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Friday, 18 April 2008 |
By Kenneth Scott
There are many kinds of cash advances available in the marketplace. These advances are designed to allow individuals to pay their bills until they receive a paycheck. Payday loans are readily available, as are business loans and other loans, which impose a fee. Many people take advantage of these loans, including restaurant owners.
Businesses must be able to take in at least $2000 per month, and a credit vendor must accept the money. This means that credit card receipts must be produced before a loan is considered. Business owners can apply for business cash loans if they have receivables from credit card purchases. If the business is not going well, it may still qualify for a loan, and some lenders will offer as much as $100,000.
One of the major drawbacks for some businesses is the need to transfer cash from one bank account to another. Delays may occur during this process, which results in banking overdraft charges. A bank overdraft can cost more than the fees imposed on payday loans, although business payday loans are different than the common cash advance.
Taking a business loan through banking institutions can be difficult, so |
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Last Updated ( Friday, 18 April 2008 )
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Thursday, 17 April 2008 |
By James Byrne
 If your business is not tied to a local market or a specific geographical location, you might consider making a move for the better, says James Byrne, Director of the Small Business Consumer Centre. "Some provinces offer greater odds for government financing in the form of grants and loans," says Byrne. "And these provinces have also been known to offer incentives to companies to relocate in order to bring jobs to certain regions."
When a Winnipeg factory owner traveled recently to Toronto to drum up some venture capital to start a facility there, he had a tough time getting attention. But then New Brunswick beckoned with an offer he couldn't refuse. The province ponied up a forgivable loan, while the federal government provided a repayable contribution and covered the cost of a lease. The value of the deal? Nearly $3 million.
"The federal and provincial governments identify regions that need job stimulation, and they're willing to invest heavily in those areas," says Byrne. "If you're in a position to make the move, you could be wooed financially."
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Last Updated ( Thursday, 17 April 2008 )
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