Many years ago Theresa was in a car accident in Georgia in which she was hit by another car while she was pulling through the intersection in downtown Atlanta. The accident seemed at the time to be devastating as there were two cars closely tangled into a pile of metal in the middle of the intersection. Theresa who was driving home from work and pulled through the intersection while she had a green arrow. Unfortunately, the other car was not paying attention and barreled right into the side of her vehicle. This incident led to a two-year legal battle in the Georgia courts as a jury had to decide who was at fault and what would be awarded to the prevailing party in the lawsuit. Thankfully for Theresa, who was represented by legal counsel, she won the lawsuit and was awarded structured settlement payments and a lump sum payout at the time of settlement. The Lump sum payment was plenty to pay her legal costs along with her medical bills that had piled up over the last two years. Fast forward three years and Theresa is faced with the opportunity to start her own business but does not have the money to cover her setup and carrying costs.
Can Structured Settlement Payments be Used to Start a Business?
Theresa, now three years removed from the settled lawsuit and has been fully recovered from the accident. For that matter, she was very fortunate that the accident did not leave her with any long-term medical issues or needs. So now she wants to start a business for herself that will allow her to put her talents as a hair stylist to good use in the suburbs of Atlanta. The salon she wants has been in existence for the last five years, however the previous owners want to sell and the price seems very reasonable to Theresa. Theresa decided to pursue a small business loan from the local bank. Her financial history was not perfect but was reasonably well maintained. She had been a hairstylist for over 5 years and had done well for herself. She waited patiently by the phone the day the bank was to call her back with the answer to her lingering question of whether she would qualify for the loan. The news unfortunately was not good for Theresa. The loan officer admitted that a few years ago she would have been approved, however the lending requirements have made it much harder for small business owners to get lending. What do I do now, she thought?
Can I Sell Structured Settlement Payments to Raise the Money?
She had made a comment to her friend about the loan and how her dream was being smashed by the loan being turned down. Her friend happened to know that there was a company that would buy future structured settlement payments for cash today. If this is true then Theresa she thought I can still fulfill my dream and get the money I need for the business. But, will I qualify to sell my structured settlement payments? The answer to her pleasant surprise was yes. She was able to sell her money structured settlement payments and get the cash she needed to run the business.
Two years later she has done very well and the company has grown from two stylist to over ten and has expanded into additional space in the business plaza. Her dreams were realized due to being able to sell structured settlement payments and getting the money she needed today.
Learn how much money you can receive from your structured settlement payments, by calling Mainstreet Funding today at 877-919-8003