Growing your small business takes a plan, action and cash. Many small business owners know exactly what they need to do to make their business more successful, they just lack the funds to implement their ideas. A merchant cash advance is a fast and easy way to get the cash you need to grow your business in as little as 7 days. Here we explore what an MCA can be used for as well as the benefits of using an alternative to bank loans.
Growth Opportunities
First, let’s take a look at some key growth opportunities:
- open in a new location or expand an existing location
- create new marketing and promotion strategies
- develop a customer-incentive program
- update equipment
- offer new products or services
- form a partnership with another business
The opportunities are endless, but no matter which you pursue you should plan to make a significant investment. However, like many business owners, you might not have the upfront cash required to see your growth opportunity through to fruition.
A Merchant Cash Advance
When it’s time to fund your project, you may find that a traditional loan doesn’t meet your needs. This is especially true if your project requires a fast turn-around or your business doesn’t meet lenders’ strict requirements. In these cases, a merchant cash advance may be a solution. A merchant cash advance is a cash infusion that is paid directly to your business.
Typically, a merchant cash advance can be obtained without lengthy credit checks and application processes. This is because a reputable funding partner will look beyond your bank statement to determine if you qualify. They will evaluate your daily credit card business and your planned project and will work closely with you to find solutions that are in your best interest.
Moreover, once you’ve obtained funding, you repay your merchant cash advance as a percentage of your daily credit card sales, so you don’t have to worry about minimum payments and due dates.
With the right project and the right funding partner, you can seize the opportunity to grow your business. When choosing a project consider the investment required and the long-term return. And, when obtaining funding, choose a partner that cares about your success.
