Thursday, March 5, 2009

The Bad News, and the Good News

There was a very interesting page added to the small business section of Newsweek’s website last Sunday:
Kevin Kelly, the author, describes his own experiences with his business’ banking situation turning sour. Why did it take a turn for the worse? Because Kevin needed more money for his business and his bank was reluctant to extend a loan without imposing a much higher cost than Kevin expected.

The Bad News
The bad news is, Kevin’s story is not unique. Surveying a variety of news sources right now, you can find many stories just like his – stories of small business owners feeling like they can’t get what their business’ need from a bank.

The Good News
The good news is, for many businesses, a bank is not the only option for working capital. By utilizing Merchant Cash Advances and other possibilities when appropriate, many small business owners can still get the capital the business needs without enduring the hassles and stress associated with bank loans.

More good news is that while banks have less money to offer small businesses, AdvanceMe has the money available to fund every qualified deal.

One of Kevin’s last quotes sums up what many small business owners must be feeling:
“I understand why our bank, or any bank, feels the need to be more rigorous these days. But the shifting ground has left me uneasy enough that I'll continue building bridges to other financial institutions.”

We recommend that you follow Kevin’s lead, and investigate all of your options. If your bank is no longer answering your needs, look to other providers that are willing to step up. There might be no better place for you to begin, than with a Merchant cash Advance.

What do you think? Has your bank tightened its guidelines or recently retracted previous offers?