Take Advantage of Cash in Advance With Easy Terms
Funding your small business is a top priority and growing that business typically requires more capital than a business owner has on hand, so it is important to understand your lending options. There are various funding solutions available, but each carries its own challenges, benefits, and sometimes risks.
There are many financial needs when you own a small business. Your daily operating expenses must be met and that requires capital. The financial demands upon you include everything from purchasing more stock and supplies, paying rent on your business location, even making payroll during a slump in business. Business capital is a need you cannot ignore.
Seek and You Will Find
When looking for ways to fund your business capital needs, it is wise to look beyond the traditional path in lending options. According to foxbusiness.com, today’s entrepreneurs often get ahead because they seek better, innovative solutions.
While banks offer a traditional path in small business loans, their lending criteria is hard to meet and along with being difficult to obtain, the bank’s small business loan will lock you into a set monthly payment with no flexibility.
If your business is new, or a startup you face bigger obstacles. According to smallbusiness.chron.com, many banks turn away requests for a startup loan because they require three years of business financial data to be provided.
So, small business owners need to look to alternative funding solutions for success. Many are accessing the capital they need through business cash in advance options.
How Cash In Advance Works
A Merchant Cash Advance is not a loan. Because of this, collateral and excellent credit are not a requirement to be considered. This capital funding option is a solution that is granted to you based upon the volume of sales and the potential strength of your business.
Approval comes by filling out a simple application online and is not determined by how long you have been in business, your detailed business plan, or your resume. Simply put, it allows you to utilize your future business revenue now, when you need it most.
There are numerous reasons to consider this option as your funding solution:
- Unlike the requirements of time and collateral that other lenders seek, this type of funding answers to immediate needs and is something you pay back over a shorter period of time.
- A Merchant Cash Advance provides you the funding you need, which is paid back based upon a small, set percentage of your business’s daily credit card processing receipts. Repaying the advance is just about risk-free. Payments are based upon your sales volume, not a fixed amount. This makes payments cash-flow friendly, because instead of being locked into a large monthly payment, they ebb and flow based upon the actual sales volume of your business.
- You can apply online by filling out a short application and sending a few bank statements along with it. That is all that is required.
- Approval for a Merchant Cash Advance is determined within two days and you can have money in had within 72 hours.
This advance may have a slightly higher interest rate than a long-term loan, but that issue is offset by the benefit of having payments that you know you can always afford, even in slow periods of business.
Today, most capital funding for small businesses comes from alternative sources such as a Merchant Cash Advance. According to inc.com, savvy small business owners have had to adjust since the big financial crisis in 2008. With tough lending criteria, they now seek creative ways to finance their dreams and limit their financial risks. The flexibility of a cash in advance option fits that small business need perfectly.
Consider options that limit risks and provide the capital funding you need with terms that support your future business success. For creative business funding options, contact Credibly today!