The number of minority owned businesses has been steadily increasing since 1982. According to statistics released by the Small Business Administration in 2007, between 1982 and 1997 "...the number of minority-owned firms increased at a rate of 8.5 percent per year..." This percentage is three times that of all U.S. businesses. The U.S. Bureau also reports that the revenues from minority owned firms has increased at a rate of 10 percent per year. Minorities now represent 33 percent of the U.S. population and in 2002 minorities owned 18 percent of the 23 million businesses in the United States.
A report by the Milken Institute states that demand for capital in the minority business community is estimated to be in excess of $144 billion per year. Unfortunately, even with the steady increase in the number of minority owned businesses over the years, minorities continue to be denied bank business loans at a higher rate than whites. One source quotes a lack of equity as one of the reasons for such high business denial rates among minorities, but whatever the case, business cash advances could be of a major help to minority owned businesses.
Business cash advances are a purchase of a business's future credit card sales, allowing business owners to sell their future credit card receivables and receive an upfront sum. Credit scores, assets and collateral are insignificant when getting a business cash advance. They are completely unsecured, meaning if for some reason the loan is defaulted, the borrower's property will not be seized.
The repayment system, which works as a small percentage deducted from the business's daily credit card sales, allows business owners to continue operating their small businesses without ever having to worry about making and/or missing a scheduled loan payment. There is no interest, and lenders can typically lend anywhere from $5,000 to $500,000.
As long as the business cash advance applicant processes a minimum of $2,500 per month in credit card sales, has at least one year left on the business's lease, and has no unresolved bankruptcies, getting a business cash advance should not be a problem.
In 2007, approximately $700 million dollars in business cash advances was given to business owners of all ethnicities. Find out if a business cash advance is best for your business and contact a lender. The process is simple and fast. With the ability to provide you with capital in less than two weeks after application, the business cash advance has the potential to benefit you and your business.
A report by the Milken Institute states that demand for capital in the minority business community is estimated to be in excess of $144 billion per year. Unfortunately, even with the steady increase in the number of minority owned businesses over the years, minorities continue to be denied bank business loans at a higher rate than whites. One source quotes a lack of equity as one of the reasons for such high business denial rates among minorities, but whatever the case, business cash advances could be of a major help to minority owned businesses.
Business cash advances are a purchase of a business's future credit card sales, allowing business owners to sell their future credit card receivables and receive an upfront sum. Credit scores, assets and collateral are insignificant when getting a business cash advance. They are completely unsecured, meaning if for some reason the loan is defaulted, the borrower's property will not be seized.
The repayment system, which works as a small percentage deducted from the business's daily credit card sales, allows business owners to continue operating their small businesses without ever having to worry about making and/or missing a scheduled loan payment. There is no interest, and lenders can typically lend anywhere from $5,000 to $500,000.
As long as the business cash advance applicant processes a minimum of $2,500 per month in credit card sales, has at least one year left on the business's lease, and has no unresolved bankruptcies, getting a business cash advance should not be a problem.
In 2007, approximately $700 million dollars in business cash advances was given to business owners of all ethnicities. Find out if a business cash advance is best for your business and contact a lender. The process is simple and fast. With the ability to provide you with capital in less than two weeks after application, the business cash advance has the potential to benefit you and your business.