With the current climate in the lending industry it has become exceedingly difficult for small to medium sized businesses to qualify for a business loan. That being the case what other lending options are available to businesses to raise the cash necessary for business growth?
A merchant cash advance could be the answer.
A merchant cash advance is a lending instrument that allows your business to take advantage of future credit card receivables for an instant infusion of cash. The qualification process is quick and easy and your business can usually receive an advance in as little as 3 days.
How does it work?
Our underwriting department will analyze your merchant account statements to determine the cash advance amount you qualify for. The maximum cash advance amount available is $250,000. Once an advance amount has been identified that amount will be wired into your business account. At that point a pre-determined percentage amount will be held back from each subsequent settlement for a pre-determined amount of time. The percentage amount held will be applied to the repayment of the advance. A percentage of future credit cards receivables is used to ensure that a hardship is not imposed on the business as would be the case with a set dollar amount. The advance is automatically paid back so there is no action needed by the business owner or staff.
- 500 Fico
- $5000 per month minimum processing
- Average retail ticket less than $600
- 15 batches per month
- Bankruptcies discharged for at least 1 year