A business cash advance is most often viewed as an alternative source of business funding, particularly for those with bad credit, who do not qualify for a traditional business loan from a bank. But in reality, a business cash advance can be a useful resource for even the business owner with superb credit, immaculate financial statements, and abundant collateral.
What happens when your bank approves you for your loan, you receive the funds, and you still need more money? Many turn to friends and family in search of a contribution to the financial support for their business. Some entrepreneurs have even gone as far as seeking and receiving donations and sponsors; only to find that even though their business is up and running, it is going to take even more money to develop it into the successful establishment of their dreams.
Canadian Business Magazine recently featured an article that included an excerpt about technology giants, Wmode, "a leading provider of mobile content distribution services for content providers, mobile operators and media and brand companies." Based on their success, one may not ever presume that they too endured a similar situation. In the article, Bob Woodward, co-founder and CFO of Wmode said if they hadn't gotten the extra money they needed, they'd be a very small business in Calgary. This being said, it is obvious that alternative and even multiple sources of funding are a crucial part of expanding a business.
When you've reached the point where you have squeezed every financial source down to the last drop, it may be time to consider a business cash advance. A business cash advance is granted on the basis of your monthly credit card sales. Therefore, if your business processes a minimum of $2,500 in credit card sales per month, you could be eligible to receive a business cash advance. You could be approved for up to $500,000, and the fact that you may have already taken out other loans is not a problem.
With our automatic repayment process, you won't have to worry about remembering to make a monthly payment. A small percentage is taken from your daily Visa and MasterCard sales until your entire advance has been repaid.
We understand the need for a readily available source of funding for a business, especially one that is in the beginning stages of its lifespan. For this reason, we allow you to renew your loan once 60 percent of your advance has been paid. Even if your loan is completely paid off, and you discover that you need more funding a few months later, you will still be eligible to renew your loan without filling out any additional paperwork, or providing us with any additional documentation. All we need is your signature and you can have your renewed cash advance in your account in one business day.
Over 85 percent of our customers renew their advances at an average of four times each, and we encourage you to do the same. Merchant Resources International can be your business' financial provider until you get your business where you want it to be.
