According to the U.S. Small Business Administration (SBA), about half to two-thirds of small businesses seek financing from a number of sources, including non-banking institutions.
In recent years, a number of alternative business loans have become popular for small businesses interested in accessing extra capital. Check out this list of cash advance small business loan sources.
Kabbage: Lines of Credit
Kabbage provides working capital online. It offers working capital or small loans payable over six months. The average line of credit is between $2000 and $100,000. Unlike traditional lenders, Kabbage approves loans by looking at real-life data, not just the credit score. It’s worth mentioning that the approval process is quite transparent and takes only a few minutes.
On the flip side, however, you need to pay back your loans within six months.
To be eligible, you need to be in business for one year or more, and make over $50,000 a year in revenue. To date, Kabbage has funded over $1 billion to help small businesses grow.
SnapCap: Unsecured Business Loans
SnapCap offers unsecured loans of between $5,000 and $600,000 to small businesses. Unlike traditional lending that requires collateral to obtain financing, an unsecured loan — also known as a merchant loan — uses other factors to judge a loan application. These may include your credit score and sales performance.
First American Merchant: Merchant Cash Advance
First American Merchant (FAM) offers a merchant cash advance program best-suited for businesses that may not want, or cannot qualify for a traditional … Read More
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Business Gateway has … Read More
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That is one thing you shouldn’t get too hung up about at first, as a result of you may not know what that is. Keep this facet in thoughts, as a result of in the long run a niche or a singular look will promote your cards. If … Read More