Business funding is essential for most businesses at some time or another. While many with good credit turn to their bank for a loan, those with bad credit, no credit, a bankruptcy, or even a “high risk” categorized business cannot do so. A quick business funding source may seem like a dream for those with credit issues, but it is a possibility with FAM.
FAM, or First American Merchant, can provide same-week business funding to merchants with merchant accounts. Regardless if you operate a brick-and-mortar store or an online shop, FAM has catered to many diverse business industries in the USA and Canada. While business funding is on a case-by-case basis, a merchant cash advance has a low rate of downturn, so even those with the most checkered credit industry may be eligible for funds.
Unlike a loan, a merchant cash advance does not charge enormous interest fees, does not have a collateral clause, and does not require a ton of paperwork to apply. Your merchant account provider already has your financial paperwork, and since this is technically not a loan but a “buy in” to future sales, there is not any tax paperwork to fill in at the end of the year. While payment amounts vary due to your unique circumstances, repayments are simple. You do not need to do anything other than makes sales. Your repayments are taken in small increments from each credit card sale that you make, so you do not have to worry with coming up with a large sum all at once.
For those with bad credit, no credit, or a bankruptcy, FAM’s merchant cash advance accepts merchants with a FICO score under 500, unlike a bank loan which requires excellent credit for a decent interest rate. Also, for those without a merchant account, an ACH bank option is available for those who are in need of funding. With this method, repayments are taken from your merchant checking account. Though the criteria is a bit stricter with this method than a merchant cash advance, it is well worth it if you are in need of business funding. Contact FAM today to learn more about their funding options.