How Alternative Business Funding is Different from a Bank Business Loan
Getting a bank business loan is not easy anymore. It is no secret that times in the lending industry have gotten tough. Banks have tightened their lending standards in recent years. So much that over 75% of business owners are turned down for a bank business loan. Simply because they do not meet the impossible requirements that banks have implemented. This can be extremely frustrating and de-motivating to many hard working business owners. At eBusiness Funding, we hate to see those who are putting everything they have into their business, be turned down when they need funding. That is why we are here to help with our merchant cash advance product.
How is a merchant cash advance different from a traditional bank business loan?
Unlike traditional bank rules, eBusiness Funding is different. We have different standards that we can adhere to because we are not regulated in the same way by the government. Let us show you how we are different from the following business bank loan requirements.
Must be used for an approved business purposes.
When it comes to a business bank loan, the institution is going to want to know exactly how you plan to use every dollar. This will often be documented in a detailed business plan. The plan will outline your business goals for the next three to five years. However, unlike a bank, eBusiness is not interested in your full plan. If you have one that is great, we just don’t make it a requirement for funding that you provide it to us. We trust you to be able to make the best decisions for your company. And we want to see you succeed as much as you want to see yourself succeed. We just do not need a written document from you to prove that to us. That means if you need to use our cash advance for covering your payroll, you can.
Perfect Credit Scores
Unlike a bank that needs to determine if you are creditworthy or not, we are not going to ask to see them. We also will not run a credit report on you. We know that young businesses make mistakes and we are tired of companies being punished as they work to rebuild their credit scores. Instead, we only have two requirements.
- Your business has been fully operational for at least six months.
- You are generating at least $10,000 a month in revenue.
If you can meet these two requirements, you have a 90% chance of being approved for a merchant cash advance with us.
Appropriate Amount of Collateral to Put Up Against the Loan
A business bank loan is often secured by collateral. When you sign the dotted line with a bank, they are asking you to make sure that if you default on the loan, they will be covered with something just as valuable. At eBusiness, we don’t want your things. For us, it is a true pain to sell them. And at the end of the day, we are in the business of advancing funds not selling products or real estate.
eBusiness Funding is Different
We have never claimed to be a bank nor do we want to be. Being an alternative funding provider affords us the opportunity to work with some great businesses. We love getting to know the people who use our funding source. Getting the cash you need quickly, can make all the difference when it comes to growing your business. It is also nice to know you have someone who really cares about you and your dreams. So what are you waiting for? Apply with us today to start achieving all of your goals!