Many small businesses are finding it more and more difficult to compete in today’s economy. Aside from competing with the likes of Wal-Mart, many smaller businesses are becoming more sophisticated when it comes to marketing and such.
One of the major obstacles that many businesses run into when it comes to growing their business it lack of funding. Whether it is expanding your marketing efforts, replacing outdated equipment, giving your business a face-lift or purchasing inventory; if you do not have enough working capital, you are not going to be able to do these things. Therefore it is going to very difficult for you to compete.
Where do businesses go to get working capital?
The first place that many businesses go to get funding is to the bank. They are the most trustworthy and least expensive choice. The problem with banks is that it is becoming increasingly difficult to get approved for loans. Even people with good credit are getting turned down for loans.
Another option is a merchant cash advance. This option is by far the most convenient choice, albeit a more expensive choice. What makes this option the most convenient is that they do not require collateral, has a high approval rating and you get funded in about a week.
Unlike a bank loan that has a fixed monthly payment; a merchant cash advance uses a target repayment amount that is collected over as long a time period as necessary until it’s paid off. Because businesses use a percentage of their credit card sales to pay it back; the payback amount fluctuates with their credit card sales. They pay back less when sales are slow and more when sales pick up.
Here are some of the benefits of receiving a cash advance;
There is a 90% approval rate
Cash advance providers do not require collateral
Most providers do not charge application fees
The application process is fast and simple
Approval takes about 24 hours in most cases
A typical business gets funded in about 5-7 days
There are no limitations on how you spend your money
Flexible payment structure
Although there are no limits to how you spend your money, it is important to spend your cash advance wisely. If you invest your money well; the increased sales will more than pay for the merchant loan.
I wish the very best for your business during these uncertain times. If for any reason you need additional working capital, it would be wise to at least consider a merchant loan. I invite you to use the following link to learn more about how a merchant cash advance works and how it can help your business.