Blindbid

Top Three Ways to Get Funding

This is Dana Barrett with Blindbid.com, where we help small merchants get a better deal.  Today, I’m going discuss the top 3 ways to get funding for your business. 

The first is the most traditional, a bank loan.  Bank loans are the least expensive option, but also the hardest to get.  Most loans require some sort of collateral, unless you opt for a line of credit.  But many small businesses have seen their lines of credit slashed or pulled.   And if you have a bad credit score, most banks are refusing to lend money.  

Credit cards have been a popular source of working capital.  This is the most expensive option available if you tend to pay only the monthly minimums, which most people do.   Our study shows that merchants on average will pay double to triple the amount they borrow if they only pay the monthly minimums suggested by the banks.  

The third most popular option and one of the best working capital alternatives available to small business merchants are cash advances from private funders.    This was not always the case.  The increased competition in the market has significantly lowered the rates these private funders now charge.   The disciplined payback schedule puts you in better financial shape than using your business credit cards. 

If you are seriously considering a merchant cash advance and you would like to talk to a private funder, or if you’d like to learn more, please visit our site at Blindbid.com.  Thank you for watching.  


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