Sources Of Funding For Small Businesses

The question of funding for small businesses can be a struggle for any small business owner. As rewarding as this can be, running your own business carries constant challenges, from maintaining staff to financial struggles to making sure you are providing the services your clientele want. It’s easy to get swamped in some of the day-to-day functions of business, but you also have a responsibility to keep your business financially healthy. To do so, outside funding is often essential. The question is though, where do you begin?

What Options Do I Have For Funding My Business

The good news is that there are lots of different lenders out there that provide funding for small businesses. However, this can be a bit overwhelming at first. To help break this down, let’s look at two main categories:

 Traditional Funding Sources

• Government resources
• Banks
• Private lenders

Many will recommend small business loans for banks, and there are good reasons why. Small businesses are likely to get low interest rates, which is crucial. However, the fact of the matter is that increased regulation is causing banks to hold back on their small business loan offerings. Private lenders and government resources can be valuable as well, but don’t be surprised if there are specific requirements that you will have in order to get funding. Generally, if your business is just starting out, it can be hard for you to find funding.

 Non-Traditional Funding

• Micro-lending
• Peer-to-peer lending
• Crowd funding
• Merchant Cash Advances

If you have trouble getting funding, these may be better sources. In general, there is less of a barrier to entry, but there may also be other issues, such as higher interest rates or lower amounts of money being available. In some cases, like crowd funding, there is no guarantee at all how much funding you will get. Before looking at options for your funding for small businesses, it’s important that you evaluate your business.

Questions to Ask Before Choosing a Lending Method

• Why do you need the money? Are you looking to fund payroll? New equipment? Maybe a new business?

• Banks are going to want to see the whole picture. You should be prepared with all your business information.

• Who is taking on this loan? Depending on the type of business you may be personally responsible for the debt.  This means a bank can hold your personal assets as collateral if the company doesn’t pay.

• What does the management team look like for the company?

• Traditional companies want to know who they are lending too. It makes a difference and banks will check the credit history of those people listed.  A background check may also be completed.

• How fast do you need the money? Non-traditional lenders have shorter turn around time frames. There is also currently less regulation in the space. However, with less regulation comes increased risk to the lenders. This risk is mitigated in the form of higher interest rates.

• In most cases when you apply for a bank loan you are required to submit a business plan.  As well as your financials from the last several years.  If you are looking for reoccurring funding a traditional loan may not be appropriate. You may want to consider another alternative.  You can also talk to your bank about a line-of-credit.

Using Merchant Cash Advances

 eBusiness Funding provides alternatives to traditional small business loans. By working with us, you can get funding for small businesses quick, with minimal roadblocks If you meet our minimum requirements, you can be approved and funded in a matter of days. The benefits of choosing eBusiness Funding include:

• No upfront costs.
• No application fees.
• Up to a $500,000 cash advance, based on your current financial strength.
• Cash in hand as soon as 72 hours.
• 90% of applicants  who meet our requirements get approved.

Get started with eBusiness Funding for the funding your small business needs with more accessibility and speed than many of the options out there. Fill out the simple contact form on this page now and get the financial support your business needs.

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!

Need Unsecured Business Funding? Learn This Trick

Have you been thinking about applying for a business loan? Are you overwhelmed by all the options that are currently on the market? Whether you are looking for traditional funding or alternative funding one thing you must know is the difference between secured and unsecured business funding.

What Is The Difference Between A Secured And Unsecured Loan?

Secured business funding is “secured” through the holding of collateral against the loan. That means that when you sign a secured loan with a bank, you will put up collateral. This can be business collateral such as a physical building or equipment. Or it can be a personal asset like your home or boat. If you are to default on the loan, the bank will take control of that asset. Sometimes the asset is worth more than the amount owed on the loan but more often than not the bank will take a loss.

This is why unsecured business funding is a much larger risk to a lender. Unsecured business funding has no collateral that is held against the funding source whether it be a loan or cash advance. It is much riskier for the lender which it often comes with a higher interest rate and extremely high standards to be approved.

Unlike the impossible standards of a financial institution, eBusiness Funding offers our Merchant Cash Advance and Business Cash Advance product through a simple application process. We have a 95% approval rate for those who meet our minimum requirements.

The Requirements:

• Have been in business for a minimum of six months
• Do $10,000 in monthly revenue

A Merchant Cash Advance is a great option for businesses that need working capital quickly. This is one of the many alternative lending options on the market today.

How Are We Different From Traditional Unsecured Business Funding?

• Simple approval process
  • If you meet our minimum requirements we can get you approved in just 24 hours.
• Our waiting period is days, not weeks or months!
  • Unlike the bank application process which can take weeks to secure funding, through our process, we can get you the cash you need in just three short days!
• No restrictions on how the funds can be spent.
  • If you are approved for a bank loan, there will be restrictions on how you can use the money.
  • With our cash advance, we are more concerned that you are growing your business in the way that you see fit.
• High approval rate
  • A bank loan’s approval rate is one in five applicants.
  • We approve over 90% of those who meet our minimum requirements. That is nine out of ten.

How Does It Work?

Within just three days we can get you between $5,000 and $500,000, depending on what you qualify for based on your business history and monthly revenue. After you are approved, we will deposit the cash directly into your bank account. This way you can start using it immediately to help grow your business.

With a Merchant Cash Advance, we do not require a plan of how you will utilize the funding. You understand your business model better than we do. We trust that. We want to see you succeed, that is why you can utilize the funds as you see fit.

Our unsecured business funding does not have a fixed monthly payment. When after you are approved and funded, your business will return a fixed percentage of your daily sales as payment. This draw is completed daily (Monday – Friday) until the amount advanced is paid off. Think about it this way, we don’t make money until you get paid. Because our process is automated, you do not have to worry about forgetting to pay us or receiving a late fee.

