Minority Business Loans

Each day hundreds of people seek and apply for minority business loans. The sad fact is that a lot of those people will have their applications scrunched up and thrown in the bin by their bank manager. Banks have tightened up their lending practices and all kinds of loans including minority business loans have suffered as a result. Luckily there is an alternative out there for minority business owners looking to obtain business finance.

What do we offer?

We offer a minority loan alternative in the form of a business cash advance. A cash advance is made by us; we’ll pay the funds directly into your bank. It’s then up to you to spend those funds within your business as you see fit. Repayments will be made on the cash advance but they won’t be rigid – they’ll fluctuate on a monthly basis depending on how well your business performs in terms of sales.

The problem with traditional borrowing such as bank loans is that the initial cash injection is enough to kick start a business, but the strain of repayment causes the business to become starved of cash further down the line. This problem isn’t present with businesses who borrow through a merchant cash advance, because your business will make repayments based on how well it’s performing. Bank loans rarely take monthly performance into account when repayments are calculated.

The application process

Another thing that tends to annoy those business owners who apply for bank loans is the fact that the application process can take weeks on end. Not only is it a long process, it’s also a drawn out one. Your bank will ask to see all kinds of supporting documents such as tax returns, bank statements, projections, a business plan, and so on. As a business owner you may find it a struggle to collate this information – so the good news is that we won’t hound you for these documents if you come to us seeking business finance.

A minority business loan can be spent on anything, whether it’s new stock for your business or even new equipment so that you can offer new or improved services to your customers. Make sure you get in touch with us today to see how we can help you. Remember a minority business loan may be out of your reach, but a business cash advance could be just around the corner.

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