Unless you have spent the previous 2 years with your head in the sand, you recognize that the nation is struggling
(prHWY.com) May 27, 2012 - Florida, FL -- Florida, May 27, 2012 - Unless you have spent the previous 2 years with your head in the sand, you recognize that the nation is struggling. Even if the analysts have indicated that the recession has ended and we are shifting toward better times, executives seeking financing from alternative loan agents are still experiencing serious complications in getting cash. Banks pose even more hurdles, and it isn't rare to wait weeks for a response when asking for help.
Perception Vs Reality
There is a general outlook that restaurants are more apt to fold compared to other industries. One of the most frequently cited figures is that just 1 in 10 restaurants make it to their fifth year. This myth endures even though research has, repeatedly, shown this data to be seriously incorrect.
Constant investigations have revealed that restaurants collapse not ninety percent of the time, but rather they fold just 60% of the time over a 5 year period. These figures are closely the same as those posted by any other kind of new business. So, who spreads the myth?
Those acquainted with the business community feel it's the banks that essentially keep this urban legend around. Why? By continuing this fear, they can mandate higher interest prices, extend less beneficial terms to restaurateurs, and command irrational levels of collateral; and that's if they're even willing to loan cash at all.
Where Can You Get Funds?
If you have made it past your first 6 months of business, then a great source of money is essentially sitting on your counter. That credit card terminal is directly fixed to programs offered by a business cash advances professional. They are willing to furnish you with cash in the shape of a credit card factoring agreement. You sell, at a reduction, a piece of your future revenue to the business cash advances company and they supply you with the needed capital immediately.
Take some time to network with fellow restaurant owners and odds are you'll find that anyone who's been in business for awhile has participated in this kind of arrangement. In fact, there are restaurateurs who won't consider anything else for their short term needs.
Factoring agreements rarely have any costs related with applications, you are advised of your approval within a day or two, and the funds are made accessible in about 5 days. Now that you realize that you do not have to go to a financial institution for a restaurant loan, you have no reason to wait.
About the Author:
Business Cash Advances - At Nations Advance, we combine industry experience with client-focused service to provide the best business loan and merchant cash advance options in North America. We have a 17 year history of service in the financial industry, including business loan and business cash advance programs. We have always offered merchant cash advances and merchant account loans, and we have considerable resources that let us get you a great rate on business loans.
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