photo credit: edkohler

You need money for your business. Under normal circumstances, you’d look into a getting a small business loan. But these are far from normal circumstances. Our economy is in a full-on recession and you need something fresh, something new, something innovative. You need a small business loan alternative.

If you own a retail and/or service-oriented business, you are in luck; because, as its name hints, the merchant cash advance is the perfect method of business financing for merchants.

Clothing stores, grocery stores, restaurants, spas, salons, etc. are all businesses that might be eligible to receive business funds through an advance.

The merchant cash advance is known as the small business loan alternative for many reasons, but mainly because many business owners who have not been able to get funds through a bank have been able to get those funds from a cash advance lender.

In addition, this type of funding typically occurs faster than bank funding, requirements for merchant cash advance eligibility are looser than requirements for bank loan eligibility as well.

Most lenders will require that a borrower has owned his/her business for at least six months and his/her business processes at least $5,000 per month in credit card sales.

The amount of monthly credit card sales that a business processes is very important when it comes to receiving a merchant cash advance. This is because the advances are repaid via a business’s daily credit card sales.

Today’s economy has made small business loans alternatives a more commonly sought-out method of business financing. Try the merchant cash advance for your small business loan alternative.

Gaston C. writes articles about Small Business Loans for Merchant Resources International.