5 Reasons Why You Should Consider a Business Cash Flow Loan
By- Victor Talha
Small businesses and/or start-ups are heavily reliant on their cash flow…
…as they often have difficulty regulating what comes in and out on a regular basis but it’s also not uncommon for mid-sized businesses to run into difficulties that require a business cash flow loan. Here are some reasons that you should consider getting a business cash flow loan for your business.
1. Bank Loans are Harder to Get.
The recession hit the nation hard and changed some ideas about borrowing and lending. Cash flow loans are easier to get than traditional bank and business loans and don’t have the same requirements for credit.
2. It Doesn’t Require Collateral.
A cash loan is different because a business can use it for working capital and generate the collateral for the loan over time.
3. It’s an Opportunity to Organize.
Many cash flow providers request to see cash flow charts and collect data about a company’s banking, payment processing, and accounting information before acceptance. If your finances are not completely organized before you go in to ask about a cash advance you should take the opportunity to balance your books and get on top of the situation. Plus, you can get comparative ranking information from your loan provider.
4. The Interest Rate is lower than You Think.
Many people think that the interest rates for a cash advance may be up near 50% but the actual rate is consistently below 30%. Right now businesses are trying to encourage lending and the average has moved even farther down towards 20%.
5. It’s also Less Risky than you Think!
There are a lot of misconceptions about borrowing cash advance loans, especially from misuse in people’s personal lives. Businesses can use this money responsibly to make ends meet, expand for better customer service, and balance their cash flow. At OCM Financial Group, we understand the unique reasons you may have behind obtaining your business loan. Allow us to meet your needs with one of our custom cash flow loan products. Your approval is just minutes away!
The Neighborhood was Saved by a Merchant Cash Advance
By – Raquel Ellen Donate
Not too long ago, our neighborhood was almost without a pizzeria! Thanks to a smart and savvy local chamber of commerce member, the neighborhood was saved by a merchant cash advance. Sounds like this was no big deal, right? Well it may not be a big deal where you’re from, however, in my neck of the woods, we don’t care too much for the big name pizza franchises. Instead, we love our Romano’s Pizzeria, so much so that me and my family have been eating here since our grandfather’s time. Now, thanks to a merchant cash advance, our favorite pizzeria and Italian restaurant was saved from having to close it’s doors.
We are not certain what went wrong, however we are sure this deep recession did not make matters better. After a few slow seasons, the owners had to put up their house in order to get a small loan to survive the dry spell on business. The recent harsh winter season was another nightmare along with broke down ovens and a few other essential items needed to run a successful eatery. After the winter was over, our neighborhood was in such dismay. Rumors had spread like wildfire stating that the owners of Romano’s were calling it quits! Let’s just say, everyone from the children all the way up to our grandparents were stricken with disbelief at the thought of losing everyone’s favorite pizza joint since the late 60’s. Some folks even set up a charity donation box. But it was just a drop in the bucket compared to the almost 6 figures it was going to take to save Romano’s.
Then one day, at a local chamber of commerce meeting, a gentleman was there from OCM Financial Group doing a seminar about how banks are getting tougher and stricter about lending any money out and how OCM Financial was able to get business owners the money they needed in less than a week! Attending this meeting, was one of the owners of Romano’s. Quite serendipitous to say the least! Soon after the presentation was over, the business finance specialist was passing out his business cards when the Romano’s owner asked if he could apply for a merchant cash advance to save his restaurant, and the rest, as they say, was history. Less than 6 days later, Romano’s was able to order a new oven and fix the broken one. Success! Neighborhood pizzeria saved and the tradition lives on!
The Heartbleed bug has sent a shock-wave through the Internet, as millions of users try to take stock of all of the accounts they’ve ever created and figure out how to change their passwords. Too bad their passwords are just the beginning of the problem.
Given the reach of Heartbleed and how long the bug existed, it’s hard to even say how much data unscrupulous hackers could’ve gotten their hands on and, because of how it worked, we’ll probably never know. Most people are changing their passwords on affected sites, sitting back and thinking (or hoping) they’re safe. But now is when the work really begins for a large group of scammers. Since many websites ask you (or even require you) to use your email address as a username, that information is also vulnerable to the Heartbleed bug.
Welcome to the beginning of phishing season. Phishing (and the other “ishings,” like vishing for phone scams and smishing for text scam) is a more time-consuming method of extracting the goods from you, but it is often more directly profitable.
