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SMB Financing Programs To Help Boost Economy And Job Creation

Written by Jenna Weiner
Published: 9/23/2011

Many lenders are reaching out to small businesses through financing programs designed to help SMBs gain easier access to capital.

Small businesses are applying for loans at a rapid rate, trying to remain competitive without going under, and denials of small business loan applicants are at record lows. In response to this lending trend, Merchant Cash in Advance has launched a Small Business Financing Program that requires no credit check, while offering small business owners funding the same day they apply.

SMB Financing Programs

So far, Merchant Cash in Advance has funded nearly $25 million and plans to continue the program into 2012. Through the program, the amount of the loan is determined by the business's performance, and owners have 18 months to pay back the loan.

"Our objective is to keep businesses alive and obtaining financing, unfortunately most other merchant cash advance companies have forgotten that," said Craig Clark, personal assistant of the CEO of MerchantCashinAdvance.

In a similar effort, American Express recently announced its new Merchant Financing Program, which provides eligible American Express small businesses with access to up to $750,000 within three business days. The small businesses that qualify must meet a basic set of criteria including generation of $100,000 to $10 million in American Express charge volume annually and no prior account delinquencies. The loans can be dispensed on a monthly or annual basis.

"Access to operating capital is an ongoing challenge for smaller businesses, as it has become extremely difficult to secure a reasonable loan," said Bill Glenn, president of global merchant services at American Express. "In order for these merchants - key drivers of the U.S. economy - to grow and expand, they need a fair alternative."

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