My Bank Turned Me Down for a Small Business Loan, So What Do I Do Now?

1. My Bank Turned Me Down for a Small Business Loan, So What Do I Do Now?

2. You decide to follow your dream and start up your own business. You knew it would be challenging and you’ would have to deny yourself many of the extras you used to buy but you don’t care. You are doing what you love and you are your own boss. You had a good business plan and set up in a good location. Now you have developed a loyal customer base and they are in turn, telling their friends and family.

3. Things have been going well for the last couple of years, you’ve put aside money anticipating increases in rent, license fees, and other base business expenses, but what you did not anticipate was that within two blocks of you, two other shops would open up doing the same thing you do. You always understood that there would be competition, but this was a little more than you anticipated. It became clear that you would have to do something to set you apart from your competitors.

4. You Don’t Need That Much Money

5. You know the service you can add and you also know the market for it is there and in the area in which you already operate. But you will have to purchase some more equipment and hire an employee, if only part-time, to perform the service. Your family can not help you with the amount of money you need and you would rather not owe multiple people anyway. The bank was not interested and you are now stuck, so where do you go to get a short-term merchant cash advance?

6. Fortunately for you, there are companies out there that do just that. They provide merchant cash advances to established businesses that simply need a hand up due to an unforeseen problem or simply so they can expand. A company like Cresthill Capital performs this service. They give merchant cash advances to businesses that have a proven financial track record. Do you have to be worth millions? No, they exist to help small and micro businesses over the rough patches that every business experiences.

7. How Does It Work?

8. When you contact them, Cresthill Capital reviews your receipts and revenue stream to ensure that you have a steady revenue stream. They will see how you handle that revenue stream, such as you putting money aside in anticipation in basic business cost increases, how you reinvest in your business and other factors.

9. If they consider you a good risk, within hours of signing the contracts you will have the funds you need deposited into your bank account and you are on your way. However, before you decide on the best capital funding company, make sure you check them out. Look up things like Cresthill Capital complaints to see how problems were managed in the past so you know what type of customer service to expect.