With information about where you have accounts and your email address, it’s easy enough to send you a phishing email that looks like it’s coming from Tumblr but leads you to “update your credit card” with a site that is definitely not Tumblr. And it’s not just your email address you need to worry about.
You wouldn’t believe how far phone scam artists can get with just a little information and the right tone of voice. Plus, while more and more people are texting, many newcomers to the technology haven’t even considered the possibility that the link in the text that is supposedly from “your bank” or “your mobile company” leads you to a site that puts malware right under your thumbs.
If a phisher reeled in or bought information of yours – like emails, addresses or phone numbers — compromised in the Heartbleed hack, what should you watch for?
1. Any emails from companies imploring you to “click here” to change your password or update your account information.Companies are learning not to do this precisely because it’s such a common phishing and spear-phishing tactic.
You should try to pre-empt any such email by going straight to the affected websites once they’ve implemented the Heartbleed fix. But if you don’t, or didn’t, and get worried by the email, take the extra few seconds to open up a new tab and (correctly) type the website’s name into your browser.
2. Any phone call that promises to fix your problem but only if you give them passwords, account access or a credit card right now. Phone phishing (or vishing) scammers rely on two things to succeed: your fear that you did something wrong or are in some sort of trouble; and their ability to project authority and the ability to fix it.
If someone calls you and wants any information and won’t allow you to get off the phone to call back the customer service number you find on your own, they aren’t legit.
3. Any text message from an unknown number. Don’t open links and pictures or call any numbers you just don’t recognize. Text-message phishers (known as smishers) use our own Fear Of Missing Out (FOMO) to draw us in and take advantage of us.
4. Any calls from weird numbers, especially if your cellphone isn’t widely known. I assume that there are (mostly young) people who often get calls or texts from numbers they don’t know after a night — or several nights — out.
But for the rest of us, we probably hoard our cellphone numbers closer than most of the rest of our personal information, if only to avoid overage charges. So if you suddenly start getting calls from numbers you don’t know, don’t let the FOMO lead you down the wrong path.
Let them leave a voice mail: just because you can pick up doesn’t mean you have to. Technology has made a lot of things more convenient, but it’s also made the cleanup of a major security flaw like Heartbleed incredibly difficult. In the face of such a global issue, simply changing our passwords is like using caulk to seal a crack in the Hoover Dam.
Bugs and breaches, hackers and phishers are the new norm and we can no longer assume that technology will bail us out or “it won’t happen to me.” It is critical that we change the way we think about security and realize that in the end that each of us must be more vigilant and aggressive in our cyber self-defense.
Thinking of Offering Obamacare Insurance to Your Employees? You May Qualify for a Small Business Tax Credit
The deadline for Obamacare enrollment is right around the corner, which means that it’s likely you are getting bombarded with questions from your employees as to whether or not you will be offering affordable insurance.
If you are thinking about offering insurance to your workers, then you may be pleased to learn that you may actually qualify for a small business tax credit. What does this mean for you? Reduced tax liability and reduced payments overall.
This year’s Obamacare tax credit can be as high as 50 percent of your premium payment. But as great as that sounds, as with all good things, there’s always a catch.
You get a 50 percent tax credit on premiums for up to ten employees. This number goes down as the number of your employees goes up. Once you hit 25 employees, you can kiss your credit goodbye.
Additionally, your employees will be eligible for a subsidy on their premiums. As a business owner, you will not.
And, let’s not forget the endless paperwork you need to submit – all on paper (for insurance on the federal exchange) because online submissions are not available.
So if you are thinking of offering Obamacare coverage to your employers, you might actually stand to lose more than you gain and may need to seek a cash advance for working capital just to cover your own expenses.
Sound tedious? We certainly think so.
Regardless of what you decide, you can know one thing’s for certain. OCM Financial Group is here to help you if you exceed your cash flow. Our merchant cash advance options can provide you with the working capital you need to ensure your valuable employees obtain insurance coverage while at the same time, protecting yourself against liabilities.
How Much Working Capital Do You Need for Your Business?
As any small business owner knows, you need to have a sufficient amount of working capital in order to effectively carry out your company-related endeavors. By definition, working capital is the amount by which your assets exceed your liabilities. But how can you determine the amount of working capital your particular business needs?
