Is Your Industry Rapidly Bouncing Back? A Merchant Cash Advance May Help You Keep Up
As the economy rebounds and the nation phases out of the peak infectious stage of COVID-19, many business owners are finding a boom in demand for the products or services they offer.
For example, the retail industry soared by nearly 10% after the most recent stimulus checks were issued. Plus, business owners are generally feeling optimistic and confident about 2021; 88% of our clients have recently set new financial goals for their business. This is exciting! — especially considering the loss of revenue many industries suffered in 2020.
However, even with all this great news, many companies don't currently have the working capital to expand operations or purchase assets/inventory to accommodate this new demand. This is where the Merchant Cash Advance (MCA) comes in.
MCAs are geared toward helping small businesses take care of their urgent business needs – whether that’s ramping up staffing, buying new equipment, paying for repairs, or meeting payroll needs during a tough month.
MCAs allow you quick access to your future sales in exchange for a percentage of your daily sales. An MCA is not a loan – it’s simply a way to get access to your future sales immediately. Though these products may sound similar, one key difference is what factor your repayment is based on. Loans charge you a fixed number each month, while MCAs are based on your projected revenue – so as your sales fluctuate, your payment amounts will fluctuate, too. This means more flexibility in repayment and more room to breathe.
Another key benefit to MCA is the unique ability to receive funds FAST. When applying for a traditional bank loan, you typically don’t see the funds hit your account until weeks, if not months, later. With MCA, we are able to provide funding as quickly as 24 hours after receiving your application. Less red tape, less headache, less hassle.
More benefits? No credit checks, no outrageous fees, and no collateral.
If you need working capital to keep up with increased demand in your industry, please call us at 888-382-3945 or click here to send us an inquiry. One of our teammates will get back to you as soon as they are available.