Best Bank Business Loan Alternatives

It used to be getting a bank business loan was simple. All you had to do was visit your local branch. You would ask what type of business loans they were offering. You would ask about their rates. And you may even ask what specials they were promoting that month. There was really only one place to go and that was the bank. If you were lucky there would be two different banks in your town so the rates would be competitive.

But today’s world is completely different. Times have certainly changed. Both physically and digitally. The current state of the lending market is evolving to meet the needs of the modern day consumer. You can apply for a loan online and never have to set foot in a bank. Not only that but you also have a wider variety of alternatives to a traditional bank business loan.

What are the alternatives to bank business loans?

Crowdfunding

Peer to peer lending is on the rise these days. Businesses are looking to the average consumer to help grow their business. Crowdfunding focuses on pooling the collective funds from a variety of different parties. This is primarily completed through digital platforms including social media.

Businesses will leverage their own personal networks to begin with. The sharing will continue through their friends and family. There are a variety of crowdfunding options to offer incentives to people to help fund your campaign.

• Donation

• A donation with no expectation of return. This funding is often typically seen for non-profits. It is also often used by disaster relief groups. But it can also be used for businesses.

• Rewards

• The reward option that typically offers lenders early access to a product, a discount or free product. Businesses who raise funds this way are not offering equity into the company.

• Equity

• This method allows lenders to become part-owners of the business.

As a business owner, it is important to know what type of crowdfunding you are doing. You also have to be transparent to your lenders. Leading them to believe they were getting equity when they were donating can lead to lawsuits down the line.

Business Credit Cards

A business credit card can be a powerful tool to empower your employees to make purchasing decisions. It also gives you quick access to cash to be able to buy necessary supplies. But having a physical card that your employees are responsible for can be a risk. Fraudsters, whether online or in-person, are always looking for unsuspecting credit card holders.

Merchant Cash Advance

A Merchant Cash Advance is an alternative to a bank business loan. Though similar to a bank business loan, a Merchant Cash Advance does not have the same strict regulatory standards. At eBusiness Funding we only require that your business does at least $10,000 a month in revenue and has been in operation for 6 months or longer.

How Does A Merchant Cash Advance Work?

1. Applicants apply through our simple form on this page.
2. We review the application and respond within 24 hours letting you know if you have been approved.
3. If you are approved, you can receive between $5,000 to $500,000 in three days or less.
4. You can then start using the funds to meet your business needs.
5. In exchange for the funds, we will take a fixed percentage of your business’ daily sales (Monday-Friday).
6. This process is continued until the advance and fees are completely paid off.

We believe that a Merchant Cash Advance is a great alternative to a bank business loan. As a business, understanding what is going to be the best option for you is important. If you feel a cash advance could be right for your business’ loan needs, contact us!

Getting Started

Call eBusiness Funding at 305-985-6604 or complete the contact form on this page now!

Payroll Loans That Keep Business Moving

Obtaining payroll loans for your business on a regular basis can be a challenge. Even if you have been in business for years it can be a struggle. Most financial institutions are not looking to lend money to those who are looking to cover payroll. To a bank, it can be seen as a cry for help when a business asks for a loan to make payroll. This is a risk to their loan portfolio.

Having to ask for payroll loans does not mean that your business is going to go under. We understand this. Sometimes you are waiting for your clients to pay their invoices. These invoices may have a Net 30, 60 or 90-day window depending on your industry. This is why we make it easy to get cash in your hands to help cover your payroll until you get paid.

Any business owner who has applied for financing and was turned down by a bank knows that it isn’t the best feeling in the world. We understand the feeling and know recovering from being turned down and determining where to go next for financing can be extremely difficult. For this reason, the alternative lending market has grown rapidly over the last few years.

As an alternative provider, our company is focused on helping you grow your business. We only ask simple questions and never require a business plan. The first two things we are going to want to know are simple. Have you been in business for more than six months? And do you have more than $10,000 a month in sales revenue?

