Does your business need a fast infusion of cash? Is speed necessary? Acquiring working capital can be a hurdle for new businesses that have not had the ability to establish themselves financially. Even if your company has been operating profitably and is showing an increase in profits month after month, a conventional bank is not likely to take a chance on your business.
While the data illustrate that small businesses are no more inclined to go under than other businesses at the five year mark, the mental perception is that they are much less stable. That translates into extra barriers when looking to qualify for money, especially when you do not have time to spare. If you have lots of time, it might be worth trying a conventional lender, but otherwise, think about turning to business cash advances funders.
Access to business cash advances is one of the many services a business cash advance broker offers. If you have been open for longer than two months and have a report of credit card transactions, you can apply for a factoring contract with the company. This contract involves you selling a small portion of your projected credit card receipts, for a discount, to the company in exchange for desired cash in your account now.
So, how can you use your advance? That is another beauty of obtaining needed funds this way. You can do whatever you think is most crucial to your company at that point. Even if you thought you were going to invest in a particular item when you submitted your application, a different need may have come about since.
With a conventional loan, you have to use the funds for the purpose you mentioned on your application. With business cash advances provided by a working capital professional, the option is yours.
With a rapid turn time, flexible repayment, and the freedom to use the cash to their greatest advantage, it looks like a business cash advance is the way to proceed.
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