The process of expanding a small business requires a strategy, action and finances. Without any of the items, you have an incomplete recipe that may not give the results you desire.
While many micro-businesses know precisely what they should do to grow their firms to the next level, they only lack the finances to put into practice their thoughts. But a merchant cash advance can change the direction of your story. It is a quick and undemanding avenue to source the extra cash your upcoming business needs to make improvements.
Below, we explore the advantages of an MCA as well as the benefits of using this excellent alternative to your old bank loans. But first we explore the growth opportunities you can use your MCA for.
Business expansion projects
Here are some growth projects worth seeking extra funding for:
- Launching a new location or expanding an existing store
- Entering a partnership with other businesses
- Creating fresh marketing strategies
- Developing a customer-incentive program
- Updating obsolete equipment
- Introducing a new service or product
There’s an endless list of expansion projects, but regardless of the one you pursue, you must put in some finances. But like many entrepreneurs, you may not have the liquid cash to see your company through the next phase.
A Merchant Cash Advance
Luckily, Merchant cash Advances can hold the fort for you when it is time to put in some extra dollars in a project. Traditional banks may disappoint you; take too long to verify you or set standards you can’t meet. But MCAs will always prove handy for quick turn-around projects.
With MCAs, a small firm receives a lump sum from their cash advance provider which it pays back as a percentage of its day after day sales.
Characteristically, merchant cash advances are accessible without thorough credit profiling and application procedures. Reputable funding companies look past bank statements and credit to approve you for an MCA. Often, they evaluate a business’ daily credit card revenue and your expansion project then decide on a solution that works in your interest.
What’s more, the repayment structure saves you the stress of meeting due dates and minimum payment caps.
All you need is the right cash advance provider like FAM and you can seize every opportunity to expand your business.