|By Marketwired .||
|August 14, 2013 10:00 AM EDT||
MIAMI, FL--(Marketwired - August 14, 2013) - Providing much needed financing solutions for small to medium size businesses WG Financing based in Miami, Florida is helping over 70% of business owners that get declined for bank loans due to stiff bank lending requirements. Especially pertaining to new industries like online businesses that do not have a traditional brick and mortar establishment within which they run their business, WG Financing is a valuable option for enterprising yet, monetarily limited merchants. Using what is referred to as a merchant cash advance WG Financing focuses on the income generated by the business in need of financial support rather than their assets, or what the bank refers to as collateral, to gain approval for funding.
With 24 to 48 hours turnaround time needed for approval on the unsecured business loans WG Financing looks for only a 500 and above minimum credit score for both review and approvals. "We're able to offer over 80% approvals for existing businesses. We think that's quite astounding really when you consider today's marketplace and the volatile concerns some businesses are facing," said Cyril Eskenazi, CEO of WG Financing. Not a traditional lender but rather a merchant cash advance purveyor who buys future receivables the financing company collects money daily from business owners or, at the very least several days a week, until the cash advance is paid back. The most recent answer to alternative small business loans, WG Financing is booming.
"Our business is expanding. In fact, our business cash advance volume is doubling year after year," Eskenazi added. "Small business financing is on the upswing as far as we're concerned." With a duration of three to eight months to pay back funded amounts deals are typically structured so that, based on a small business' past performance WG Financing will get its money back as the merchant's business continues its day to day business. Unlike a bank loan with a fixed coupon merchant cash advances are dependent upon day to day business proceeds. "Basically, we take a portion of each future credit card purchase until the cash advance is paid off. A business owner can't give us what they do not have. In this way, we all win quite literally when a sale is made," said Eskenazi.