Based in New York City and founded in 2007, New Merchants Capital extends lines of credit and term loans to small business owners. New Merchants Capital has facilitated more than $10 billion in financing. Best features: New Merchants Capital offers up to $500,000 in lines of credit and has some of the lowest minimum credit score requirements available. Small business owners need a minimum FICO score of 500 for term loans. Term loans are available for up to 36 months. Drawbacks: While New Merchants Capital doesn’t require personal assets as collateral, it does take a blanket lien on all business assets. You’ll be required to commit to either a fixed daily or weekly payment schedule, and there’s a 2.4 to 4 percent origination fee for first term loans.
These days, accepting credit card payments for your products or services is a virtual requirement. In fact, some businesses have begun to do away with cash transactions entirely—perhaps because researchers have found that people overspend with credit cards. (Good news for you as a small business owner, but maybe something to keep an eye on for you as a consumer.) As a small business owner, though, outfitting your enterprise to take credit card payments isn’t
The good thing about having so many business lenders to choose from is that you don’t have to settle for one that doesn’t have the time to walk you through the entire decision-making process.
Discover the benefits and risks of unsecured business loans as an option for financing your business.