As a small business owner, you are likely always searching for new ways to grow your business. Understanding the latest trends, using the best technologies and software, and investing in new marketing will help you grow and expand your business venture.
However, to take advantage of new opportunities, having the necessary funding is necessary. One option is a merchant cash advance. With this financial product, you can get the capital you need without the strict requirements that go along with traditional loans. Some of the biggest benefits offered by merchant cash advances can be found here.
No Credit Checks
Most credit unions and banks require good or even excellent credit scores to fund small business loans. If you have a score of under 700, it may be impossible to get a traditional loan.
When you get a merchant cash advance, your bad credit won’t get in the way of if you can get an advance or not, which is a huge benefit for most small business owners. Unlike credit unions and banks, merchant cash advances don’t require you to undergo a credit check to apply.
The merchant cash advance is an advance on your small business’s credit card sales. This means that you receive an upfront sum of cash in exchange for a portion of your future debit and credit card sales. There aren’t any credit checks because the funding is based on your business capital, unlike traditional loans that are based on your personal assets or credit.
Only one out of every five small businesses will be approved for a business loan. If you need cash now, waiting two to three weeks is not possible in most cases.
With a merchant cash advance, you can get the funding you need in as little as 24 hours in many cases. A traditional loan may take between two to three weeks to be approved because of credit checks. However, with a merchant cash advance, you may be able to have your funds in just two to three days.
Finding the Right Partner
Not all providers of merchant cash advances are the same. Because of this, it’s smart to get to know the options and then find out about the services they provide. Hemingway Financial Group is a leader in merchant cash advances and small business finance solutions. Contact our offices today to learn more.