Sky Small Business Loans | Queens, NY 11367

Our Queens Ledger Featured Merchant Cash Advance & Business Loans Service Is None Other Than:

Sky Small Business Loans 75-25 141st Pl #757 Flushing, NY 11367 (646) 885-1333

Welcome to Sky Business Loans & Cash Advance Of Queens County, NY the premier source for all your small business loans in the area. We specialize in unsecured lending, lines of credit, cash advance & more. Call now for a fast & free loan quote.

Sky Business Loans featured a new bridge loan program for 2023 that has been a real head turner. That’s right folks, Queens residents are buzzing about this new program. With that said- what in the world is a bridge loan anyways? Here is the scoop, the low-down, you get the point.

A bridge loan is a type of short-term financing that can be used to bridge the gap between the immediate need for funds and the availability of long-term financing. In the context of a business, a bridge loan can be used to provide temporary financing for a variety of reasons, such as to cover the costs of an acquisition, to finance a new project, or to meet other short-term financing needs.

Bridge Loan Services

Bridge loans are typically offered by banks, private lenders, or other financial institutions, and they may have higher interest rates and fees than traditional loans. They are often secured by collateral, such as real estate or other assets, and may require a personal guarantee from the borrower.

Merchant Cash Advance Services

So what in the world is the difference between a MCA loan and a traditional APR loan. And why on earth are Merchant Cash Advance rates so ridiculously high. We will now disclose the answers to these ever so confusing and disturbing questions.

Merchant cash advance (MCA) providers typically charge a factor rate rather than an interest rate. The factor rate is a multiplier applied to the amount borrowed, and it is typically expressed as a decimal, such as 1.2 or 1.5. For example, if you borrow $10,000 at a factor rate of 1.3, you will need to repay $13,000.

The factor rate is not the same as an interest rate, and it does not reflect the true cost of borrowing. However, it can be used to calculate an effective annual percentage rate (APR), which is a more accurate measure of the cost of the loan. The APR takes into account the factor rate, the term of the loan, and any fees associated with the loan.

Merchant cash advance providers typically charge higher rates than traditional lenders because they are taking on more risk by lending to businesses with less established credit histories or collateral. As a result, the APRs on MCAs can range from 30% to 200% or more, depending on the provider, the term of the loan, and other factors.





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Sky Small Business Loans 75-25 141st Pl #757 Flushing, NY 11367 (646) 885-1333



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