Obtaining a small business loan has been one of the most difficult challenges in recent years. The SBA has made strides to encourage banks to lend once again but has recently pulled back.

The most common 7(a) lending program was producing results up until May 26, 2010 when the stimulus incentives expired. 90% government backed guarantees and the elimination of fees were the backbone of bank confidence. 


So it comes as no surprise that businesses are scrambling for new options. Fortunately, New York City Merchant Services, a merchant solutions firm has partnered with a micro lender to meet the needs of Main Street. The terms are short but the approval process is quick and simple. Most clients are using funds for the following reasons:
  1. Purchase necessary equipment
  2. Restock inventory
  3. Repairs and remodeling
  4. Advertising
  5. Seizing a limited time opportunity
Repayment is a bit different from a traditional loan. The program works in the following manner:
  • 6 Month, 12 Month, or 18 Month terms
  • Fixed automatic debits from your business bank account (Daily or Weekly)
  • Fully amortizable over the term

To qualify, the following criteria is required:
  • Have been in operation for at least 1 year
  • Personal FICO better than 620
  • Positive business credit
  • No overdrafts or NSFs in business bank account for most recent 3 month period
  • Be generating at least $15,000 in business revenue per month

It takes approximately 48 hours to be approved and generally a week's time until funds are received. Contact us today and when you speak to one of our experts, inquire more about our small business loans.
 
 
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