merchant cash advanceAs you have heard, when the economy tanked quite a few banks went under. Without beating a dead horse, it can be blamed on bad judgment and liberal credit terms. So the knee-jerk reaction to an immediate problem is cutting back on all business loans – especially to the small business owners. Look at it from the bank’s point of view. They lend a large amount of money to a big company with fine credit. The bank knows it will get paid and the interest on the large loan is substantial. In walks the small business owner will smaller needs. He is a bad credit risk and the amount of interest earned is not worth the effort. This has opened the door for all to see the advantages of a merchant cash advance.

Those applying for emergency cash at their local banks have to complete a pile of paperwork. There are various applications. Documents like tax returns and financials will be required. In some instances even collateral is required. And we cannot forget that loans are approved by committees. What has anything ever been decided quickly by a committee? Even a resolution to give everyone a raise can last weeks in committee. Your application will take even longer.

With merchant cash advance once a business owner completes the rather short online application an associate will be assigned to the borrower and they can talk over any items that are unclear. Once the two have reached an agreement on the amount of money and how it will be paid back, the funds are in the customer’s checking account within 72 business hours. They money is free to be disbursed in whatever manner the business owner sees fit.

Merchant cash advances are quickly taking the place of small business loans where you have to wait weeks and months just to hear if you have been approved. To be kind we could say it is a 50/50 proposition but in fact less than 50% are approved. In the meantime the merchant who needed the money is falling behind even more. Merchant cash advances are real money for real businesses that have a real need. But it is not a loan.

With a merchant cash advance the lender is looking at the future of your company. Since you are selling a portion of your credit and debit card sales to the lender, you are actually using your own future capital. This is not a loan that gets reported to the credit bureaus nor does the application make a mark on your credit report. It is what you need, when you need it.

To speak with a merchant cash advance specialist, call First American Merchant Financial today!

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