There are many different types of business loans available for the small business owner, more now than at any other time in recent history. The creative minds in the world of banking and finance have come up with multiple financing solutions to keep you in business or help you expand your business.

Let’s pretend for a second that you present a package to a lender (whether you are a borrower or broker) that would make an underwriter lick their chops from how thoroughly you’ve put it together. When they see it’s a gas station, it’s probably going to get put on the bottom of the stack whether it’s conventional or SBA because most bankers would rather work on a medical practice loan, self storage facility, veterinarian clinic, just about ANYTHING other than a gas station.

Some of the biggest problems that occur over and over submitting a gas station loan never seem to change.

Business cash advance, also called a merchant cash advance (MCA), is a much more attractive option for small businesses with immediate financing needs. Many private companies, banks, and credit card processing companies offer MCA to small businesses today. The interest rates are higher than bank loans, but the difference is not as much as it used to be just a few years ago.

The paperwork involved is pretty minimal, and credit score… well, if it’s good, great. If not then it won’t hurt your chances of getting a cash advance though it may influence the amount of advance sanctioned. The approval cycle is quite short – anywhere from a few hours to 3 days. And the cash gets transferred into your business account in a few days to a week. That’s just what makes MCA so popular – funds are available when they are needed the most.

There are many lenders out there that will give you a loan on future credit card sales and take out payments directly from your merchant account as payments to you come in. The only collateral you need is a record of previous credit card sales. The lender determines the amount you’re eligible for based on the previous several months volume.

One of the biggest things you can do is to be prepared to WAIT. Not that long ago, you could get a gas station / convenience store loan done usually in three to four months. Now, it is not unusual for funding to take at least six months and those are on clean deals.

Put together a business plan and present it to a local lender or go online to a site that will shop your request around. You should be able to find the money you need somewhere. It’s just a matter of knowing which loan type you should try for.

Harris Smith runs the home equity line of credit website. Don’t Miss Out!