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Business Cash Advance (BCA)
A Business Cash Advance is a solution unique to the alternative funding world. What makes a Business Cash Advance different than a traditional bank loan? There are a few key items that distinguish a Business Cash Advance from a business loan. First, there is no APR percentage or interest rate. A factor rate is determined and used to calculate the amount of payback. Also, there is not a monthly payment. Business Cash Advances require a daily payment to be withdrawn from the business’ bank account every business day (Monday through Friday) until the advance is paid in full. These advances are not backed by a bank and may or may not require a personal guarantee. With a standard Business Cash Advance, the total payback can be calculated by multiplying the principal funded times the factor rate. The daily payment is achieved by dividing the product of the above by the amount of days the payment will be withdrawn. Business Cash Advances are typically approved at 50-75% of the business’ monthly deposits.
Merchant Cash Advance (MCA) or Credit Card Split
A Merchant Cash Advance, otherwise known as a credit card split is an alternative form of funding that is available to small businesses looking for capital. The remittance on a Merchant Cash Advance is structured by scheduling to withdraw a predetermined percentage of every credit card batch run by your business until the advance is paid off. How often you batch out determines how many times the batch is split. When you obtain a Merchant Cash Advance, you will need to use a processor who has been preapproved by the funding company. In the event that you do not use one of their processors, we will assist you in switching to an approved processor or have a lock box set up to split your batches. Merchant Cash Advances are typically approved up to 150% of a business’ monthly gross processing. The remittance amount per batch would be determined by taking the approved split percentage from each batch. The remittance on the split percentage is typically 9-30% of the batch and determined by the business risk score during the underwriting process.
Unsecured Business Loan
Business owners with insufficient funding and less than perfect credit just don’t qualify for business loans from banks anymore. Traditional lenders are approving less and less small business loan applications, and their loan underwriting guidelines are tighter than ever before. If you are the owner of a business, you need or will need in the future access to working capital to support your business or to maintain growth. One funding option that has gained some attention is an unsecured business loan. Businesses all over have profited and grown with the help of unsecured business loans. Most secured small business loans come from a bank or credit union and require near perfect credit or collateral. However, an unsecured business loan can be approved and funded with little or no collateral, and without perfect credit. Not to mention, applying for an unsecured business loan demands considerably less paperwork than a bank or credit union loan. BizLender’s Fastest To Fund application takes only minutes to complete. You can be funded in days, depending on the lender we were able to get you approved through.
Secured Business Loan
How are business loans through BizLender different? Business loans are a variety of funding that an institution or individual grants to fund inventory, supplies, development, or other transaction expenses. The design of this sort of business backing is that it has a established maturity date; that is, there is a fixed period the business must pay off the loan. Business loans through BizLender are no different, but there are a few highlights that set our loans apart from many conventional bank loans.