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alternative business loans Blog Posts

By First American Merchant

Feel free to give us a call for more info 1-800-210-5649

Building Credit With No Credit

If you’ve decided to apply for financing, be aware there are generally 2 ways to check whether you’re eligible for it or not. The 1st one is the traditional “credit check.” In this case, a hard inquiry is put on your account, and the loan provider reviews your credit score and credit bureau reports to figure out whether you can qualify for business funding or not. The 2nd one is the so-called “no credit check,” when the lender takes into account other factors so to determine your eligibility. What is Credit Check? A typical credit check is also called a […]

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Bank Isn’t Your Friend? Merchants are Looking for Alternative Business Loans

Forget applying to banks to get a loan for your business. Most of them stopped being in the “give a loan to a small company who has no collateral” business in 2007. This does not, however, mean that you are out of options to fund the growth of your company. Below are some of the anti-bank ways to finance your new business. Retirement accounts  Borrowing money from your IRA or 401(k) can be tempting. First consider a 60 day interest free loan from it. There are no fees if it is paid back in this time frame. Remember: This is […]

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Quick Business Funding Options for Construction Industry Businesses

Construction financing continues to be a challenge for many contractors, due to a number of economic factors. For example, contractors are very sensitive to economic cycles and revenue fluctuations from year to year. Excessive competition and the volatility of the industry are also an issue. For banks, credit underwriting issues are a big obstacle for banks in lending to these firms (construction company failures, unpredictable nature of the work, the estimates used in financial statement(s) preparation, etc.). Like any other business, a lack of financing causes many problems for construction firms. Without adequate cash, the company will be unable to […]

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How a Merchant Cash Advance Can Help You Offset Your Short-term Business Debts

Short-term loans typically appeal to retailers because they’re easy to get. For instance, getting a two-week loan from PayPal only demands a small amount of paperwork and a manageable servicing fee. The money is deposited into your account almost immediately, and you can fulfill your needs quickly. However, things start to go south when two weeks pass by, and your business still hasn’t recovered well enough to pay off the loan. What are your options? You could take the road more travelled and pay the servicing fee again to extend the loan for another two weeks, but you have to […]

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Four Steps to Take When Your Customers Don’t Pay Their Bills on Time

Late payment is a problem that plagues the cash flow of many merchants and is one of the fastest ways to go out of business. Regardless of how successful or established, a major part of your job as a trader is to ensure that all transactions are completed on time. Of course, the billing policy you’ll employ will depend on your type of business. If you run a large-scale enterprise, for example, your clients will likely expect to be given at least a few weeks to pay their invoices. And although you’re often left with no choice, agreeing to their […]

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Choosing Alternative Funding Options For Your Small Business

With small business funding landscaping changing with rapid advances, modern business owners have more opportunities than ever before. Alternative lending has become quite popular in recent years. Nearly half to 2/3 of the businesses try to get business capital from non-bank sources and other places. The most important thing in this concern is to find the right option that will best suit your business needs. How Can Alternative Lending Help You? If you have financial challenges or there is a new opportunity for you to grow, alternative lending can be the best answer to the question. It gives you flexibility […]

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Alternative Business Loans & Other Things You Will Learn From a Small Business Mentor

Every great business leader has a mentor. Whether it is another business bigwig, or just a like merchant in your town, they are an invaluable thing to have when you are a new merchant. Their advice can get you far – but you really need to take what they say to heart. Experienced merchants know what works and what doesn’t, and this is important whether you have a salon or an e-cig store. Below are the best things that you can – and will – learn from a small business mentor. Alternative business loans: An alternative business loan can help […]

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Overcoming Three Main Challenges That Every Ambitious Entrepreneur Faces

The life of a successful entrepreneur is easily admired. Every leading business publication wants to mention your name and every upcoming businessperson wants to hear you share your success story. But less known to many people are the hurdles you may be facing there at the top. The mere fact that you are above-par places quite some demand on you. The hours within a day never seem to be enough for all the things you have to do, stress becomes a way of life and social life always seems distant. These challenges may seem unmanageable, but here’s some help on […]

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5 Steps to Prep for a Business Loan

High risk merchants often have a hard time acquiring business loans. Lenders view merchants in high risk industries as undesirable investments, even if the business owner is an experienced entrepreneur. But it is possible for high risk merchants to find and attain the necessary funds to start and grow their businesses. The following are a 5 steps to getting a business loan. Develop a Business Plan Many business owners only know that they could do with some extra cash. Lenders are not likely to disburse funds unless you can tell them exactly where the funds are going and how they […]

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A Guide for Choosing the Best Small Business Funding Option

Most business entrepreneurs choose to fund their startups through their own cash or savings. While this approach works well for many business owners, there will come a time when additional capital is required from the outside. With alternative lending options constantly evolving, small business owners are finding it easier and easier to evaluate what each lender is offering them (pricing, rates, terms, etc.). Ultimately, these non-bank lenders offer more choices. While it is fairly easy to find a list of alternative lending options for a small business, knowing what to consider while evaluating those lenders is not always as transparent. […]

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