The ultimate dream for many involves owning their own business. Whether you sell soaps, candies, or clothing, small boutiques influence the local economy in towns big and small. For many of these boutiques, there comes a time when extra cash is needed. A loan is the old standby, but it is usually the worst option; that is, if you can even obtain a bank loan. Below are the two best options for those in need of a business loan for their struggling boutique.

For the first option, you need a merchant account. Many small businesses do not have a merchant account, and this is a vital piece of equipment to ensure that your business will run smoothly. For more information about a merchant account, contact FAM to learn of your options. Afterwards, look to obtaining a merchant cash advance. Unlike a bank loan, there are no lump sum payments, no strict FICO requirements, and no hefty boxes of financials to tote around. With a merchant cash advance, FICOS under 500 are accepted, payments are taken from each credit card sale, and financials are not needed because your merchant account provider already has your information.

If you are adamant about not obtaining a merchant account, there is an option for you, as well. An ACH cash advance can help fund your business in the same manner as a merchant cash advance – with a few differences. First payments are taken from your business checking account daily. FICOS under 500 are accepted, and you must bring in at least $10,000 USD per month. Also, you must keep chargebacks below three per month. If you can do this, you can obtain an ACH cash advance.

Be careful though, because not all merchant account providers who offer you boutique business loan alternatives are ready for the prospect of dealing with a chargeback. Merchants who have suffered chargebacks in the past know how difficult they are to deal with (another reason to invest in a capable merchant account), and an inexperienced merchant account provider can quickly drop your account. Be sure to fully vet your options before signing onto any service.

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