Easy Merchant Loans
It may be very difficult to get a business loan nowadays, but getting a merchant loan is still very simple. The credit crunch forced many small business owners to think outside of the box and discover methods of business financing that had not been utilized very often in the past. But now, even some of the most innovative types of business funds are becoming difficult to secure.
Take peer-to-peer (P2P) lending for example. "[P2P lending]...occurs directly between individuals ('peers') without the intermediation/participation of a traditional financial institution...An enabling technology for person-to-person lending has been the Internet..." (Wikipedia). This lending/borrowing method increased in popularity as the credit crunch tightened, giving small business owners an alternative method of acquiring business funds. But according to an Inc.com article, P2P lending is happening less and less.
"...thanks to a crackdown by the Securities and Exchange Commission, many ]P2P lending sources] have been forced to close up shop," writes Jason Del Rey in "Why Getting a Loan Just Got Harder."
Fortunately, the merchant loan remains a business financing method that is easy to qualify for, easy to understand and overall, easy to get. Merchants who own a business that processes at least ,500 in monthly credit card sales and have owned the business for at least six months, may be eligible to get up to 0,000 in business funds. They must also have a minimum of one year remaining on the business lease and no unresolved bankruptcies to qualify for a merchant loan.
Small business owners can apply for merchant loans at sites like Merchant Loan.
The applications are only two pages long and can be completed in about three minutes. Applicants will also be required to submit the last six months of their merchant statements, a copy of the business lease and a voided business check (so the provider will know where to wire the funds should the merchant be approved). Providers can approve applicants in 48 hours and it typically takes 7 to 10 business days for funding to occur.
Small business owners are encouraged to take advantage of merchant loans, especially since they are so easy to get in the midst of a recession that has made finding business funds extremely difficult.