Merchant Loans For Contractors

Merchant Loans And How They Work

Trying to get working capital in a hurry for your contracting business? Merchant loans offer a way for small and growing businesses to meet their financial goals. As valuable as they can be, it’s important to understand how exactly they work. A merchant loan is a very different animal than some of the funding options you may have used before.

A merchant loan, often also called a merchant cash advance, is a sum of money given by a merchant in exchange for a portion of future sales until it repaid. Unlike traditional loans, they are not as difficult or time-consuming to get. The flexibility of merchant loans are making them more popular than ever, and there’re several reasons why.

Merchant Loans—The Benefits

Perhaps the most appealing aspect of merchant loans is how easy it can be to get one. Credit score and collateral don’t affect your chances of getting one. Even if banks have turned you down, your chances won’t drop when you apply for one. Instead, merchant cash advance providers look at your present and projected monthly sales. The success of your business is the only deciding factor.

The second major benefit that sets merchant loans apart from the rest of the market is how fast they are. Don’t spend your time filling out documents and waiting weeks for approval before you ever get your capital. Instead, you can get the entire process done online. Because your businesses monthly sales are the majority of qualifying criteria, you can easily get working capital in days.

Repayment is also easier to deal with. Remember how payments are based on your sales, not a flat number? This means that if your sales are low, your payments lower as well. You don’t worry about covering high monthly payments when business is a bit slow. These have particular applications for you as a contractor.

When Might You Want A Merchant Loan As A Contractor?

While any business can take advantage of the benefits of a merchant cash advance, some, in particular, are well-suited for it. For example, newcomers who haven’t been around long enough to build up credit or collateral can get money based on their success. At the same time, business veterans shouldn’t shy away either. The quick infusion of working capital can get you through a rough patch without the need for a loan.

Sometimes, certain industries are a good fit as well. Contractors are certainly a strong example.These businesses can have large initial overhead and heavy credit card sales. In addition, working capital needs stemming from clients being slow to pay aren’t an issue when using merchant loans. Perhaps most importantly, contractors traditionally struggle with many of the major lenders out there, and there is a bigger audience out there for alternative funding as a result.

Merchant Loans From eBusiness Funding

eBusiness Funding helps businesses that may struggle with traditional lenders. To do this, we provide merchant cash advances. Many businesses that are unsuccessful with traditional lenders find luck here. 95% of businesses that meet our simple requirements qualify for funding. All you need is to be in business for at least six months, with over $10,000 in monthly revenue. With us, it’s not about past credit history or collateral, but about your business’s potential.

It’s important to us that you use the funds we offer in the most helpful way possible, so we place no restrictions on how you spend our advances. Payroll, expansion, repairs, spend on what you need! We also get you your funds fast, sometimes as soon as 72 hours after you first apply. Repayment is also very simple. Rather than large monthly payments, we take an established percentage of your future sales. This is set up by our skilled consultants. This percentage stays the same, so if business slows down, you pay less.

Interested? If you’re ready to begin, just fill out this simple contact form. We’ll be waiting, and are looking forward to helping your business get the funding support it needs.