A business cash advance, also known as a merchant cash advance is an alternative business loan that can be a very useful tool for small businesses if used correctly. Concisely put, it is a contract for a borrower to accept a lump sum payment up front and it is paid back with a percentage of future gross sales receipts that the borrowing company receives through their credit card processor. The terms of the cash advance such as time and payback depend on the amount borrowed. We also DO NOT require you to switch your processing company. There are many reasons why a business cash advance can be a better choice than traditional business loans.
Applying for a business cash advance loan can be a lot easier than applying for a traditional bank loan for any merchant that processes credit cards. There are no application costs and you can get approved relatively quickly. Traditional loan applications can be costly and take weeks or months to get approved, critical time that small businesses can’t afford to lose. Another extremely beneficial feature of a business cash advance is that there isn’t a fixed payment schedule. This means if the borrower experiences a slow financial period the payments are smaller. Additionally, the amount of paperwork required for bank loans can be never ending whereas a cash advance requires very little paperwork. There are no lengthy credit checks, tax returns, or personal guarantees required so the entire process can be completed a lot quicker with almost no stress or time involved. Applying for a business cash advance is fast and easy and has many advantages which is why it can be a good choice for many borrowers.
A business cash advance is based on future receivables so credit history is not a major deciding factor. If you are a business owner for at least three months and your business has revenues you have a good chance of being approved. Business cash advances are a great alternative to traditional lending and they are utilized by many business owners who cannot meet the strict requirements associated with bank financing and require a business loan with bad credit.
A business cash advance can be used in many ways to improve your small business. Because there are no restrictions on how you use the funds business owners can pay down debt, purchase additional inventory or equipment, or implement just about any strategy to improve their chances of success. We have seen many business owners expand their small business and become extremely successful by utilizing business financing as a competitive advantage.
Shield Funding makes applying for a business cash advance easy. All you have to do is complete our online apply form and one of our account specialists will contact you within 24 hours to discuss your funding eligibility. We also offer a direct customer service option so you can call (888) 882-6117 and we can take your basic profile over the phone and give you all of the details immediately. Stay ahead of your competition and secure business funding today!