What You Need to Know About a Small Business Loan Application

Believe it or not, every small business loan application doesn’t have to take up a few weeks of your life. Not every lender will require perfect credit, a complicated business plan, and pages and pages of documents just to tell you whether or not your business is going pay rent this month. Occasionally small business owners find themselves in a financial tight spot. That’s a simple fact of doing business. What’s not a fact is that the major banks, SBA and fast cash merchant cash advance companies are your only options for a small business loan application. Read on to learn what other small business loan applications options you have.The Good and Bad of a Small business Loan Application from a BankIf you have ever tried to fill out a small business loan application from a traditional bank, you may already understand the headline. If you haven’t, allow me to fill you in. Banks place heavy emphasis on the entrepreneurs personal as well as business credit, in addition to many other factors. For some business owners, a few missed payments on a credit card can be the difference between receiving funding and being left out in the cold.Most banks will also want years’ worth of tax returns and other documents for their loan application. They will spend weeks analyzing the data, slogging through every decision you have ever made. You will also need to explain exactly how every penny of the loan will be spent in advance, and detail it in a business plan.Banks will also require a list of collateral and capital that you are willing to risk on the loan. Should your business run into hard times, you may find the delivery van that you need to run your business has been taken away by the bank.Finally, after the banking crisis of the last few years, many banks are still feeling the after effects of their poor lending policies that led to the near collapse of the economy in the first place. This can make it difficult to simply find a bank that is accepting small business loan applications at all.I don’t want you to think that bank loans are all bad. Quite the contrary, banks provide some of the cheapest and safest working capital a business owner could ask for, which often more than makes up for the inflexibility of the loan application process.What about an MCA or alternative loan for small business?An MCA (Merchant Cash Advance) is a very different form of lending. To qualify, most lenders require you to have been in business for more than a year, as well as a minimum monthly number of credit card transactions. While the terms and process are much more flexible than a small business loan application, the price tag for the capital can vary widely from lender to lender.MCA’s are not technically a loan; rather, the lender purchases an amount of future credit card sales your business is expected to make at a discount. Because of this, the loan is repaid in micropayments as credit card sales are made. The advantage to this is there are no large monthly minimums to meet. The disadvantage is a slightly higher overall cost unless the lender has access to inexpensive capital and can provide a discount on merchant account services that will further offset the cost.Unsecured loans, while sometimes more expensive, often have a much simpler small business loan application process. The trade off is the possibility of slightly higher interest rates to cover the risk of the loan. Because of that, it’s best to find a company that offers a lowest rates guarantee during the small business loan application process. Shopping around can help you save a substantial amount.So what are your options?Choosing the right option really depends on your situation. If you can afford the extra time and resources necessary to get a traditional small business loan, then perhaps it really is the best option for you. If you have less than perfect credit or believe you may have a few slow months coming soon, a loan based on cash-flow or an advance on your credit card sales may be the best option. In the end the key is finding a reliable bank or lending company that you can trust to help you find the right solution

How To Find A Trustworthy Car Repair Shop

According to statistics, about 50% of the people who live in Canada own vehicles. It’s safe to say that at some point, all car owners will need to take their car to a shop for repairs or maintenance.

However, finding an affordable shop with trustworthy mechanics who fix cars promptly is not an easy task. How do you find a good repair shop for you vehicle? Here are some tips that may be helpful.

  • Talk to your friends and neighbors. Not only will they give you honest advice, but they can also give you hints as far as shops that should be avoided. This is especially helpful if you talk to family and friends who have lived in the area for a reasonable length of time.
  • Look for a shop as soon as possible. Most people don’t think too much about choosing a repair shop until they are having car problems. Then, they will take their car to whatever mechanic is available simply to get the problem fixed. This is probably not a good idea. In fact, the best time to look for a car repair shop is when your car is actually before you need one.
  • Consider distance. You may want to choose a shop that is close to your home simply for convenience. In some cases, it may be possible to walk to the shop instead of asking friends and family for rides to pick up or drop off your vehicle.
  • What are the shop hours? If a shop opens after you need to be at work or closes before you arrive home from work, it may be very difficult to pick up your car or drop it off. If you choose to do business with such a shop, you will need to take time off of work every time you have car problems.
  • Find out what types of payment arrangements the shop has. Some places will only take cash while others take cash and certain types of credit cards. Other shops may offer patrons a 90 day same as cash arrangement if repairs cost over a certain amount.
  • Check online to read customer reviews. Keep in mind that not all business will feature customer reviews, especially small “mom and pop” shops. However, you may find that many shops do actually have reviews. Avoid shops with a large amount of negative reviews, although keep in mind that every shop is bound to have a few unhappy customers.
  • Consider how long the shop has been in business. Repair shops that do a good job tend to stay in business for a long time. However, this does not always hold true. You may find a shop that has recently opened with excellent service too if you take the time to look around.
  • Chains or small businesses? There are good and bad points about choosing either a shop that is part of a chain or choosing a shop that is run by an independent owner. Before making your choice, it is best to evaluate your needs and see which type of shop would be best for you.

As you can see, finding a good car repair shop isn’t very difficult; it just takes some time and effort!

Compound Interest

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