A merchant cash advance allows you to borrow against future earnings to access that capital today.
Applications are instantly approved based on your previous quarter revenue (some exceptions apply) and you can receive the funds the same day you request them.
Unlike an equipment loan or another use-specific financing product, a merchant cash advance can be used at the discretion of the business owner. Here are a few examples of when an MCA can come come in handy:
Finally, an MCA can help a small business leap into expansion opportunities that require funds beyond what’s currently on hand. Being able to take on opportunities as they appear can be a boon to business growth longer term—and the speed of a merchant cash advance can help facilitate them.
MCAs are popular with businesses in the beverage and restaurant space, as well as retailers, because they can be used to buy inventory, which is especially useful for businesses with busy/slow periods throughout the year.
For businesses that operate only on a seasonal basis, applying for an MCA before the start of the busy season to ensure the availability of funds on-hand to run at full steam from day one.
Beyond cash crunches, an MCA can help a business overcome costly problems, like an equipment failure. Once approved for an MCA, a small business can receive funds quickly and take on issues that might not have been affordable otherwise.
A cash crunch—when cash outflow exceeds cash inflow—can be disastrous, like when an unexpected bill depletes the reserves to pay employee wages or rent. An MCA’s fast approval process can serve as a quick fix.
Qualifying for a merchant cash advance, like the funding itself, is often fast and easy. Due to the nature and terms of the loan, the requirements for a business cash advance are typically pretty lenient.
What you’ll need to do to qualify for a merchant cash advance:
What you can typically skip when applying for a merchant cash advance:
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