Bad credit business loans from Elite Merchant Capital is a new program developed by alternative business lenders in response to banks not willing to lend to small business sector. The new lending approach shifted traditional lenders like banks and credit unions to the side. Alternative business lending companies like Elite Merchant Capital has been piloting a whole new package labelled Capital for Merchants, which fronts small business owners a sum of cash and allows them pay it back as soon as they start making money. Elite Merchant Capital spokesperson David Smith announced that 10000 merchants participated in the program since it was first announced in 2014. Here’s how it works: Elite Merchant Capital provides its select retailers with set amount of cash, and that money will then be repaid by Elite Merchant Capital taking a cut of the merchants’ daily revenue. However Elite Merchant Capital new package is efficiently “cutting into a business’ every day income to pay back the advance, frequently during a period when a business can least afford it.” So while businesses obtain the capital they have to get started, they don’t get to adjust Elite Capital cut of their intake until the advance is paid back fully. Since this approach allows lender to purchase set amount of receivables into the future it’s not a loan but advance.
Bad Credit Business Loans allows merchants with bad credit to take advantage of the program and provides necessary working capital. In order to qualify for bad credit loans program business should be at least 6 months old and minimum gross deposits at ten thousand dollars. Program term varies from 6 to 12 months and cost of the capital average about 20% to 25%.
Businesses require money to grow, simple and easy. Our bad credit business loans were designed with small businesses in mind—even those whose owners have bad credit. These loans for small business owners offer several clear advantages:
Minimal paperwork required completing the funding process; it takes 24 to 48 hours until money transferred into merchants account. Easy repayment method makes program transparent since only small percentage taken on daily business to pay back advanced amount.
Another valuable option is renewal process meaning ones you 60% paid down on your existing advance Elite Merchant Capital will re-underwire the loan and most likely more capital will be provided but since advancing company and merchants company established relationship based on previous advance this funds will be provided under progressively better terms.
We’ve discovered that poor credit history is not a great predictor of future business growth or success. Instead, it’s understanding when to look for business capital and having a strategy for how you’ll use the capital to generate more profit or speed it up. Bad Credit Business Loans and merchant cash advances a lot more than pay for them when you factor in the additional revenue they help produce and company costs they can save.
Merchant Cash Advance loans from Elite Merchant Capital helped thousands business owners seeking small business loans. Bad credit or not, we’re here to help your business advance.
Posts by SpeakBindas Editorial Team.