However, if you cannot access a loan for your start-up through the traditional banking system, then this article may be just right for you.
The ideal funding source must have qualities that respond to the idiosyncrasies typical to small business needs. That is, the financing must be adequate and have relatively low interest rates. Also, the loan funds must be available on short notice and must not need any collateral. In shorter words, the right source of financing must be affordable and less stringent on small business’ cash flows.
Business & Merchant Cash Advance
This is why the Business & Merchant Cash Advance is a popular source of financing for small businesses. But what is a Business & Merchant Cash Advance?
It is a form of cash advance that is supported by the business credit card sales and does not require the borrower to provide collateral. The best feature of your cash advance is that it can be utilized to purchase goods and services needed in your business and that the money can be available in less than 24 hours.
Other notable features of this loan are as follows:
#1. Short Processing Time
– The business owner will have access to the funds as soon as twenty four hours from the time of submitting a successful application.
#2. Relatively Large sums Size
– The Business & Merchant Cash Advance is often adequate for many small businesses because the borrower can draw between $5,000 and $200,000 and use the funds to buy any business goods and services.
#3. Unsecured
– You will not be required to provide collateral assets to secure the funds, additionally making it more easier to apply for it.
#4. Low daily or weekly repayments
–There are no interest rates. Rather your business will pay a factor rate. For example let’s say you are approved for a 100,000$ cash advance with a 1.3 factor rate. Your business will pay back 130,000$ with a percentage of your daily sales (usually between 10% to 15% of your daily transactions)
#5. Cross-border Payments
– The business owner can use the funds to buy goods and services from other countries. However, the payment is subject to any foreign transaction taxes.
Requirements
– Personal Identification and Business Registration Documents
– Proof of Income/Credit Card Transaction History
– Minimum Credit Score of 500
– Prove of $10,000 in monthly revenues
– At least 4 months in business
FAQ
How much funds can I draw per month from the Business & Merchant Cash Advance for small business funding needs?
Answer: The Business & Merchant Cash Advance allows you to draw your funds as needed without any limitations.
Conclusion
Arguably, the Business & Merchant Cash Advance has compelling features that are attractive to many small business funding needs. The best way forward is to get in touch with one of our Blursoft funding specialists to guide you and get you started with the best option for your business.