For starters, the amount of working capital your business needs should be (at the very least) sufficient enough to pay your business expenses. Should you be thinking about a profit? If you are starting out, then you shouldn’t worry too much about profit just yet. It can take a few years to accumulate enough cash flow to surpass your basic payment needs. But you should, however, be thinking about how you will pay your immediate expenses.
Overall, you should determine what your fixed costs are (rent, utilities, payroll, taxes, etc.) then add at least 10-15% extra to cover any miscellaneous costs. It’s always good to give yourself a cushion because you never know when you might find yourself in a sticky situation.
Figuring out how much working capital you need also depends on whether your clients pay you immediately or if you offer a grace period. In that case, you need a greater amount of cash reserves to account for any delay in payment.
But if ever you do find yourself exceeding your limits, you don’t necessarily have to panic.
The OCM Financial Group helps small business owners obtain the cash flow they need when they need it. Think of our company as the other cushion that will break your fall when your liabilities exceed your assets. If you need working capital today, give us a call so we help you keep your business running effectively.
During these current times of financial instability and economic volatility, it’s refreshing to know business owners have business cash loans options available, still. Although traditional banking has been a strong foundation for most businesses in America and just about anyone with a strong business plan, collateral, and verifiable references could secure a small business loan. Not so much the case anymore. To truly understand how tough it is out there, currently, we turned to the most reliable sources, our present applicants, to gather real life information on the current status of small business owners trying to obtain business cash loans.
Here’s a case in point, take Joel M. for instance. Joel has an extremely amazing business model that not only helps kids stay out of trouble, but Joel’s company actually helps inner city youth discover all there is to know about the NFL! Kids in grades ranging from K-12 and college level get to train with the pros and through rigorous training modules get a chance to be considered for recruitment. Pretty amazing working with kids and keeping them off the streets, right? Well, you’d imagine any bank would gladly see Joel’s business as a sound investment. Even besides the fact, Joel only needed to borrow approximately $8,000 to $10,000 USD for purchasing training equipment for his students. Going to the two banks he has investments in, turned up denied bank loan applications. When a family friend told Joel about the OCM Financial GroupFacebook page, Joel searched immediately for the contact number. Soon enough, after speaking with a Financial Advisor and pinning down a few sound options, Joel was enjoying his $10,000 business cash flow loan. Payback terms were generous and will be easily managed. When asked if he would refer OCM Financial Group to his friends and family, Joel replied, “I will tell the country about your company. Thanks so much for saving my business, helping my kids get their sports training equipment, and helping me meet my business’s growing financial needs!” Another success story!
To view a related video on Business Cash Flow, click on link below:
Starting a new business can be exciting. Choosing your location, branding, and even your business cards can be an adventure. You may have dreams of opening up a small local boutique or perhaps fantasize about creating a chain of trendy restaurants. But no matter what your business goals may be, your dreams of entrepreneurial success can be dimmed if you don’t have enough capital.
Not everyone can be approved for a business loan, and in this stagnant economy, it can be years before you are able to save enough money on your own to venture out and build a company with your own funds. Luckily, there is another option to obtain the funds you need now to get your business off the ground and running. If your business processes credit card transactions, you may benefit from a Merchant Cash Advance. Now, there are even merchant cash advance options for businesses that don’t accept credit cards yet. This type of program is based on ACH banking history which is beneficial if your credit rating is not acceptable for traditional loan qualifications.
A merchant cash advance is a way for business to receive the capital they need in exchange for a percentage of their credit card income. There are several benefits, including the fact that you don’t have to put up collateral, as you would with a traditional loan, can be written off as expenses giving you a tax break, and best of all, you get your funds quickly after approval. The OCM Financial Group offers more than just these standard benefits for merchant cash advances. You only have to pay us back when your business process your credit card sales and we offer flexible repayment systems so you can have greater control over your assets. The application process is easy and quick, and you could have your cash at hand in as little as a week.
So if you have been denied a loan application or just don’t want to go through the hassle of applying or getting stuck with huge interest payments, give us a call today to discuss how our merchant cash advance program can help you and your business succeed.
Whether you are starting a new business, are looking to remodel your current corporation or are embarking on a new project, you may need new equipment that will get the job done quickly and successfully. Businesses don’t usually purchase this equipment because of the cost and generally because some types of equipment are not needed on a continual basis. So, most companies lease their equipment. In fact, statistics show that 85% of businesses in the U.S. lease either all or some of their equipment, from software to office furniture to bulldozers.
