Brittany usually posts a funny cartoon on Mondays – this is just as amusing
I read an interesting article from a leading Business publication last week. Was written by a “financial expert in Small Business Financing” (banker). Most of the small business owners that actually read the article would probably have the same reaction as I did when I read it…..are you kidding me?
The headline caught my eye….it was obviously intended for small businesses that have had problems getting financing from the bank because of a weak credit rating.
“Here’s what to do” reads the headline. “Maintain good personal credit”. Really?
It’s like saying “are you overweight? Here’s what to do….lose weight”.
For businesses with a weak credit rating there is an alternative. A merchant cash advance is a small business loan alternative that is based on sales history rather than personal credit history. A merchant cash advance provides capital in exchange for a small share of future debit/credit card sales.
Any business than accepts debit/credit cards, has been in business for a year and has at least 12 months left on a lease qualifies for this type of funding.