Bank Loan or Loan Shark?

First of all, to all those who came out last week to the LCSC Networking Event to hear my “Sales & Psychology” presentation – thank you! It was great to see familiar faces and to meet many new ones. I hope the topics we covered can help you be even more successful!

The other day I was at an event and was seated next to an Accountant whom I have known for many years. He turns to me and asks me “How is the Loan Shark business doing?” He was referring to a mutual client who recently received a Cash Advance from our company for $250,000.

For those not yet familiar, a Cash Advance is an alternative type of business loan where a business will receive upfront cash in exchange for a percentage or a portion of future credit card sales. The Cash Advance concept and industry has not earned the greatest reputation mainly due the high percentage fees that the business will have to pay over the course of the loan. Hence the snide comment from my seatmate…

For those who have attempted to obtain any type of funding from a bank, and got nowhere, you are not alone. With interest rates at record lows and the economy a lot stronger, the demand for business loans is at an all-time high. Yet banks remain tight-fisted and choosy with approving small business loans.

After personally witnessing many of our clients go for the Cash Advance option, lured by the “instant approval” and “fast funding” promise, only to be dragged around for weeks and then raked over the coals with fees, we decided to create our own in-house Cash Advance Program.

The Banquest Cash Advance

The Banquest Cash Advance program is unique in many ways.

We pooled together a group of private investors who fund our clients.

We only fund our own clients who we know and have a relationship with. This reduces risk and in turn allows us to offer much lower rates.

Our long term success is based on our clients success. Unlike traditional Cash Advance companies, our goal is to help our clients become profitable and be able to grow their business. That is why we are the only Cash Advance that allows for an early payback discount. We would much rather see our clients free themselves of all debt.

Everyone agrees that a Cash Advance is not the first choice of capital for any business, however if there are no better options a Cash Advance can be a lifesaver for a business going through a cash crunch.

If your business can benefit from a Cash Advance or if you are an investor interested in funding some of our opportunities, feel free to email us at MCA@Banquest.com.

Happy Tuesday & Happy Selling!

Kevin