Leasing equipment has many benefits. For one, if you do not have a large amount of liquid capital available for a purchase or don’t want to spend much money on an investment, leasing is ideal for you. Leasing is also beneficial because you don’t have to make a huge lump sum payment. There are flexible payment options to suit all types of businesses and all sizes. Another benefit is having the ability to continually upgrade. If you invest in a piece of equipment, it can easily become obsolete in a few years. Then, you’ll have to reinvest a ton of more money into another huge purchase and the vicious cycle continues. Leasing allows you to always have the latest, state-of-the-art technology to keep your business running smoothly.
If you have been thinking about business equipment leasing, the OCM Financial Group is here to help. We offer finance options from $5K upwards and with flexible payment options to meet your individual needs. Give us a call today to discuss your best leasing options so we can help you obtain the tools and technology to help your business grow.
The OCM Financial Group gives a variety of financing options for agricultural clients. We understand that the agriculture industry has unique needs when it comes to planting and harvesting cycles. OCM can provide the right funding for the right kind of equipment just when you need it most. We can provide financing for new and used tractors, combines, feed hoppers, irrigations systems, farm vehicles and much more! Contact one of our leasing specialists today at 913-381-7900 to learn more about leasing for your specific type of equipment.
OCM Financial Group is a leading provider of equipment financing and leasing services to businesses throughout the United States. Founded in 1981, OCM has established itself as a premier, full-service provider of financing solutions to all types of organizations, new and established, throughout a wide variety of industries. Whether you are an equipment manufacturer/dealer looking for a vendor financing partner or a business/municipality looking to finance your next equipment purchase. Take advantage of our many tools, including our online monthly payment calculator and application, to find out if our finance options meet your needs.
The majority of business owners in the United States require funding at one time or another. We understand it can be difficult and time-consuming to secure a traditional loan from a bank. OCM Financial Group is a leading independent financing company that offers several business loan products. These include working capital loans, merchant cash advances and flexible business loans. Our loan options are just what you need to take your company to the next level.
Communication is vital in today’s business environment. Whether you need equipment to reduce startup expenses or overhead costs, or if you simply need to upgrade existing equipment without tying up your capital The OCM Financial Group can customize a lease just for your business’s needs. You need equipment that performs well so you can always stay connected to your customers. From simple phone systems to much larger operations OCM can provide financing for everything your business needs. To learn more about our communication equipment leasing contact our leasing specialists today at 913-381-7900.
Industry statistics show that over $3 billion worth of construction equipment is leased each year by companies all over the United States. Businesses choose to lease their construction equipment because of the many advantages leasing offers like flexible payment structures, stable cash flow, easy upgrades and flexible end of lease terms. There is also a shorter processing time that is generally much faster than traditional bank loans. The OCM Financial Group has helped thousands of constructions companies finance the equipment necessary for their businesses to succeed. We can customize your lease to address your company’s needs, including the option to skip lease payments during slower months. We can lease anything from backhoes, bulldozers, cranes, excavators, surveying equipment and much more. To learn more about our customized construction leases contact one of our leasing specialists today at 913-381-7900.
The OCM Financial Group understands that you need the right manufacturing equipment to produce the right products at the time and pace your customers need. When new opportunities come along or when your customer has changing needs, you need to be able to get new manufacturing equipment in a timely fashion. OCM can finance the latest equipment so you can increase your output and improve the quality of your products without committing your own capital. To learn more about leasing manufacturing equipment contact one of our leasing specialists today at 913-381-7900.
The OCM Financial Group understands that the medical profession is continually changing and new technology brings more and better opportunities for medical care. Specialized machines are constantly being created and as a result medical equipment leasing has become more important than ever. New equipment can be very expensive and might not turn a profit for years which is why leasing can be a great option for your business. You need to maintain state-of-the-art equipment but would like to avoid tying up your cash in equipment that can become obsolete in a few years. Whether you have a clinic, hospital or you are a new doctor trying to start up a new practice, you can get the equipment you need with our medical leasing programs. The OCM Financial Group has creative financing options that can be tailored to fit your exact needs. To learn more about financing your medical equipment contact one of our leasing specialists today at 913-381-7900.