There are a few unconventional ways to get funding for your business these days, and if your company is fairly new, you may have considered a few of these options. While it may be possible for you to get the money you need for your company by crowdfunding (which involves asking several individuals for small donations that can be added up to create a lump sum of money) or angel investors (which involves wealthy investors who fund a significant portion of your business in exchange for a small percentage of membership), these methods may not give you the money you need in a timely manner. It may also be profitable for you to participate in invoice factoring, which is a system that allows you to get outstanding invoices paid in a timely manner by a lender if the customers who owe the invoice don’t pay right away. However, there is also merchant cash advance lenders that you can contact to get the cash you need at terms you’re comfortable with.
When you work with merchant cash advance lenders, you won’t have to worry about your loan not being approved based on credit. This is often the main reason that companies don’t get approved for conventional loans. While it is important to make sure that your credit score is in the best condition possible, you may need funding before you’re able to take care of all the items on your credit report that are affecting your score. If you want to get a merchant cash advance, you’ll need to get in touch with the lender and explain the reason(s) why the funding is necessary. You could provide details about how your business has functioned in the past, as well as the ways you will spend the money to cover new or proven methods for keeping your business profitable.
Another reason why it may be beneficial for you to work with merchant cash advance lenders is that you’ll work out a reasonable way to repay the loan. Instead of going into debt trying to fulfill the terms of the loan, a small portion of your debit and credit card sales will automatically go to the lender each time a customer makes a purchase from your company. Or, you can arrange for a specific amount to be taken from your business checking account on a recurring basis. This means you won’t have the hassle of putting money aside for loan repayment, and you can keep all the other aspects of your business intact. When you partner with merchant cash advance lenders, you won’t have to put any of your equipment or property up for collateral. This means that you can conduct business with the peace of mind of knowing that you can keep all the necessary items you need to continue giving quality service to customers.
If you think that the merchant cash advance lenders would be the best financial option for your company, talk to your team about finding the right merchant cash advance lender today.