With EMB it is possible to get bussiness funding after a Bankruptcy

Dec 31, 2015

“Just because something doesn’t do what you planned it to do doesn’t mean it’s useless.” – Thomas A. Edison

Though getting business funding after a bankruptcy is more challenging, but it is possible. Your credit report keeps your personal bankruptcy for 7 or 10 years, thus making it not so easy to obtain a loan.

Small Business Funding After A Bankruptcy

Eligibility for business funding is based on certain criteria that help lenders determine if you can obtain it or not. Some business owners turn to credit unions after not having found the right professionals in the field to get a business loan. Others go to lenders suggested by their local chamber of commerce. If you’re among such business owners, consider asking someone with a good credit history to cosign for you.

You may be charged higher interest rates based on your credit history. You may also be required to secure the funding with collateral like the equipment, etc. purchased with the loan funds.

With emerchantbroker.com, a highly reputable company in the field, you can be sure to obtain funding for your business. EMB offers business funding regardless of your bankruptcy, bad credit, or the type of your business. EMB provides ACH Business Funding and Cash Advance Program.

When Applying For Business Funding

Fortunately, lenders may consider your situation not that much risky. To get the business funding you need, you should take certain steps to increases the chances of obtaining it. Below you can find important tips that will help you get a business loan more easily.

  1. Prepare Your Business PlanThe potential lenders will ask you to present your business plan. Prepare a well-organized and solid business plan. If your business is characterized by a higher rate of failure like a restaurant business, be prepared to answer the lender’s questions related to your business.
  1. Have Enough IncomeYour income guarantees your ability to repay the loan for your business. You must demonstrate consistent income so that the lender can approve your funding.
  1. Prepare FactsAttach factual explanations to your credit report, showing the reason of your financial problems. If they were caused by an event like a car accident, injury, illness, divorce, etc., you can explain the situation through a brief statement.
  1. Explain The Reason Of Your Bankruptcy – Prepare a statement explaining why you went bankrupt. Show how your current situation is different. Keep your statement brief, without a negative or emotional touch.
  1. Keep Your Debt To Minimum After A BankruptcyYour debt after a bankruptcy should be kept down. Also, you should prove you have a high level of financial responsibility. You can present your statements showing your mortgage or rent payments were paid on time since your bankruptcy.

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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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