Merchant Loans For 2009


There are many reasons why I feel the merchant loan will be one of the most sought-out methods of business financing for 2009. Many of those reasons stem from our current economic situation.

Fact: "We are in the worst financial crisis since the Great Depression," as stated many times by President Barack Obama. It is also a fact that the issues that tipped off the U.S.'s recession ultimately have a domino or ripple affect and in the worst cases can even result in a cycle of economic hardships that is difficult to break.

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Example: Banks tighten their lending standards, making it more difficult for business owners to get loans. --> Business owners have to find other ways to finance, such as increasing prices. --> Higher prices cause consumers to tighten budgets, spend less and make fewer purchases .--> As consumers spend less and banks don't lend, businesses lay off employees to off-set sales decreases. Some even go out of business, leaving countless other employees out of work. --> Dwindling incomes make it even harder for consumers to afford items, causing businesses to take an even bigger hit...and the cycle continues.

So why do I say that this could possibly cause a surge in merchant loan interest? One; as banks lend less, small business owners need an alternative method of business financing, one that relies less on collateral and credit scores and focuses more on promoting business sales. Two; as millions of Americans find themselves unemployed, many of them will view their layoffs as an opportunity to go into business for themselves.

As reported in an article titled "Laid of in 2008? Start a Business in 2009," George Solomon, associate professor of management and director of the Center for Entrepreneurial Excellence at The George Washington University, "...saw the number of startups increase during the recessions of 1983 and 2001 and predicts they'll increase in the current economy as well." These new business owners will very likely need funds to help their businesses grow, funds that can be acquired through a merchant loan.

Small business owners can be eligible to receive a merchant loan when they have owned their businesses for at least six months and their businesses process a minimum of $5,000 in monthly credit card sales. Poor credit scores are not an obstacle when it comes to receiving a merchant loan. In fact, most lenders only require applicants to have a credit score of at least 550.

Maybe you are one of the many small business owners who could greatly benefit from a merchant loan in 2009. Do your business a favor and find out now.

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