Banks are generally the first financing option business owners consider. Nowadays banks have become extremely risk averse and cautious with their products. In order to secure a product, a business owner must have perfect personal credit. In addition to excellent credit, collateral is usually required to secure the product. The bank lending model is designed for sustenance rather than growth. The extensive paperwork involved is time consuming and a very slow process.


In order to apply for a bank product, you must:


• Provide 3 years of financials, including business and personal tax returns.
• Undergo a full auditing of profit and loss statements, multiple site visits, and intense scrutiny of your personal credit report.
• Provide a detailed business plan, including years of justified sales projections.

It can take months before you find out if you are approved. The complicated corporate chain and strict banking regulations drag your application through a lengthy process. To top off this difficult process, only 20% of product applicants are actually approved. Even if you do get approved, the bank can terminate or change the terms of your products at any point.


Here at Synergy Business Solutions, we offer a 90% approval rate. Following our simple one page application and minimal requirements, your funds are available to you in 24 hours or less. No need to undergo the invasive process of bank products or the long waits. Get the cash you need, hassle-free!

Credit card processing may be a good source of working capital but should not be the primary solution.


Some of the drawbacks of credit cards include:  
 

• Credit: With credit card companies, your business is tied to your personal credit. Bad credit will drastically raise your rates and lower your limits. If you miss any payments, your credit score will be directly impacted.
• Paperwork: You are typically asked to provide full financials for business credit cards.
• Fluctuation: Rates and terms can fluctuate at the credit card company’s discretion. This can lead to unwelcome surprises.


A cash advance from Synergy operates outside of your personal credit. We establish credit with you as a business owner. We can offer advances even if you have less than perfect personal credit and continue to fund your business as long as you keep a good payback history. We provide a fixed holdback upfront so you can budget accordingly.