Working capital is very important for every business. Since our economy is in recovery stage and consumer activity decreased sales are down and more and more businesses rely on financial support from various lenders to increase working capital turnaround time. Unfortunately traditional banks aren’t lending and small business sector is a restricted territory for them. What options available for small businesses with bad credit? The answer is Bad Credit business loans from Elite Merchant Capital. New York based alternative lender Elite Merchant Capital provides unsecured and uncollateralized loans for the past five years. Bad credit is not an issue. Underwriting process is quick and simple;
- Minimum 10,000 in gross sales
- At least 6 months in business
- No open bankruptcies
The entire process takes 24 hours and you will have money in your account in 2 business days. Elite capital developed unique technology which allows alternative lenders compete for your business and provide most cost effective financial solutions for your establishment. Recent study showed that almost 80% of all applications for small business loans are being denied by the bank due to bad personal credit. Elite overcomes this issue by utilizing business performance as a primary factor. If you are a business owner looking to obtain working capital and bad credit stops from getting small business loan do not give up fortunately alternative is available. Alternative lenders will build a custom scenario based on your business performance and daily expenditure.
- Advantages of Bad Credit Business Loans
- No personal guarantee
- No collateral
- Funds in your account in 2 business days
Alternative lending landscape changed for the past five years due to high competition between lenders factor rates vary from ten to twenty percent turning alternative financing into very economical alternative to small business loans. If your business accepts credit card transactions as a form of payment merchant cash advance might be another great resource for your working capital needs.
Merchant cash advance is not based on your total sales but your credit card sales only. The payback process is adjustable to your credit card volume. Small percentage will be allocated to payback principal balance from each credit card batch. Bad credit business loans or Merchant Cash Advances designed to be flexible financial tool for your business it’s designed to provide working capital to fulfill immediate need and establish working relationship into the future.
You do not have to be fully paid down on your first advance Elite will provide as much capital as you need to lead you to success and financial stability. All alternative loans work as a revolving line of credit if positive payback established more capital will be provided under progressively better terms.