With 2020 having been a difficult year for small businesses, many owners will be looking toward 2021 to recover and start growing again. As with most things in business, growth requires an investment. As bank loans become more difficult to obtain, many small business owners have turned to business cash advances to meet their funding needs. While the industry has had its share of negative press, stronger regulations have led to a far more reputable and reliable source of funding. Here we take a look at how to get the business capital you need to succeed in 2021.
What Is The Application Process Like?
The application process for a business cash advance is far faster and easier than that of a traditional bank loan. There are no fees involved and you do not need collateral in order to be approved. Often times your advance can be approved in as little as 48 hours, allowing you to get the cash you need, when you need it.
What Can You Use The Money For?
Unlike a bank loan, your business cash advance can be used for a wide variety of needs. Where bank loans make you specify the application and hold you to that, a business cash advance is far more flexible. Some of the things you can use it for include:
- Interior renovations
- Storefront improvements
- Equipment upgrades or replacement
- Marketing and advertising
- Signage improvements
- New location
How Do You Repay Your Advance?
One of the biggest benefits of a business cash advance is the payment terms. Your repayment is based on a percentage of your daily credit card sales, meaning your payments will rise and fall depending on how much business you’re doing. The length of your repayment terms will range from 3-12 months, freeing you from a potential bank loan that could drag on for several years.
Let Quikstone Capital be your small business funding partner. We fund a minimum of $5,000 up to a maximum of $250,000, depending upon your average monthly sales and the strength of your business. Your business may qualify for more than you think. Click below to find out.