Get Started Free

So if you are looking for unsecured business funding to help grow your business, an eBusiness Merchant Cash Advance may be the product for you. Contact us today to explore how we can help you meet your business goals.

There is no fee to apply and it only takes a few minutes.

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

Get Unsecured Business Financing Today

When you think about your business and its funding needs, the first place people’s minds tend to go is to bank loans. Traditionally businesses would go to their local branch to apply for a specific amount of funding. Businesses were typically approved and they left happy. In today’s world, it is not as simple. There are so many options out there, business owners can be overwhelmed. Especially when it comes to knowing the difference between secured and unsecured business financing.

What also doesn’t help is that only about 20% of businesses that apply for traditional loans are approved. That means 80% of applicants are denied. You can be denied for a business loan for several reasons including poor credit, limited business history, or low to no collateral.

We can’t help you improve your credit score or the length you have been in business but we can offer you a product that won’t hold collateral against you. Unsecured business financing may be the product you have been searching for.

Unsecured business financing is an option that can come in many forms. An unsecured business loan is one option. Lenders who offer unsecured business loan can make it much more difficult to get approved for this product. There is an increased risk on behalf of the lender.

Because offering traditional loans that are unsecured is a risk to a financial institution, there are fewer of these loans that are offered to business. But our business is different. We look at companies who can’t necessarily afford to put up collateral and want to help them. That is why we offer a Merchant Cash Advance product.

Merchant Cash Advances are a great option for businesses that accept credit cards. This is one of the many alternative lending options on the market today.

The benefits of a Merchant Cash Advance for your unsecured business financing needs:

• No complicated approval process
• No long waiting periods
• No spending restrictions
  • We are concerned about helping you grow your business so we do not require a traditional business plan or a plan of how you will be using the funds.
• High approval rate
  • We approve over 90% of those who meet our minimum requirements.

We have made qualifying simple and easy. We only have two minimum requirements. The first is that you must have been in business for six months or longer. The only other criteria that you must meet is that you average $10,000 a month in sales.

Once you have submitted our simple form and you are approved, we can get you between $5,000 and $500,000 in just three days., depending on what you qualify for. We deposit the cash directly into your bank account so you can start using it to help grow your business almost immediately.

Unlike a bank loan, we will not make you pay a fixed monthly payment. We will take a pre-determined percentage of your credit card sales daily until the amount advanced is paid off. The benefit of this method for you is we don’t make money until you get paid. You do not have to worry about forgetting to pay us back either because through our automated process we can take the funds directly from your daily transactions.

Because we don’t require a business plan when you apply, you can use the cash however you need. You can use it to expand your business or increase your inventory. You can also use it to pay your taxes or payroll. If you are thinking about opening a new location or purchasing new equipment, you can use the funds for that too!

Get Started Now

So if you are looking for unsecured business financing, our merchant cash advance may be the product for you.

Contact us today at 305-985-6604 or complete the contact form on this page to explore how we can help you meet your business goals.

Small Business Lending – Your Funding Guide

Small business lending is considered a necessity in today’s market. It doesn’t matter if you are just starting out or have been in business for years. Small businesses have unique challenges that large corporations to do not have to deal with. This has created unique funding needs and lenders are here to help.

Small businesses have several options that they can choose from. But how do you know what small business lending method is right for you?

First, considered how quickly you need the funds.

• Do you need the money for a future purchase?
• Do you need the funding immediately, like this week?

Next, think about what you are going to use the money for.

• Do you need the cash to pay back other obligations? Like meeting payroll.
• Are you looking to have a cash cushion for your business to hedge your risk?
• Do you need to purchase stock or supplies for day to day operation?

Finally, think about what happens if you don’t get the money.

• Is your business going to go under?
• Will there be a missed business opportunity?

After you have answered the questions above it is time to start understanding the different small business lending options.

Traditional Business Loans

With a traditional business loan, you are going to need a few things in order to be considered. You will need a complete business plan highlighting how you plan to use the money. Financial statements from the past few years. Both your personal and business’ credit history. And often financial institutions will require personal background checks on all the business owners for the company that is applying for the loan.

The benefit of a small business loan is that it often offers companies the lowest interest rates.

Business Credit Cards

Credit cards can offer you a quick way to pay for purchases. This source of funding should only be used when you need lower amounts of capital as you will have to pay it back within the month or face high-interest rates. It is recommended that you always keep your balance below 30% of your credit limit.

The other benefit of having a business credit is the perks of earning credit card rewards. Depending on the credit card provider you can earn free travel miles, received discounted gas, or cashback. It is basically like getting paid back for having the product.

Friends and Family Funding

This can often be a risky pool to draw from if your business can not pay them back at the agreed upon time. Unlike a loan officer at a bank, you have to see these people around the holidays.

Alternative Lending

One form of alternative lending is called a Merchant Cash Advance. With our cash advance product, we focus on getting you the cash you need, fast! Our short-term funding is focused on getting you approved for cash between, $5,000 to $500,000, in just 24 hours.  This is compared to other longer term loans that are tied to much larger values of money. Long term loans also have regular payback schedules.

With a traditional bank loan, you are going to pay back your loan with a set monthly amount. Our Merchant Cash Advance product takes a fixed percentage of your sales each day. That means that the amount we take is based on how well your business is doing that day, not on a predetermined amount.

Our alternative small business lending option is not a traditional loan in the way you are probably thinking. This is a funding option that is best defined as an arrangement where cash is provided to the business in advance. The funding is tied to the business’ daily sales. We advance your business the money it would receive in the future, now.

Getting Started

So are you ready to get started with our alternative to small business lending? Give us a call today (305-985-6848) or find out how much you qualify for here.

Start the process and we can have the cash in your hands in as little as 3 days!

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.