Nationwide (PRWEB) September 15, 2013
Small business owners are still being told "no" by many traditional banks when it comes to approving an 18-month business bank loan. Increasingly, the alternative bank loan option is becoming the best option and the most affordable, especially to obtain a bad credit business loan fast.
"Total dollar volume for all small business loans has steadily decreased since 2008, according to the Small Business Administration's small business lending report for 2012. Small business loans of $1 million or less fell by 3 percent to $588 billion in 2012. In 2008, total small business loan volume was $711 billion," reports Inc.com.
Small business owners have a high hurdle to clear in order to be approved for a conventional 18-month business bank loan. The process is lengthy, full of roadblocks, and requires a lot of documentation. Small business owners are asked for a plethora of financial records and must submit additional documentation as lending requirements have substantially tightened.
"Among the standards banks use to judge their loan candidates are credit scores, age of the business, debt to asset ratios, and industry. While banks are probably not relaxing their financial standards, they are starting to look at industries that appeared riskier during the recession, such as construction, or logistics and transportation," according to a news report published in Inc Magazine.
To meet the demand, some lenders are offering alternative bank loan products with competitive rates. For instance, small business owners can be approved for an 18-month business bank loan in under a week. Alternative bank loan options are also being made available, with the approval based on credit card receipts and future bank deposits. Companies can apply and be approved for an 18-month business bank loan without having to provide tax returns and certified financial statements.
Companies can likewise get a bad credit business loan fast, with funds being made available in just a week. Alternative bank loan funds are deposited directly into the account of the applicant business. Companies can obtain a bad credit business loan fast, as 98 percent of applications, are approved in as little as 24 hours. Another advantage of an alternative bank loan is small business owners are kept in the loop through the process.
Business Cash Advance Guru is one such lender helping small business owners. The alternative lender offers bad credit business loan fast, without the hassle big banks impose only to deny a loan application.
Traditional banks have pulled back on lending in recent years. In response to the financial meltdown, corporate banks have likewise tightened lending standards, which makes more small businesses ineligible for financing. Even now, micro loans are now more difficult to secure.
However, small businesses can find affordable financing through alternative lenders like Business Cash Advance Guru. The lender does not require the collateral commitment, tax returns, credit history, certified financial statements, and the other documentation big banks require of companies.
The application is simple, does not charge a fee, and funds can be used for any purpose. Applicants can get up to $500,000, even with poor credit. Businesses which process $5,000 or more monthly in credit card receipts can be approved in just 24 hours.
Business Cash Advance Guru expanded nationwide services are now available in the following geographical areas:
Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Washington DC, West Virginia, Wisconsin, and Wyoming.
Business Cash Advance Guru, a division authorized by TieTechnology, LLC. TieTechnology, LLC, specializes in service based solutions for businesses. Services provided by TieTechnology are merchant credit card processing, business service telecommunications, and web based visibility marketing. The advantages of doing business with TieTechnology are, their commitment to their customer service excellence and the offering of one stop solutions to all business to business service product needs for the customers’ convenience. To learn more about their wide assortment of business services, please visit http://www.tietechnology.com, or http://www.businesscashadvanceguru.com