There are different ways small business owners can get their hands on cash to fund their enterprise. Digging into their nest egg is not the recommended practice. Should a business go bust the owner might find himself without any resources. One of the principles of business is “other people’s money” which means the use of external sources of funding.
The two best avenues of finance for
small business are banks and SBA. The rate of interest is low and
repayment can be spread over a longer period thus reducing the financial
burden. The downside is that one has to be eligible, submit a lot of
paperwork and wait for some time before the loan comes through. An
eligible business owner may not be able to wait a long time to receive
funding. In such cases, business financing loans by wscapnow.com are the best solution for small business owners.
MCA business financing loans are simple and easy to acquire. One only needs to submit minimum documentation along with the application and wait for a maximum of 3 days for the loan to be disbursed. When cash requirements are immediate such MCA from wscapnow is the best way to tide over temporary requirements. Repayments are where borrowers face a problem. Usually, repayment is in the form of a fixed monthly amount or as a percentage of daily sales turnovers. In any case, the loan must be repaid as quickly as possible. This is due to the factor rate of 1.2 to 1.5, which means one pays an interest of anywhere from 20% to 50%. MCA is expensive. There are instances such as when a borrower has already availed of bank loan and has the poor credit history when this is the only viable solution. It has worked provided borrowers consult experts at wscapnow on risk assessment and the amount of loan that will not impact their cash flows and repayment capability. Smart and savvy business owners can think of wscapnow as a line of credit to be accessed in times of emergency. They can remain on top instead of falling into a debt trap with proper planning of utilization of funds to generate revenues that exceed costs.
Even those businesses with excellent credit history who are awaiting approval of loans from banks or SBA can consider wscapnow business funding as a bridge loan. Flexible in their approach, wscapnow considers fast repayment and factors in interest accordingly, thus reducing the burden on the borrower. The MCA can be used as temporary line of credit when funds are blocked. As soon as the funds are realized one can repay the entire amount in full with a proportionately lower interest incidence. Wscapnow offers these and a number of stop-gap options at customized terms. The best thing about this type of lending from wscapnow is that borrowers do not have to pay any upfront charges, processing fees or hidden fees.
Flexibility and customization underline wscapnow approach to MCA funding of small businesses. Rather than considering wscapnow as a lender, business owners consider them as friends with benefits.
Content Source: http://www.wscapnow.com/blog/
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