Savvy Ceo's Use A Merchant Cash Advance For Their Financial Needs
You have worked and saved for a lifetime, honing your skills
, finding the perfect spot, and hiring the perfect team. Finally, you open your first business. Then one day, you realize you require an influx of working capital to make a repair or to expand into the adjacent space, but where to find the capital?
The local bank is unlikely to provide you any funds. Not only are you still a "new business" and therefore a greater risk according to their numbers, you just don't boast a flawless credit history. Most people don't. So what can you do? Relax, and look to your merchant cash advance
A merchant cash advance broker deals with companies of all sizes and ages. Even a corporation that has simply been in operation for a few months, but has an established credit card receipt history, can qualify. Based upon that, a merchant cash advance
company will provide the advance through a factoring contract.
Never heard of a factoring agreement? Most haven't. A factoring agreement involves selling, at a discount, a percentage of projected credit card sales in exchange for funds in hand now. What good would it do you to believe you can accumulate the cash over the next three years when the opportunity to expand into your bordering space is available now?
Granted, it would be best to regularly have a pile of funds on hand for just such occasions, but for the preliminary couple of years, cash is always tight for a new company. Even well-known companies that have been here for a long time have instances when they need to make unforeseen purchases or fixes, and having access to business cash advances can make all the difference.
So, whether your dream involves purchasing those hand blown lamp shades to provide your establishment just the right ambiance, or it means purchasing that new piece of machinery, remember that a merchant cash advance is as close as that credit card device sitting on your counter.
by: Rodney Rabah.
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