Can You Get Financing For Dental Work With Bad Credit How To Get Funding For a Small to Medium-Sized Business

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How To Get Funding For a Small to Medium-Sized Business

As more and more people turn to entrepreneurship, access to business finance is also increasing. Traditional lenders such as banks have tightened credit in recent years, so cash-strapped entrepreneurs are turning to other alternatives to solve a crucial problem: finding cash. As commercial banks squeezed their financial support for small businesses, development companies, microcredit and merchant cash advance providers opened their doors, filling the void and helping entrepreneurs access money.

Small business owners such as restaurant operators, dental service providers, promotional product owners and other small business operators looking for alternative sources of business capital can now get additional cash quickly without having to provide any collateral. Companies like cash advance providers offer such services and are preferred by more employers.

What exactly is a merchant cash advance?

A merchant cash advance (or MCA, also called credit card factoring) is a financing option often used by small and medium-sized businesses. It involves purchasing a portion of future credit card credits from the merchant at a discount. Each time the merchant receives payment from customers via credit card, a portion of the sales is sent to the MCA provider until all purchased credit is repaid. However, a merchant cash advance is not a loan primarily for the following reasons:

* MCA provider does not require any personal guarantee or merchant guarantee. This means that the supplier risks losing their investment if the merchant goes out of business. This is one of the reasons why providers have a minimum set of requirements before handing out money. These are:

  1. The merchant must have been in business for the past year;
  2. Merchant conducts at least fifty (50) credit card transactions each month;
  3. The merchant has no outstanding rent obligations and has at least one year remaining on its lease, and;
  4. The dealer has no open bankruptcies or foreclosures.

* Merchant cash advances do not have a fixed payment schedule. Cashback follows the merchant’s daily card sales volume. In other words, the supplier receives a higher rebate amount when merchant sales increase and receives a lower rebate percentage when merchant sales fall. There are no late payments, so there are no additional fees or penalties compared to a fixed term loan where a fixed dollar amount must be paid before its due date, regardless of the merchant’s sales volume.

* No commercial use restriction. The merchant is free to use the money on any business-related expenses: purchase of additional inventory, new equipment, debt balance, office remodeling or emergency grant, among others.

Most reputable MCA providers, such as Entrust Cash Advance, can qualify a business for a cash advance quickly and easily. The application process is quite simple. There is no tedious paperwork and no credit score or credit check. You just have to choose the right provider.

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