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Overcome Funding Challenges With Merchant Cash Advances For Convenience Stores, Liquor Stores And Dollar Stores

Now that recession is over and the economy is beginning to pick up, why are you still being denied funding? Being a small business owner, you might often come across denial of funding from banks and other financial institutions. This not only limits access to your working capital but also hinders growth opportunities. Small business owners like convenience stores, liquor stores, and dollar stores require a good amount of money to kick start the business off the ground and traditional business loans through banks are often long, time-consuming and tiring procedures. So what could you possibly do?

Opt for Merchant Cash Advances

Merchant Cash Advances are the cheapest forms of business funding and can be crucial to the growth of small businesses with bad credit or High NSFs (Not Sufficient Funds). MCA is also a great advantage for businesses that require quick alternative funding solutions since they cannot afford to endlessly wait for traditional loans to work in their favor.

A merchant cash advance is more of an unsecured business loan where your company will sell future business sales to a funder in exchange for an amount of cash. This loan is repaid by either making daily ACH payments via the company’s bank account or by remitting a certain percentage of credit card transactions made by the company.

If you are a small time business owner, you would be happy to know that merchant cash advance lenders have high approval rates since the procedure is cash-driven and not credit driven. Quite a number of merchant cash advance funding companies have zero credit requirements. While most banks will expect a solid credit history of 700 areas, alternative lenders will not expect anything more than 500.

With a minimal amount of documents and a simple application process, you can get the funding that you require in just a matter of days. However, since the lenders are taking on an increased risk, you can expect the interest rates to be steep. The factor rate can go as high as 1.55%.

What are the benefits of Merchant Cash Advance?

In small businesses, you could find yourself with additional financing needs after obtaining a business cash advance. There could be a number of things that require funding, for example, financing purchase of equipment, repair or replacement in convenience stores, new products or services in your liquor store, addition to inventory in your dollar store. All these can be easily taken care of by a merchant cash advance and we are happy to help you in your times of need!

There will be no additional burden placed on your business and we ensure that everything is transparent. You can choose to pay back the money at your own pace. While you can pay off more debt during healthy financial cycles, the same can be reduced during slow financial cycles. There are a lot of other benefits like:

  • No collateral is required.

  • No application fee is required.

  • The loan request is approved in 24 hours.

  • Funds can be received as early as 72 hours.

  • No personal guarantee is required.

  • Remittance terms are simple.

  • Monthly bills are transparent.

  • Competitive interest rates.

Funding positions

If you already have a previous lien placed on your business by a merchant cash advance lender, you will have to find a lender who is willing to take another position to provide you additional financing. The new lender will take a 2nd positions merchant cash advance lien against your business. While there are many lenders willing to make 2nd, 3rd, 4th as well as 5th position merchant cash advance loans, the key is to find such lenders with the best possible loan terms. While these positions are convenient, the term is shorter and the interest rates are much higher than a first position cash advance so this should ideally be your last resort.

Make your funding dreams come true

It is every small business owner’s dream to witness the business expanding. We will help you realize this dream without dreading the thought of repayment, complex paperwork, and hidden loan terms. You can simply give us a call and we will set up on the path of uninhibited growth. Stock more products, enrich your inventory and increase your customer base with our simple and easy business loans. Trust us to guide you through the application process. We will begin by letting you know if you are eligible or not and since we completely understand that business loans are quintessential to the survival of small business owners, we will try our best to accommodate your need. Our loan terms are meant to facilitate your business and its growth. Whether you own a convenience store, a liquor store or a dollar store, you can trust us to assist you with the best possible merchant cash advance loans.