First American Merchant Funding understands the challenges facing entrepreneurs and small business owners. Right from the get-go capital is needed ready to cover any issues that crop up in the first few months. This is the first example of where bad credit can sink an aspiring entrepreneur. If your credit cripples your abilities to help grow your greatest asset, your business, it could die before it even has a chance.
Granted most business owners have a reserve of capital ready and waiting to confront the unexpected expenses that plague a new business. But, the savvy business owner will reserve this source of capital for opportunities to develop and grow their businesses—not to buy office supplies needed for day-to-day operation. Investing that money in your own growing business is a great move, but when you need cash in advance with bad credit you can get caught between the hammer and the anvil.
Fortunately, there are alternatives for entrepreneurs with bad credit. Past mistakes do not have to sink the future. One excellent option that FAM recommends is a cash advance to solve your bad credit woes. The benefit of a cash advance is that you’re not asking for a loan—you’re simply selling a portion of your future sales. Thus, your bad credit has little influence on whether you get funded.
A cash advance works by taking a set percentage of future sales by credit or debit. This is key, if you haven’t one already you’ll need a merchant account set up so you can process credit and debit payments. By taking a percentage of your future sales, you’re not putting yourself in debt in the traditional sense of loans rather you’re just making a down payment on your future success.
This cash advance model is so successful because you’re simply using your greatest asset to develop that same asset: your business. You are not putting your credit score up for a loan; you’re just cashing in some of your future sales in advance.
A small business owner facing unexpected expenses can relax even if they have bad credit. A cash advance frees an entrepreneur from previous unsuccessful ventures that have no impact on their business at present. Freedom to use capital to grow and develop your business without being forced into an inflated interest rate due to a credit score can not only keep your business alive, it can cause it to flourish long into the future.
For a merchant cash advance, even with bad credit, contact us below.
