Most people think large corporations are responsible for the vast majority of jobs, but according to the Small Business Administration Office of Advocacy (SBA), small and medium-sized businesses (SMBs) account for over 50 percent of the working population, or 120 million individuals.
With 543,000 new businesses getting started each month, the challenges they face as they deal with payroll, insurance, rent and supplies while at the same time contemplating growth can only be accomplished with an injection of capital.
Bad Credit Business Loans (BCBL), a company specializing in offering working capital solutions to small businesses with bad credit, provides customized loans to address the specific needs of these companies.
The company has created a template that simplifies the process so these small businesses can get the loan they need with a high approval rate, quick access to funds, and flexible payment terms. The success of its merchant cash advance (MCA) model so far has allowed it to give loans totaling more than $500 million to over 250,000 customers.
The MCA is a lending platform designed to quickly fund prospective applicants with a repayment process that is easy to manage. Once an application is completed on the company’s website and the loan is approved, BCBL will provide upfront amount of cash in less than 24 hours.
According to the company, the goal is to provide a quick infusion of cash in a matter of days to meet short term cash flow needs, pay outstanding debts, make repairs, purchase more inventory, or any other emergency.
The payment plan is also designed to help the business by making the repayment of the loan with future revenues. The loan is paid by holding back a certain percentage of each day’s credit card settlements, so if business is slow the payment will be lower, and subsequently if it is higher, you will pay more. This ensures your payment will adjust to your income, greatly reducing the chances of defaulting on the loan.
Bad Credit Business Loans is an accredited lender and verified by the Better Business Bureau serving the auto, salon, restaurant, construction, retail, trucking, medical and manufacturing industries. It provides small business loans for women, unsecured bad credit loans, and equipment financing.
Since the financial crisis banks and credit unions have been tightening their belts when it comes to giving out loans, pushing SMBs to find alternative sources for capital. The Bad Credit Business Loans solution not only provides the funds, but it has a payment plan based on the revenue the borrower generates from his or her business. This not only protects the business, but it also ensures the lender gets its money back.