“More people are becoming interested in the use of alternative financing because of the difficulty involved with the process of applying for a business loan,” says the Founder and CEO of Merchant Cash USA Alex Zukovski.
Las Vegas, NV (PRWEB) September 14, 2015
Many small businesses around America are turning away from the long application processes that are involved with getting a loan. Since the economy’s decline, most banks and financial institutions won’t even consider giving a new (less than a year old) or small business any type of financing approval. This has resulted in people being creative with how they get financing to start their dream business. It has also resulted in the boom of the alternative financing business sector in the last five years.
Alternative financing organization Merchant Cash USA, was curious which areas in the country were the most inclined to use alternative financing as opposed to a more traditional loan when funding a new business. The organization surveyed 3,150 male and female entrepreneurs from various areas around the country to see if they would ever consider alternative financing with their business. This capital could help with many things such as: expansion, inventory, advertising, or the hiring process.
Merchant Cash USA’s email survey itself was quite simple. Participants were asked to give their first name, the name of their business, the city/state in which they lived, and if they were interested in ever using alternative financing through a cash advance. A description of the terms of a cash advance was also supplied.
In total, 71 percent of total individuals responded “yes” that they would consider a type of alternative financing to help with their business. Merchant Cash USA then composed a list of cities that were most inclined to use alternative financing based on the percentage of respondents who said “yes” in the survey. Please find the results below.
Cities Most Inclined Towards Alternative Financing
1. Minneapolis, MN – 93 percent
2. Las Vegas, NV – 88 percent
3. Detroit, MI – 85 percent
4. Albuquerque, NM – 80 percent
5. Indianapolis, IN – 72 percent
6. Austin, TX – 69 percent
7. St. Louis, MS – 64 percent
8. Wilmington, DE – 58 percent
9. Tucson, AZ – 55 percent
10. Durham, NC – 49 percent
About Merchant Cash USA
Merchant Cash USA was founded in 2015 to help businesses grow by obtaining the cash flow they need. The organization's mission is to offer small to medium size business owners cash advances without the hassle of big bank requirements. Visit merchcash.com to find out more of follow us on social media. Facebook and Google Plus: Merchant Cash USA and Twitter: @merchcash.