Whether you have been in business for many years or are just starting out, AmOne can help you get the financing you need.
An unsecured business loan doesn't require you to secure the loan against any asset, hard, tangible, or otherwise.
If your business isn't able to get a bank loan, a merchant cash advance can help if you have a cash flow problem.
This alternative funding source is also known as revenue-based financing as it's based off of your sales volume.
If you owe multiple creditors and are struggling with payments, a small business debt consolidation loan may be right for you.
Learn more about the benefits of leasing your equipment versus taking out a loan to purchase your equipment.
If you own your own equipment, you may be able to free up cash by selling it and then leasing it.
If your small business is struggling with carrying the burden of too much debt, you're not alone. The Small Business Administration (SBA), reports that 30 percent of new business close in their first three years of business. Even more striking is that over half of small businesses - 50 percent - fail within their first five years. Among the reasons for a small business failing are insufficient capital and poor credit management. The good news is that there are ways to help save your business and to get mounting debt under control.
One approach to consider consolidating is your business debt. Small business debt consolidation works similarly to personal debt consolidation. You may be able to consolidate your business loans into one payment either through obtaining a single loan to pay off those debts, or by using a debt consolidation company to handle the process.
When dealing with debt consolidation on your own, you will need to be comfortable in negotiating a new loan as well as organizing your payments to make sure that your previous creditors are paid off. You should also be aware that there are two different types of small business debt consolidation loans available: secured loans (which would use business assets) and unsecured loans (which don't require collateral).
Secured Debt Consolidation Loans
Secured debt consolidation loans operate like traditional loans in that collateral is used to ensure that the lender is paid back on the loan amount. If, for any reason, you were unable to make payments on a secured loan, the bank or other financial institution would take possession of any equipment, property, deposit accounts, or other business assets.
Secured loans are available from the SBA as well as from most banks and financial institutions. The SBA has loan programs available to help small businesses. Be sure to read the requirements as not every SBA loan can be used for debt consolidation.
Unsecured Debt Consolidation Loans
An unsecured debt consolidation loan doesn't put any of these assets at risk, but generally comes at a higher interest rate than its secure counterpart. So long as the credit history is good, a struggling company can obtain an unsecured business loan for use in debt consolidation. Unsecured loans are available from private lenders and alternative lenders and may be easier to obtain depending on your business's credit.
To learn more about your small business debt consolidation options, or about unsecured business loans, AmOne can help. Our free service works with you to help match your business to the highly rated solutions available for your company's financial needs. You can fill out our simple small business debt consolidation solutions form or contact us today. You can call AmOne toll-free at 1-800-781-5187 to speak with one of our knowledgeable financial search specialists. We're here to answer your questions Monday through Friday from 9:00 AM to 9:00 PM and on Saturday from 9:00 AM to 5:00 PM Eastern time.