Small business loan solutions have become scarce since the start of the Great Recession. However, years after its official end, unsecured business loan solutions still remain hard to find for small and medium sized companies. Some companies are turning to business credit card financing, an affordable and accessible option which allows businesses to get the cash they need. Companies need not ask where to get an unsecured business loan without a business plan if they go through an alternative lender, such as Business Cash Advance Guru.
The landscape of small business lending remains largely barren, and sources state working capital is badly needed, "The difficulty obtaining financing is leading to stagnation for small businesses in the survey. More than half of respondents (54 percent) say they do not plan to hire employees in 2014. Even those entrepreneurs who do obtain financing are more likely to use it simply to stay afloat, rather than to grow. Before the economic collapse, 32 percent say they used financing to grow their businesses; today, just 22 percent use it for that purpose. Instead, 40 percent of business owners are turning to financing just to pay the bills and keep their businesses going, up from 31 percent who used financing for this purpose pre-recession,"
As loan options remain scarce, businesses are looking for alternative sources of working capital. For a time, credit unions filled the void left by the large corporate banks, but that has ended as new financial regulations roll out at a steady pace. Traditional banks usually require a clean credit profile, along with substantial collateral and a personal guarantee. However, those are now just a few of the many qualifiers applied to small business loans.
"Business Cash Advance Guru makes obtaining financing approval as fast and as simple as completing a credit card application. The goal of providing access to business grade capital swiftly and easily to small businesses across the country is realized through the alternative lender's release of its proprietary commercial funding system."
Insurance Playing a Large Roll
With the enactment of the Affordable Care Act, banks are skeptical small companies will be able to repay business loans. Banks believe these new requirements will pose a significant financial burden on small businesses and are, therefore, unwilling to take the risk of lending too many companies.
Insurance is only one concern of many. As economic trends continue, with rising interest rates, as well as inflation, banks are betting that small companies will not be able to handle added burdens. That's why many small businesses are turning to alternative lending sources, finding easy, online application processes and 24 hour approvals. Funds arrive via direct deposit in three to five business days. Funds can be used for any purpose, and there are tax benefits to these bank loan alternatives.
Companies can qualify for
BusinessCashAdvanceGuru.com expanded nationwide services are now available in the following geographical areas:
About Business Cash Advance Guru
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