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Of the many ways people are familiar with for business financing, that is, through business mortgages, credit cards, lines of credit, and microloans, surprisingly few seem to know that there is a way to get a large loan amount for little money down, at a low interest rate, and without even the requirements of a good credit score. Sound like a predatory loan? Not at all. In this article, we will talk about how you can benefit if you apply for a business merchant loan.
Business merchant loans are large cash advances that are issued by merchants to businesses that do large volumes of credit card transactions. The credit card transactions act as the security for the loan, and provided that they meet the requirements of the merchant lenders, they are an excellent way to get a large amount of extra financing for your business.
When you apply for a business merchant loan, you will need to provide basic information about your business and its membership (as you would with any other sort of business loan), as well as your statements for the past few years. The important thing here is that you are helping your merchant see that your business has very sound financial history, and can rest assured that you will have the volume to repay the loan.
Merchant cash advances of this sort can be incredibly substantial; many businesses find loans in excess of $500,000 to be readily available through these organizations. The interest rates are often very reasonable as well, making them an excellent way to get some extra financing.
So if you are looking for a good way to finance your business expansion, you may want to apply for a business merchant loan. Sometimes the best source of help is the one you are already familiar with.
