I recently found my company in a difficult situation. With the struggling United States economy, many of my suppliers were demanding that I make my payments for everything I had received.

I was facing potential legal action from companies I had been using for ten years, so I was extremely worried. I knew that with the current economy, it would be difficult for me to secure the funds I needed from my local bank.

In fact, I was in this situation because my bank could no longer afford to extend me a line of credit and I was denied SBA business loans. I had heard from a friend about the potential of using merchant advances, so I decided to look into it and find a lender.

I was worried that I would not be approved or meet the requirements set for merchant advances, so I was beginning to lose hope for my business. I was surprised to see that the lender merely required a monthly credit card sale vale of three to five thousand dollars.

I easily met this requirement, so I began to gain hope. I was also required to have been in business for a minimum amount of years, and I also met this prerequisite.

I met everything that their website listed, so I decided to apply for the advance. I submitted my past credit card transaction history and my application.

I expected to hear back in about two weeks, but I was shocked when I receive a call later that day. I had been approved for an advance for a substantial sum. With those funds, I would be able to pay off all of my supplier debt, and I would be able to purchase more inventories for my business.

This was a great situation for me, and I was even more impressed when I found that I was not tied to any specific repayment schedule. The lender would be repaid from my credit card transactions.

I would also be eligible for another advance once I repaid sixty percent of my current advance. This was great to hear given that I did not know how the future would hold for my business.

It has now been eight months since I borrowed the funds from my lender, and I have repaid my initial advance.

I have made merchant advances an integral portion of my business because it is the best way to help my business grow. It has been a savior for my business.

Tags: business credit loans, merchant advance, merchant advances, sba business loans, working capital business loan

This entry was posted on Wednesday, December 23rd, 2009 at 1:01 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.