As you probably know, the economy was dreadful last year. Millions of families struggled like never before as the United States saw it show signs of mortality. It was difficult to believe that the immortal force that was the United States economy could collapse like it had.

Thankfully, it looks like the country is making its way out of this slump, so this is a great sign for everyone in the country.

This is especially gratifying for any small business owner that was able to survive the past year. Our business was able to survive because we took advantage of merchant advances and business credit loans. Business credit loans were calculated depending on our future credit card transactions.

It is similar to a merchant advance in that the lender determines my borrowing amount on my past credit card history. I have to meet other prerequisites like a three thousand dollar a month minimum credit card batch.

This was easily met by my company, so the lender was willing to forward me the money. I had never heard of this type of lending, so I was amazed to hear how beneficial it was for me and my business.

According to my lender, I would not be required to make any payments on my own. By coordinating with the credit card vendor, the lender would be repaid every time I had a credit card transaction.

At first I was afraid that I would not receive any of my funds from the credit card transaction, but I was glad to hear that the lender receives a small percentage of each transaction.

I would not have to do anything extra in this process either. The lender would receive their funds from the credit card vendor. I simply had to close the batch at the end of each business day.

I was glad to hear that the repayment process was so convenient. I was impressed that I could borrow funds and not be restricted to a fixed repayment plan.

I had always had a fixed repayment schedule in the past, so this new type was news to me. I was glad that I had sought out a provider of business credit loans. My business was able to survive because of this advance.

Without the loan, I would have had to close down my business and be like the thousands of others who had to close their businesses. Now, I have a booming business thanks to the recovering economy and my lender.

Tags: business credit loans, merchant advance, merchant advances, sba business loans

This entry was posted on Saturday, December 26th, 2009 at 1:04 pm and is filed under business loans. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.