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 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.
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.
Ever been tied up for money and couldn’t obtain a loan? Have you been trying to start up a new business but didn’t have the resources? Sick of waiting around for a pay day? If so, you are not alone. Millions of people in the United States are suffering economically, especially corporations, but that doesn’t mean you have to accept it. There are ways to obtain working capital for your business needs. But what exactly is working capital?
Working capital is defined as the difference between your liabilities and your assets. Basically, the amount of liquid funds you have at your disposal. Everyone needs working capital to stay afloat, whether you are dabbling in entrepreneurship for the first time or have amassed a world-wide company chain. The amount of working capital at your disposal influences your business’ ability to meet both short and long-term demands, pay back debts, and remain in profit.
Some companies require more working capital than others, but it’s safe to say that if you’ve got a business, no matter what kind of products you offer, you need liquid capital and you need it readily available. But if you’ve recently paid off a big loan, are tied up in a lawsuit, or are facing a foreclosure, chances are the amount of working capital you have isn’t going to be expansive.
That’s where we come in. The OCM Financial Group can work with you to find a flexible and creative solution to your financing needs. If you need cash now, we can provide it. Whether you are a seasonal or cyclical corporation, are rebuilding your brand or are starting fresh, let us help fund your imagination and help your business grow.