Charlotte, NC (May 27, 2010) David Robb, President and CEO of XBS, unveiled a new traditional type commercial loan product for small businesses in need of working capital for a variety of purposes - without the extensive application process and review required by banks.
"We've been looking for some time now for an alternative solution to merchant cash advances to fulfill a clear need for access to fairly priced capital in the business community. " says Robb.
While cost cutting merchant services and electronic payment solutions remain a focus - XBS continues to move toward viable options for merchants to increase cash flow - including growth through capital.
Robb says that XBS will make loans up to $150,000 and fund use is completely up to the business owner but typical uses include inventory and new equipment purchases, expansion, remodeling or repairs, new hires or just plain working capital.
The initial application is a simple one page document and pre-approval is typical in just 1-2 days, with funds in the bank in as few as 10. Terms are 6-12 months and rates are very competitive. The primary approval factor is based not on credit worthiness but consistent cash flow, vastly different from standard bank lending practices. The application's simplicity allows XBS to waive any application fees for the loan.
"There are countless businesses that cannot meet today's rigid bank lending requirements despite strong track records in managing expenses and paying bills," Robb notes. He describes small growing main street businesses with walk-in customers and a fairly steady cash flow as an excellent candidate for the new loan.
Performance based lending is far different than the traditional merchant cash advance offered by so many payment processors (as well as XBS) - where loan amounts and approval is based on future credit card processing sales and repayment terms are dictated by the merchants actual sales volume - rising and falling relatively. Critics of the cash advance product point to the inflated interest rate it comes with and XBS recommends the product only as a last resort for businesses who must have capital and can't access any of the traditional sources.
Businesses interested in the product should contact XBS directly at 800-347-1090 for more information or visit http://www.xbsglobal.net/services/business-loans/
Charlotte, NC - September 8, 2009
XBS Rolls Out Cash Advance-
XBS President Dave Robb says "Merchant request" is behind the addition of the new value added service.
"Our cash advance service is linked directly to our merchants future credit card sales. The service is quick, with an easy application process. In times when commercial bank borrowing is tight - business owners who are confident in their success - are prepared to do what is necessary to survive, or even better, grow."
Cash advance services have payments that fluctuate based on the merchants credit card processing volume, so the merchants payment can rise or fall based on that factor, and that's a "good thing", says Robb. In addition, the service does not require a personal guaranty - a requirement on nearly all loan products that cause great anxiety for the business owner.
Robb's company continues to take the educational approach with their merchants. There are less expensive financing methods to be sure - but the paperwork, time, and qualifications involved are overwhelming, and the effort all too often unsuccessful. When an already processing merchant needs money quick for expansion or overhead - cash advance is a viable option.
XBS stands for Expert Business Services, which focuses on the electronic payment needs of small to mid size businesses, claims a commitment to a further, in depth line of relative products and services that address real merchant needs in any economic climate.