Does your business need quick access to working capital? Bank loans are usually the first thing that comes to mind when entrepreneurs need funds for their business. But traditional loans take time, and if you need fast cash for unexpected expenses, then you don’t have the luxury of waiting. However, a merchant cash advance (MCA) is an option you may want to consider.
An MCA is one of the best financing options available if you need fast cash. The application process is speedy and you don’t have to provide collateral, or submit countless documents to prove the financial health of your business. Depending on the lending company, you’ll be able to receive the funds in as little as 24 hours.
By using the funds from an MCA, your business will have the potential to grow. Here are some of the ways on how you can use an MCA for the advancement of your business.
1. Improve Advertising Strategies
You can’t grow your business without customers. When it comes to attracting and retaining customers, you need to establish good marketing and advertising strategies. Advertising costs money, but with a merchant cash advance, you’ll have enough funds to cover the costs of advertising and marketing.
2. Hire More Employees
As your business grows, you may need to hire more employees in order to accommodate an increasing number of customers. Adding to your staff means additional payroll and overhead costs. With an MCA, you’ll be able to hire extra people for your team, accommodate more customers, and process orders as quickly as possible.
3. Credit Rating Remains Unaffected
Unlike traditional loans, applying for an MCA will not affect your business’ credit rating because technically, an MCA is not a loan. Lenders give you a cash advance and you repay them by giving them a percentage of your future credit card sales. As mentioned, credit rating is not an important factor, so you don’t have to spend time improving it before applying. In fact, you might even improve your credit score by paying your debt on time.
4. Purchase Equipment
When you need to replace equipment and you don’t have the funds to purchase replacements, a merchant cash advance can help you acquire new equipment for your business. You can use the funds to purchase basic office equipment such as computers, tablets, machinery – and also high-end equipment, such as vehicles and more.
5. Pay for Unforeseen Expenses
Anything can happen when you’re running a business. Equipment breakdowns, seasonal sales, natural disasters, theft, and numerous other factors can suddenly go wrong in the world of business. When unforeseen expenses arise and you don’t have enough cash reserves on hand, a merchant cash advance is an ideal go-to solution.
Merchant Cash Advance for Small Businesses
A merchant cash advance has helped countless business owners in the United States, and it can also help you. SMB Compass offers different types of business loans, including an MCA. Our trusted financial experts can walk you through the entire process, and answer all of your questions.
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