With approval for bank loans being relatively scarce these days, it may be necessary for your small business to seek funding options from other alternatives. One great way of securing that needed funding is to use your credit card sales as collateral to secure a cash advance, and this is exactly how a merchant cash advance works. By offering some portion of your upcoming credit card sales to an alternative lender, you’ll be able to secure a merchant cash advance which will provide the necessary funding to keep your business running and thriving. Here’s how the process works.
Applying for a Merchant Cash Advance
In many cases, you can apply for a merchant cash advance simply by filling out a form online and submitting it to an alternative lender. Once your application has been submitted, you’ll speak with a representative from that company, and then it will be necessary to submit a few pieces of documentation to support your application. This might be just proof of your business insurance and your federal identification number, and that might be all that’s necessary.
While you’re speaking with the representative, you’ll be able to ask any questions you want, and learn all about how the cash advance will be paid for. If the whole arrangement appeals to you and makes good business sense for you, you will be able to sign an agreement and receive your cash advance in less than a week. It’s all that simple to get the funding that you need to keep your business operating, and it’s a much more streamlined process than you could ever hope to encounter through a traditional lender.
Interested in a Merchant Cash Advance?
At Porter Capital Group, we may be able to provide you with the merchant cash advance you need to stabilize your business. Contact us today so we can discuss some options which may be available to you.