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Coming Soon: AI Will Disrupt Your Business Debts

Views: 263

If you’re a small business owner, chances are you have tried and failed to get a loan from a bank in the last decade.  The New York Times reported that fewer than one in five small business loans are approved by banks.  The simple fact is that banks aren’t lending to small businesses anymore. It’s just not profitable for them. As banks have moved out of the SMB (small and midsize business) loan space, however, several enterprising companies have sprung up to take their place. The refusal of banks to lend to small businesses has fuelled the merchant cash advance...

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Pay Off Business Debt Quickly

Views: 147

We speak to a lot of small and medium-sized business owners here at Creditors Relief. We get asked a lot of questions. But if we had a nickel for every time someone asked us “How can I get my business out of debt?”, the entire office would have retired already!! It’s perfectly common for small businesses to have debt. That’s why we get asked the question so much! The trouble is, quite a few businesses have more debt than they can handle.  According to research by Experian, small businesses have an average of $195,000 in debt. That’s a lot of debt to pay...

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Mistakes Business Owners Make With Their Finances

Views: 108

Running a business is tough. That’s probably why, according to Bloomberg research studies, 80% of businesses fail within the first 18 months.1 It’s a shocking stat, and one of the biggest causes of failure is financial mismanagement by owners.  The unfortunate reality is – even if you do go to school for entrepreneurship – business finance problems and solutions aren’t emphasized enough. Even if you don’t go to business school, a quick Google search for “entrepreneurship” demonstrates the most-popular keywords associated with the topic of...

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Better Alternatives to Merchant Cash Advances (MCAs)

Views: 468

Cash flow is the lifeblood of a business. If you can keep cash flow healthy, your business is in a great position. However, there may come a time when, for whatever reason, cash flow dries up – and it isn't necessarily caused by mismanagement. From a client paying an invoice late to a sudden drop in demand for your products/service due to seasonal changes, cash flow problems can be devastating to a business.  Many owners face business cash flow problems at some point in time, and many are able to weather the storm. However, if you have business debts that require regular repayment...

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Merchant Cash Advance Rules

Views: 300

Every small business owner knows that if they want cash, the bank is probably the last place they should go. It’s not that they’ve suddenly become untrustworthy since the financial crisis (although some do hold that belief).  The real reason is because banks don’t have any interest in lending to small businesses. Banks can’t make enough money from small loans. Small businesses aren’t without a lack of financing options, however. In the wake of the banks’ neglect, alternative lenders have risen to prominence. Offering fast loans for virtually every...

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4 Signs Your Business is in Trouble

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Unless you’re the victim of a crime or a natural disaster, your business probably won’t fail overnight. In all likelihood, the warning signs of failure will have been there for months, possibly even years. It’s your job as an entrepreneur to recognize the symptoms of a failing business and fix them quickly. If you don’t take corrective action as soon as you see the signs, you’re condemning your business to die a slow and painful death. And as the owner, this can also be damaging to you and your family. But when you’re working hard to make a success of your...

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The Complete Guide to Business Debt Relief

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Six strategies you can use to free up cash flow and get immediate business debt relief Business owners wear many different hats and often manage areas of their business that aren’t their core specialty. While many large organizations have dedicated departments filled with experts, most business owners don’t have the luxury of having a customer service representatives, sales and marketing managers, and finance professionals to provide the company with professional business debt management services. Finance professionals who work with business owners understand that debt, when...

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How can a COJ affect my business?

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Introduction Small business owners in need of short term funding are sometimes required by their merchant cash advance provider to sign a confession of judgement prior to receiving their funding, without understanding what this means and how it can hurt their business. A confession of judgement is a signed document that gives the lender the permission to enter a judgment against the borrower immediately upon default, often without notice or a hearing. Confessions of judgement are controversial, and not every state allows them, but they are allowed in many states. Where they are allowed, they...

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How can an mca affect my business cash flow?

Views: 1786

Small business owners in need of a short-term business loan or quick and easy financing frequently turn to a loan vehicle called a merchant cash advance, without fully understanding how a merchant cash advance can affect their cash flow. Effect on Cash Flow Merchant cash advance payback schemes have the potential to put significant pressure on the daily cash flow of a business. The daily payback of a merchant cash advance can range from low (around 10% of business receipts) to significant (up to 50% of business receipts). When the payback requirement on daily receipts of $5,000 is at a...

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