As Obama takes presidency, small business financing options have the potential to undergo various changes.
Currently, as the United States is experiencing a recession, banks have tightened their lending standards in an effort to protect themselves from multiple loan defaults.
Therefore, for most small business owners, bank loans have almost become a thing of the past.
These happenings have made it possible for credit card advances to become a commonly-used method of business financing, mainly because the requirements for credit card advance eligibility are not as stiff as those for bank loans.
Small business owners also have more options and flexibility when they choose to finance through credit card advances.
For example, the funds can be used with no restrictions, they can be renewed once 60 percent repayment has been completed and repayments are automatically deducted, allowing the payments to flow with a business's sales and remain virtually unfelt.
Obviously, the economy was one of the main issues addressed in President-elect Obama's campaign and small businesses owners are eager to know how easy or difficult it will be to secure business funds in the future.
One factor that will undoubtedly have an effect on business loan attainability and availability is Obama's choosing of a leader for the Small Business Administration.
"The agency has been criticized in recent years for, among other things, its slow handling of disaster loans post-Hurricane Katrina, unpopular changes to its lending programs, and inadequately ensuring small businesses get government contracts," states a recent Forbes article.
Therefore, a new leader has the potential to make a world of difference for the administration.
Options for Small Business Owners Whether bank loans and SBA -backed loans become easier or more difficult to obtain, small business owners have the option to receive credit card advances.
The funds can be received in as little as two weeks and they can be used for expansion, working capital, to buy advertising, upgrade equipment or for whatever else a business owner chooses.
Only time will tell what the future holds for business financing options for small business owners, but many small business owners who have already taken advantage of credit card advances will agree that they are a fast and convenient method of business financing.
Currently, as the United States is experiencing a recession, banks have tightened their lending standards in an effort to protect themselves from multiple loan defaults.
Therefore, for most small business owners, bank loans have almost become a thing of the past.
These happenings have made it possible for credit card advances to become a commonly-used method of business financing, mainly because the requirements for credit card advance eligibility are not as stiff as those for bank loans.
Small business owners also have more options and flexibility when they choose to finance through credit card advances.
For example, the funds can be used with no restrictions, they can be renewed once 60 percent repayment has been completed and repayments are automatically deducted, allowing the payments to flow with a business's sales and remain virtually unfelt.
Obviously, the economy was one of the main issues addressed in President-elect Obama's campaign and small businesses owners are eager to know how easy or difficult it will be to secure business funds in the future.
One factor that will undoubtedly have an effect on business loan attainability and availability is Obama's choosing of a leader for the Small Business Administration.
"The agency has been criticized in recent years for, among other things, its slow handling of disaster loans post-Hurricane Katrina, unpopular changes to its lending programs, and inadequately ensuring small businesses get government contracts," states a recent Forbes article.
Therefore, a new leader has the potential to make a world of difference for the administration.
Options for Small Business Owners Whether bank loans and SBA -backed loans become easier or more difficult to obtain, small business owners have the option to receive credit card advances.
The funds can be received in as little as two weeks and they can be used for expansion, working capital, to buy advertising, upgrade equipment or for whatever else a business owner chooses.
Only time will tell what the future holds for business financing options for small business owners, but many small business owners who have already taken advantage of credit card advances will agree that they are a fast and convenient method of business financing.