Once you have filled out our simple form, we can get you approved in just 24 hours. Based on what you are approved for we can give you a cash advance in the amount of $5,000 to $500,000 dollars. The best part is we can get you the cash you need in just three days. Unlike traditional payroll loans, we can get you the cash you need to make this week’s payroll not next month’s.

As you go through the traditional loan application process you will quickly learn that getting turned down is very common. Especially if you do not have what the financial institution is looking for.

Common Things You Need To Get Approved For A Bank Loan

• Good Credit History
  • This is for both your personal and business credit history.
• Quality Length of Business Operation
  • Typically, a business must be operational for two years before they can receive a bank loan.
• Collateral
  • When applying for a bank loan, the bank will look to hold personal assets as insurance for you to pay off the loan.
• Business Plan
  • A bank will require a plan of how you expect your business to grow over the next three to five years.
  • They will also request a plan for how the funding will be used.
  • Included in the plan they will expect for you to include your financials from the past few years. This will help them understand the financial health of your business.

Instead of going through the trouble of collecting all that paperwork just to be turned down, consider our Merchant Cash Advance program.

How Does A Merchant Cash Advance Meet My Needs?

• No Collateral
• Short business history is not a problem!
• Poor credit is not a reason to turn you down
• No business plan required
• Quick Approval
• Cash in hand fast!
• Spend the money the way your business needs

Getting Started

We believe that a Merchant Cash Advance is a great alternative to traditional payroll loans. If you think our product is the right option for your payroll loan needs, contact us.

Call eBusiness Funding at 305-985-6604 or Complete the contact form on this page

How to get Small Business Financing

Small business financing is not as easy to acquire as it once was. The financing market has been constantly changing over the last several years. Tighter restrictions are being enforced by the government.

If you haven’t experienced applying for small business financing, you are not missing much. Only one in five applicants is approved by financial institutions. This is causing small businesses to struggle to find funding that will help them enhance their businesses. And even if they can, they are being offered extremely high-interest rates to borrow the funds.

That is why eBusiness Funding is growing so popular with small businesses. We get cash in your hands fast. Our funding model also comes without all the requirements of small business financing from a bank. Our requirements are simple. Have you been in business for more than six months and do over $10,000 a month in revenue? If you answered yes to both of these questions you are well on your way to qualifying for a Merchant Cash Advance from us.

Want to know what the best part is? You can have the cash in your hands in as little as three days. That means, unlike traditional business loans, you can get started growing your business immediately.

A traditional business loan takes time to process. Banks will expect you to have a full business plan and a long history of success in your business just to be considered. If you are in the early stages of a new business, you will not have the length of history to even be considered for most traditional loans. But when you apply for our funding, we focus less on your credit history and more on the potential of your business.

Think About It This Way, To Qualify For A Small Business Financing From A Bank You Need To Have:

• A long credit history
• Collateral
• At least 2 years tax returns
• A complete business plan
• A record of how you plan to use the money

Not every business has all of the above requirements and it can be a challenge for a new business to secure financing. With eBusiness Funding, we don’t focus on your credit history or the amount of collateral. We understand when you are starting out you aren’t always going to have everything figured out. That’s why we making getting cash in hand easy simple.

Small business financing often focuses on the long-term business plans. It also looks at how the money will be used to expand your business. With a Merchant Cash Advance, we understand different business lines require different types of funding. The cash from us can be used to help you meet payroll until you receive full payments from your clients, can be used to develop your business model further, or expand a physical building. These are just a few examples of what you can use the cash for. As long as you are using it for your business, you can qualify. We want to see you succeed.

Because we focus on your future and not your past, we do not hold collateral against your cash advance. We understand that not every new business has collateral for regular business loans. This is why we never make you offer up collateral.

We also know that not every business has regular sales every month. Some of our client’s have seasonal trends in sales. The flexibility in our payment schedule is linked to your sales performance, not a regular monthly payment schedule. This is different than traditional business loans.

Ready To Get Started?

Call us now at 305-985-6848 or see how much you qualify for here.