The merchant cash advance may be optimal for the business seeking working capital.
Advances are perfect for your business that is having trouble getting a loan and wants cash. Whether you’re denied at the traditional bank, for a small business loan or private equity, a business cash advance could be another option that could give your business the money it needs, fast.
A merchant cash advance is really easy to get, since they don’t have the many pages of paperwork that corporate financing requires. Because the merchant cash advance is an advance on credit card sales, the amount of time needed to acquire your money is generally one week. The advance company will determine your monthly credit card sales and then decide what you might be eligible for.
The return of the funds will be made by the financing entity, seeking a part of your monthly credit sales. Merchant cash advances are typically taken by merchants, food establishments, and businesses with decent amounts of bank card sales that do not qualify for small business financing and can be used for:
* Grow your business or add more locations
* Improve your products, deal with unexpected invoices
* Buy new hardware and materials
* Promote your business
* Carry out a remodeling
There are many down payment companies that finance up to $425,000. The approval process is really easy with an initial application that you will complete online. As soon as the business determines if it qualifies for the advance, a consultant will be in touch. At this point, you may be asked for some documentation. Because companies take a refund at a % of your credit card sales, it’s less stressful on the financing company, making sure the money is paid back on a regular basis.
There is no security that must be placed in advance for the advance, the only conditions can be to present:
• A credit score qualification with a minimum of 528
• Traditional bank statements
• MC and Visa account statements
A business cash advance is a great way to get the extra resources you’ll need to continue running, improving, or growing your business. The funds you acquire with the advance can be obtained in a couple of hours or a week and will probably be transferred directly to your business bank account.
If you’re looking for a simple method of getting money, look into a merchant cash advance.