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bad credit business loan Blog Posts

By First American Merchant

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Is It Difficult to Get an ACH Loan?

One of the more innovative products available in the alternative lending marketplace is an ACH loan (sometimes called an ACH advance or cash flow loan). ACH loans are a broad category of business loans that are specific in the way in which they are paid back. When you apply for an ACH loan, a prospective lender (like First American Merchant) will review your business’s checking account statements, typically going back several months. Why would they do this? Simply to get a sense of your average daily closing balance, which helps them determine how much of a loan to offer you, […]

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6 Possible Reasons Why Your Small Business Loan Application Was Rejected

There are many situations that call for a business owner to look elsewhere for business funding. Financing startup costs, fueling growth, funding expansion and covering operating costs, to name a few. When a business finds itself in a tight situation, the first place the owner typically turns is their bank. However, the task of securing a small business loan can be a very long, drawn-out process. Applying for a bank loan requires extensive documentation and long wait times for funding. To make matters worse, many of the businesses turned down for financing have no idea why their application was rejected. […]

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6 Alternative Business Funding Options for the Small Business Owner

According to Sean O’Malley, president and co-founder of SmartBiz, “Although small businesses make up a vital part of the economy, access to small-business loans has been restricted since 2008.” Even though small business lending options are improving, there are still many entrepreneurs that are still ineligible for traditional lending options. For one reason or another, these businesses are considered to be too risky and are turned away. Banks refuse to offer business financing of any kind. Thankfully, the number of alternative options for small businesses and startups continues to increase. If you’re business is currently in need of a little […]

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Is the Merchant Cash Advance an Option for the Small Business?

A new alternative to the traditional small business loan, merchant cash advances continue to grow in popularity. Why? Instead of waiting weeks (or months) for cash – only to find they’ve been declined – the merchant cash advance allows the business owner to secure cash fast. An alternative lender like First American Merchant can advance you the funds you need in as little as 72 hours (if not sooner). The lender provides you with this working capital by making a purchase of your future credit and debit card sales; the amount of sales and the discounted cost are agreed upon […]

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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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Top Ways To Use A Business Line of Credit

A line of credit is a good option for small businesses as they can use it to fund a variety of needs. The latter include building a credit history for future financing and having a great deal of flexibility as compared with other financing options. Also, a such business funding allows for accessing your credit whenever needed, paying down the balance as your cash flow permits, and using it again and again. Below you can read how to use a business line of credit correctly. Building Up Credit Scores You can use a business line of credit to build up […]

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Can’t Get a Loan from a Bank? Here are Business Funding Options To Consider

Years ago, it was often difficult to get approved for a traditional bank or a credit union loan. Business owners had to borrow from their family, friends, or against receivables. Today, thanks to alternative lenders and institutional investors, entrepreneurs have better chances to get business funding even with bad credit for their companies. Funding Options for Small Businesses Alternative Lenders Alternative lending came into existence after 2008 financial crisis when small businesses saw it was difficult for them to get approved for a traditional bank loan. Online lenders built web-based lending platforms that made it easier and faster to obtain […]

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Bad Credit is No Longer an Excuse for Business Loans

For years, bad credit could damage a business before it even began. Bad credit could limit the ability for a merchant to obtain a bank account, a plastic card processor, or a business loan. Bad credit could also limit one’s ability to rent a building. Bad credit was once something that could have you turned away even before your idea was heard, but today things have somewhat changed. While mainstream banks and processors still look at bad credit as a turn-off, more and more “off the cuff” processors are embracing these merchants, and the ideas that they possess. Those with […]

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Is Bad Credit Stopping You from Getting Bad Credit Business Loan?

If you own a small business, you know how difficult it is to acquire a loan. Don’t let bad credit or lack of business experience keep you from the loan money necessary to make your business grow. There are a variety of alternative ways to acquire loans that don’t require extensive paperwork, long-term contracts, or high rates. The following are less restrictive and more efficient ways to get a small business loan. Bank deposits – If your business makes regular bank deposits, it can acquire a revenue-based loan. Generally, a business can get a business loan that is about 10% […]

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4 Steps to Better Your Credit and Get a Bad Credit Business Loan

Having a decent credit score is crucial to helping you achieve your goals. However, over half of adult Americans don’t know their credit score. When an individual has bad credit, it not only affects their ability to get a personal and business loan, it can also disqualify them from certain types of jobs. Don’t let a bad credit score stop you from achieving your financial and business goals. While there is no overnight fix to less than stellar credit, there are a few tips to help boost your score. Find a Fix Errors On Your Report: There are a few major […]

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