Alternative sources of funding have become the go-to option for small businesses. Thanks to shorter term loans, far less restrictions, and quick approval times merchant cash advances are now a major source of funding for companies that would be ineligible for traditional loans. Is a merchant advance the right move for your business?
When Would I Need a Merchant Cash Advance?
Let’s say you are opening up a new restaurant, but you have to spend a little more cash on an unexpected electrical issue. Your restaurant is scheduled to open in a week and you’ve already spent a lot of money on print and TV ads announcing the opening. Unfortunately, acquiring funds from traditional sources will take four to five weeks (the standard processing time for traditional loans). Who has time for that?
In times like these, merchant cash advances are extremely valuable. Applying for a merchant advance only takes 24-72 hours. However, most merchant advance companies add more interest to loans than traditional lenders. So if the amount needed is $20,000, you may have to pay back $28,000. Still you will get your project done on time and save all those advertising dollars.
How Does the Application Process Work?
Alternative lenders require applicants to prove the profitability of their company before receiving a loan. Banks not only require this, they also place more terms on merchants and require high credit scores. Most merchants only need to show a few months’ worth of profits to convince merchant cash lenders that they’ll get their money back.
FAM’s merchant cash advance only asks for a portion of future credit card sales. The following are the requirements to attaining a FAM cash advance
- Credit Scores Below 500 Approved
- Receive your Funds within 72 Hours
- Simple, flexible programs
- No tax returns or financials required
- Fast Application Process
If you are starting a new business and need fast cash with little hassle – look no further. Contact FAM for a merchant advance to get working capital and alternative business financing. Call us at 1-888-785-6811 to start your application today.