes the most sense for the majority of small business owners that accept credit cards as a method of payment for their products and/or services.

And one that I can recommend to those struggling entrepreneurs who have sacrificed and put everything into their business who ask me the question- “I now have poor personal credit and can’t get a loan and don’t know what to do. Do you have options?”

Well, the option I’m going to recommend is one that works regardless of your personal credit score, is not a loan, requires no collateral, no signing personally, no restrictions on use of funds, no fixed repayment and best of all can get you the lump sum of cash you can use for working capital within 5-10 days. It’s called an Unsecured Business Line of Credit, or Credit Card Cash Advance.

It works like this. A lender will purchase a portion of your future credit card charges at a discount, and provide you a lump sum of cash today. The cash advance is repaid over time by taking a small % of your Visa/MasterCard charges until it’s repaid. When you have a big charge month, more is repaid, when you have a slow month, less is repaid- the ultimate in flexibility. And, you get to keep 100% of all cash, checks, Discover, AMEX; the repayment is only based upon Visa and MasterCard billings.

You can renew the advance when you have repaid 70% or more of the original advance.
Application is free to find out how much you qualify for and what the discount amount is, and compared to a traditional loan extremely simple to apply.

I always recommend that small businesses plan ahead when it comes to potential small business financing needs- and never- never wait till you absolutely need the cash. Then it’s often too late to acquire it in the time period you need it in.