Does your company need a rapid injection of capital? Is speed of the essence? Obtaining business loans can be a hurdle for new companies that haven’t had the chance to establish themselves financially. Even if your establishment has been running profitably and is displaying a growth in revenues every month, a bank isn’t likely to take a chance on your company.
While statistics illustrate that small businesses are no more inclined to fail than other industries at the five year mark, the mental discernment is that they are a lot less stable. That translates into unnecessary barriers when attempting to qualify for capital, especially when you do not have weeks to wait. If you have plenty of time, it might be worth trying a bank, but otherwise, think about going to a merchant cash advance funders.
Access to merchant cash advances is one of the many services a merchant cash advance broker provides. If you have been operating for more than a couple months and have a report of credit card receipts, you can qualify for a factoring arrangement with the funder. This contract consists of you selling a small amount of your projected credit card receipts, for a discount, to the company in exchange for wanted cash in your bank account today.
So, what can you do with your advance? That is another beauty of acquiring needed funds like this. You can do whatever you deem is most important to your company at that time. Even if you were thinking you wanted to invest in a particular item when you submitted your application, a different need may have arisen since.
With a regular loan, you have to use the cash for the goal you stated on the application. With merchant cash advances received from a working capital professional, the option is yours.
With a fast turn around, flexible repayment terms, and the liberty to use the money to their most beneficial advantage, it sounds like a merchant cash advance is the way to proceed.
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