We all know that Small businesses are the
backbone of the US economy. They generate over 60% of the annual revenue for
the state. In the last three months these businesses have taken a great hit due
to COVID-19 pandemics. But now the dynamics are shifting and we are on the
backside of Corona Virus Curve.
All small businesses are reopening their doors
once again. Many analysts are predicting that bringing employees back to work
can put our economy in a critical condition. So, we can simply not count on the
Disaster loan programs that the government is offering which include PPP and
EIDL. After a few days these programs will not be available.
So, we need to get back to previous ways of
getting a loan and utilizing them in ineffective ways. Now, when you are going
to reopen your business you will need cash to purchase inventory, pay rent, and
fix its backbone. Most of the businesses gathered very little revenue during
the lockdown and without loan they cannot support their businesses now. For
these kinds of businesses, Bitxfunding is providing three kinds of small business loans.
- A business line of credits
The business line of
credit is not like business loans (one time use); they're something you get
before you need it. They are obtained for your business in case of any
unexpected cash flow issues, which is common in the industry. It keeps you safe
from searching for financing in a hurry and making wrong decisions (fraud or
higher interest loan services, etc.). With a business line of credit, you pay
only what you use, allowing you to keep a line open with the lender at a
minimal cost.
BitX Funding offers a
simple application process, all you need is some information about your
business, like name, address, and monthly credit volume, etc. Fill up those
easy fields with the amount you want to borrow and apply online. Their team
will analyze your application and get back to you in a few minutes.
- Equipment Financing
Equipment financing is
the purchase of business equipment as its owner. You'll get the finance to make
purchases, and once the debt is repaid, you own the equipment free and clear.
The lender may assume ownership of the equipment if you are unable to pay the
loan. You also required a personal guarantee in the equipment loan. So,
whatever option you opt, make sure you understand what you agree to before you
borrow.
Generally, you need to
provide your credit score and show the financial history of your business,
including bank statements and tax returns. You may ask for a quote because some
lenders may ask for information about the equipment you're purchasing. When your selected lender finishes analyzing
your application based on the information you have provided them, you'll get to
know whether you are qualified for the loan or not.
- Personal loans
The most popular types of loans include
home loans, personal loans, auto loans, student loans, cash advance, financial
obligation loan consolidation financing, and so forth. The lenders have
actually likewise introduced great deals of subtypes of these lending’s, to
satisfy the requirement of a certain group of individuals. The factor basically
needs to be kept in mind is that these lendings have various prices and also
repayment track. Each type of financing will certainly be structured according
to the requirements of those lending. In case of a specific lending type such
as a home mortgage, the repayment track will certainly be longer as well as the
interest rates will certainly be fairly more affordable.
- MCA
(Merchandise Cash Advance)
MCA (Marchant cash advance) is a kind of fund which you take to increase
or start your small business. There are many benefits of taking a merchant cash
advance over other loans but still, you have to be careful. First, let’s talk
about the benefits that you get with a merchant cash advance.
A merchant cash advance (MCA) can be a
timesaver while looking for proper financing for your
small business. It is a convenient option to
grow your business and sustain cash flows
temporarily. In spite of acting as a conventional
type of loan, which requires a long and hectic
method of application submission and credit
score checks, besides usually complicated and
perplexing reparation terms, Merchant Cash
Advances or MCAs tend to be short-termed and
keep businesses sailing in the case of any
original damage they may have to face. Merchant cash
advances are an especially beneficial funding
alternative for small and medium businesses that
manage a considerable percentage of their
sales through credit and debit cards. For example, If
you’re looking for a funding opportunity for a
restaurant business, merchant advance funding
(MCA) would be worth recognizing as a possible
funding method in the matter of a bumpy fiscal
Point.
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