Nationwide (PRWEB) September 26, 2013
Small business loan providers are ubiquitous, but lending is still tight across the country. Big banks continue to hedge risk by requiring substantial collateral, a personal guarantee, along with a spotless credit record. With new strict lending requirements imposed by large corporate banking institutions, small companies are hard pressed to find capital they desperately need.
"...the Federal Reserve Bank of Cleveland released a study regarding why small business lending isn’t what it used to be. Small business lending has dropped substantially since the Great Recession, writes Ann Marie Wiersch and Scott Shane. 'While some measures of small business lending are now above their lowest level since the economic downturn began, they remain far below their levels before it,'” the Desert News.com, a Salt Lake City online publication reported on August 23, 2013.
The demand for debt instruments still remains relatively high, and alternative lenders have become a preferred resource for small to medium entities. While a small percentage of businesses are reluctant to take on more financial obligations, a majority need a fresh cash infusion to grow. Banks are likewise being cautious with their money, keeping billions of dollars in their reserves. A common tactic is approving fewer loans by raising qualification standards.
News reports have detailed this strategy of making loans harder to obtain by implementing stricter eligibility guidelines, "The new numbers suggest that small businesses are still cautious about taking on debt and that many banks are still struggling to recover from the financial crisis. 'Banks are trying to clean out and fix their balance sheets,' says Michael Carrazza, chairman of Patriot National Bancorp Inc., a community bank in Stamford, Conn. 'The standard to have a loan approved is higher,'" reports the Wall Street Journal at WSJ.com, on July 12, 2013.
Alternative lenders, conversely, are attracting more small businesses with competitive rates. In addition, alternative lenders institutions provide ACH bank loan products, making the debt instruments more convenient. Credit is also another factor. Businesses can apply and be approved for a poor credit business bank loan in as little as 24 hours. Even the best business loan program of previous years can't match such speed. What's more, companies can secure a poor credit business bank loan with monthly credit card receivables.
Big banks require applicants to provide certified financial statements, a credit history report, put up collateral, and a personal guarantee. Those requirements are often difficult, if not impossible for the majority of small businesses to meet. The best business loan for most companies is one that's easy to access and doesn't have a fixed repayment amount. That means less stress for borrowers.
Alternative lenders such as Business Cash Advance Guru not only offer ACH bank loan products, the payment is based on a percentage of the borrower's monthly credit receipts. In short, if the month is slow, the payment decreases for that same month. Additionally, such ACH bank loan products are not only convenient; the funds can be used for any purpose. Big banks and credit unions often require funds to be dedicated to financing something specific.
Conventional lenders are holding back, and alternative financing is becoming more common, driving the price point down. The winner is the small business community.
Common alternative lending services that Business Cash Advance Guru.com now offers include:
More services are available, in addition to the above list, through the website at: http://www.businesscashadvanceguru.com.
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.