Why Business Cash Advances?
In the current economic climate, some method of outside funding is essential for almost many businesses. However, post-recession, many banks have tightened their criteria. Their aim to only lend to borrowers they seem as stable as possible. With more businesses getting turned down, this has led to a rise in alternative funding solutions for those who need funds, but are unable to get them from banks. One of the most popular types of this is a business cash advance, also known as a merchant cash advance.
When wondering what the value of a business cash advance is versus some of the other alternatives like microloans or business credit cards, there are a few main points that you should consider.
Things To Consider
Ease of Qualification: One of the biggest things holding businesses back when it comes to funding is credit history. This is both the business’s as well as that of the owner. Business cash advances do not focus on credit history, collateral, or many of the other factors that loans do. Instead, their main focus is on the potential of a business to be successful.
Speed: Many have heard horror stories about the long waits for loans from banks. With business cash advances, speed is essential, and it is common to get your funds in a matter of days after you qualify.
Repayment: Rather than a large monthly payment, business cash advances are very different. These function as the advance lender buying a portion of future sales with the advance. A certain steady percentage of future sales will go to the lender.
Minimal Restrictions: Some banks, before providing a loan, require a plan explaining how you will spend the funds. In some cases, they will not allow funds for certain things, like payroll or general cash flow. Business cash advances carry no such limitations.
Who Can Use A Business Cash Advance Best?
While any business can take advantage of the benefits of a business cash advance, some are perfect fits. 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.
In general, business cash advances serve as a solid alternative in a market, where businesses are finding themselves rejected more and more by “traditional” lenders. These can be better than incurring heavy debt or turning to alternatives like private lenders. A business cash advance is a versatile way to get money into your business quickly while incurring as minimal an amount of risk as possible. At eBusiness Funding, we aim to do just that.
How Do They Work?
eBusiness Funding helps businesses that may struggle with traditional lenders. To do this, we provide merchant cash advances that are accessible to a wider spread of businesses than bank loans or private lenders. 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, all you need to do to start is fill out this simple contact form. We’ll be waiting, and are looking forward to helping your business get the funding support it needs.