Can Loans for Latino Business Owners Help Transform Your Business?

2015-03-05

Jeffrey Bumbales

At the present time, there are over 3 million businesses in the US that are owned and operated by Latinos, a number that’s expected to double over the next five years. With a whopping $500 billion generated in annual sales, this demographic is clearly making a huge impact in the world of business.

Despite this success, however, Latino business owners are still facing major hurdles when it comes to getting the funding they need to help them grow their business. Many of these business owners have low credit scores, which the banks don’t look favorably upon when it comes time to get approved for a loan.

Luckily, there are alternative loan options available out there to help these strong business owners continue to grow and expand their businesses. Alternative lenders provide opportunities for every business owner to grow, regardless of their race or gender, or their credit score.

 

Business Cash Advance

There are plenty of situations where a business cash advance is needed to cover business expenses. Whether you need to buy equipment, stock up on inventory, or even expand your establishment, extra working capital is essential if you don’t have it handy. With a business cash advance, you can get near-instant access to this important capital with little paperwork and a fast approval time.

The loan amount you are approved for is paid back over time by having a percentage of your future credit card sales taken off and used as repayment until the entire loan has been paid off in full. The payments are not fixed, and instead are based on your credit card sales from one month to the next. If your sales are high one month, your repayment is higher; on the other hand, if sales are slow the next month, your repayment amount will reflect that.

 

Working Capital Financing

Managing working capital can be really tough, regardless of how strong your business is. Considering how important cash flow is to a business, lack of adequate capital can put the Latino business owner in a serious financial bind. When vendors take forever to pay you, or unexpected expenses pop up, it helps to have access to working capital through a financing program.

If your business is experiencing a temporary lull in cash flow, working capital financing can be a huge help. Business owners in all industries can run into scenarios where access to funds can be a real God-send.

 

Because life is unpredictable, you never know when unexpected costs or once-in-a-lifetime opportunities will spring up. Latino business owners can find alternative funding solutions that provide the working capital they need.

 

Inventory Loans

Part of being a good business owner is making your customers happy. And part of this means always having your shelves stocked with the items they want. A lack of adequate inventory can shed a bad light on your business, and leave your customers less-than-impressed. Properly managing your cash flow means purchasing enough inventory to keep your shelves well-stocked, while being able to sell it quickly enough to recoup your costs.

But many times there’s just not enough in the pot to cover the cost of full inventory orders. When this happens, an inventory loan can help. With this type of loan, you are given a lump sum that you can be approved for within hours, after which you’ll have access to the funds shortly after. Inventory loans help small businesses grow.

 

Business Line of Credit

There may be times when you need instant access to cash for a variety of reasons. By having a line of credit waiting on the back burner to be tapped into, you can literally bail yourself out of a financial bind.

A revolving business line of credit works somewhat the way credit cards work: you are approved for a certain amount of money that you have at your disposal whenever the need arises. You can then access these funds and take out as much or as little at any one time to use as needed, as long as you don’t go over your limit. The only time you are charged interest is when you have an outstanding amount due, and only on that amount are you charged interest.

Applying for a business line of credit can be easy, and can take as little as a few short minutes to complete online. If you’ve been in business for at least a year, and have strong revenues, you could be approved and have access to your business credit line in as little as 48 hours.

 

Helping Latinos Attain the American Dream

The hurdles that you might face when trying to get approved for a loan at the banks shouldn’t have to stand in the way of growing your business.

Alternative lenders remove these obstacles from your path so you can expand the business you worked so hard to launch. With all the funding options available, you’ll be sure to find one that suits your personal situation.

For all your working capital needs, contact Credibly.