Ohio $18 Million Loan Grows Local Economy

Sep 29, 2015

Building a small business takes a lot of talent, endurance, and in most cases capital. According to the Small Business Association (SBA), almost half of Americans work for, or own a small business. In fact it is estimated that over 60 million citizens will be self-employed in the next few years. But these businesses will not be able to survive by talent and desire alone, they need funding. That’s why the US Treasury Department and state governments have come together to create more small business loans.

Ohio businesses were granted over $18.7 million in federal funding this month, thanks to the Small Business Credit Initiative. The initiative is designed to help small businesses access capital to encourage job growth and creation. So far, more than $55 million in initiative funds have been given to the Ohio Development Services Agency that supports the economy through small business. Director of the Small Business Credit Initiative, Jeffrey Stout, says that its mission is to connect small businesses to a ready supply of capital. The program is projected to create or retain almost 7,000 jobs.

This initiative in Ohio is just one more example of how small business funding can encourage more business growth and job creation. And although the economy has rebounded, many small businesses still need help. According to a Bank of America small business survey, about two-thirds of small businesses are still recovering from the economic crisis. Small companies don’t have boards or extensive backing to guarantee or infuse cash into their businesses when times get tough. In the past, small businesses would have to go through extensive application processes to get approved for a loan. Now small businesses can rely on online merchant services for small to medium sized loans.

eMerchantBroker.com is the number one online merchant that specializes in business funding. EMB has a fast and simple loan application process, and to get a loan approved businesses need only make $2,500 per month. Merchant services experts are available 24 hours to assist clients. Our merchants specialize in providing business funding for every type of businesses no matter the credit history or business experience.

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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