It can be disheartening if your business has been denied a traditional loan from a bank or credit union. It is important to realize that that there are alternative ways to obtain funding. Many of these are quicker and easier to obtain than a traditional bank loan. One such option is to apply for and obtain a merchant cash advance.
What Is a Merchant Cash Advance?
When you obtain a merchant cash advance you will receive a quick up-front payment of cash. You can use it almost any way you see fit for your business. The amount that your will receive is a function of how much your business has in actual and potential credit card sales. As long as your operation uses a business credit card – Visa, MasterCard, American Express, or some other – you may qualify for funding.
A merchant cash advance is not a loan. No collateral is needed. You will not pay it back with fixed monthly payments. Instead, as your business makes sales, you will pay the advance off with a small fraction of your credit card sales going forward.
Tailor-Made Uses for a Merchant Cash Advance
Here are some of the common uses for merchant cash advances:
• A quick infusion of working capital
• Meeting unplanned expenses
• Purchasing inventory when it becomes available at a deep discount
• Assertion of a new product line
• Bringing on needed equipment or tools
Give Rexford Commercial Capital a call if you are attracted to the possibility of obtaining a merchant cash advance. The helpful and courteous staff will answer any questions that you may have. If you are ready, they can get the application processes started. You can expect a decision on approval fairly quickly, generally within a day or two.