If you are already carrying a credit card balance and can’t pay off your money advance right away, it will make it that much harder for you to pay off your cash advance in an inexpensive amount of time. Meaning this quick-term solution may find yourself costing you significantly in the long term.
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Often they need two years of proven viability before they actually lend to you. So if we’re a startup and also you open the restaurant at this time, otherwise you plan to open a restaurant tomorrow, likelihood is the lender’s going to let you know, we can’t lend you strictly due to the risk. However, here’s the place SBA now stands in. Financial institution turns to pages and sees, oh, restaurants are included as a means of lending using the SBA guarantee. So the lender now lessens their threat and they’ll then extend the loan to that restaurant. And we will now assure the bank and we’ll take the risk by SBA, which basically, if you consider is the tax payers. The SBA guarantee is a taxpayer program. At the end, the tax payers are taken on the risk that that enterprise is sweet for the cash. And the lender’s now going to exit and lend to that business.
