Being the owner of a business comes with great power. Everyone knows “with great power comes great responsibility”, but how can an owner sustain the business, especially one that’s struggling? Most of an owner’s financial resources are used during the start-up phase. Even established businesses require assistance with funding along the way. How can a business owner to generate cash flow? It might be time to consider a Merchant Cash Advance.
The tradition has always been to file for a business loan with a bank, but today there are more beneficial alternatives. With a Merchant Cash Advance a business owner does not need to go through the lengthy process of filing and waiting for approval from the bank. Most businesses prefer the advantages a Merchant Cash Advance offers over conventional business loans.
Quick & High Approval Ratings
It seems there is no simplicity when it comes to the banking system. When filing for a small business loan, the process can cause more headaches than provide loans. The owner must spend a large amount of time to find and gather the endless amount paperwork required when applying for a conventional business loan. With Merchant Cash Advance, minimal documentation is needed to get the approval process started. With fewer documents being considered; the approval process is simpler from the beginning and the business owner can receive approval lightyears before a bank evaluates your proposal.
When banks weigh their decision heavily on credit scores, the chances of rejection are higher. Unlike applying for a business loan from a bank, your credit score is not the primary deciding factor with Merchant Cash Advances from a specialty finance provider; thus increasing the rate of approval.
Getting Funding & Fast
If a business owner is fortunate enough to get approved by the bank for a business loan, how long can it take to receive funding?
Business owners are ambitious individuals and waiting for funding can be an opportune time for competitors to grab the market share.
With most alternate funding companies, A Merchant Cash Advance can have the funding that business owners need within 48 hours. The owner’s vision for the funding can begin as little as one day’s time after approval.
This means that all the assets the business has compiled are not listed as collateral when approved for a Merchant Cash Advance. If by chance, an owner is unable to repay the funding received, the physical assets of the business cannot be touched by the funding company. Banks will require that an owner match the amount of funding being received with the identical amount in collateral which could be a combination or all of the buildings, grounds, equipment, or inventory.
The funding received with a Merchant Cash Advance can be allocated for any expense pertaining to sustaining and growing the business. A few of the examples would be the following:
- Working Capital
- Debt Reduction
- Tax Payments
- Emergency Situation
After the upfront costs and fees with the banks in the approval process, the bank expects the business owner to begin paying back the loan with monthly payments. Merchant Cash Advance is ideal for any business owner looking to pay back with flexible payment plans because it is not a loan, but a purchase and sell agreement.
Merchant Cash Advance is Your Sidekick
The business owner is the hero, with the day-to-day grind of moving the business in the right direction. With any business, there will be times where extra funds and capital will be necessary for its growth and sustainability. Business loans can be a lengthy process all around, even before the approval. Merchant Cash Advance will come to the rescue quickly.
CFG Merchant Solutions is a privately owned and operated specialty finance, and alternative funding platform. We focus on providing capital access to small and mid-sized businesses (Merchants) in the U.S. that have historically been underserved by traditional financial institutions and may have experienced challenges obtaining timely financing.
Get the funding fast and allow CFG Merchant Solutions to propel your business.