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Another type of loan related to a business's assets is an asset-conversion loan, a short-term loan that is typically repaid by converting an asset, usually inventory or receivables, into cash. Do you or someone you know need a business loan or business line of credit to start, build, or grow your business? The reason our loan programs are so successful is that we do not require great credit or collateral, impressive tax returns, lofty profit and loss statements, and we do not have certain debt-to-income requirements. It’s not wrong to take one of these loans with a FCC as collateral if that’s what you qualify for – but it’s not honest to call these loans “unsecured” and it’s doing you a disservice if they don’t work on finding you better financing first. However, for many businesses, the greatest challenge is finding a loan option that suits its specific requirements. Additionally, we’ve found over the years that most small business owners borrow money the wrong way as they build their business and then that makes it either more difficult or impossible for them to obtain additional business financing in the future when they need the funding to continue their growth. This means you’ll need “non-bank” financing and since we don’t do credit repair we may need to refer you to a reputable company who can help you with the credit issues so maybe you can become “bankable” and get lower-cost financing next time.
In this Program, “you” or “your” means everyone that may be a business or consumer account holder joint or otherwise on a BBVA Compass Credit Card, Check Card, Optimizer Secured Credit Card, Safe Spend Prepaid Card, or BBVA Compass Select credit cards. Self-liquidating loans are not get loan for business always a good credit choice. We would love to be a resource for you. All Bank of America business financing requires that your business be under current ownership for at least 2 years. Directs main objective is to streamline the lending process, so you can concentrate on building and operating your business. This article will explain some of the pre-financing due diligence you should be doing.