What is an MCA? How governments or other entities can boost cash advances to avoid an economic or financial crisis? This article will tell you some basic points concerning MCAs. What’s more, you’ll learn about a reliable and cheap MCA from an exceptional business funding provider.
Easy Access to a Cash Advance
In recent years, MCAs have become a preferred choice for many entrepreneurs as a business funding option over traditional loans. Importantly, if you think an MCA is a loan, it’s not true: an MCA is just a sale.
Thanks to an MCA, you can use your credit card to obtain a short-term cash loan at a bank or an ATM. In this case, you don’t withdraw cash from a bank account: instead, you start paying back your MCA, just like anything you put on your credit card. So, an MCA is more about using your credit card to “buy” cash rather than goods/services.
Let’s see what benefits an MCA offers as compared to small business loans:
Small Business Loans:
- Require you to have high credit scores
- Take a lot of time from you when getting you funded
- Don’t offer simple contracts
- Require you to submit lots of paperwork
- Will approve you even if have credit scores below 500
- Will get you funded within 72 hours from application
- Don’t offer complicated or inflexible programs
- Don’t require any tax returns or financials
So, why is an MCA so appealing? Because of:
- High approval rates
- Quick access to funds
- Easy renewals
- Simple payback without any headache
- Collections based in your revenue
- No need to provide collateral
- No need to have high credit scores
Only, when applying for an MCA, you should take the time to find a reliable and trustworthy business funding provider in the industry. Consider applying to FirstAmericanMerchant.com, a reputable alternative online lender that’s ready to work both with low and high risk merchants. First American Merchant’s popular cash advance offers the cheapest rates, quickest access, and the most flexible terms.
How an MCA Boost Can Help
MCAs can really help support income and make it quite possible for merchants to overcome the ebbs and flows in the market and fight the challenges on their way to success.
That’s the reason why the Trudeau government (Canada) decided to expand a federal loan guarantee program for farmers in their county. This is their answer to the canola crisis registered in Western Canada. Based on their calculations, such strategy can more than double the maximum amount of capital available to individual producers.
Did you know that the Chinese government has suspended canola export licenses of 2 major grain companies in Canada? Besides, Chinese buyers have become less interested in buying Canada’s canola seed. According to the Canola Council of Canada, the reason why China has taken such route isn’t scientifically made clear yet.
To sum up, the Canadian government has decided to provide canola farmers with an MCA boost as China goes on blocking imports. As Agriculture Minister Marie-Claude Bibeau notes, this type of program can help canola farmers in Canada manage their cash flow with greater success.