There are various forms of financing available for you to apply to your company. However, some lending can take a while to process or may be restricted to certain items for your organization. A merchant cash advance can be acquired quickly and utilized wherever you need it whenever it must happen. Here are a few things to consider as you think about using your business’s future income on a loan today.
Determine If You Are Eligible
Analyze how you receive payments before you consider this type of funding. If you get your revenue from paid invoices, paper money, or checks, you may want to look at other financing options. These organizations are primarily interested in working with companies that take in mostly credit card payments. The amount that you can borrow is estimated from your upcoming received income instead of your current cash flow. This can easily be found on a statement that records what came through your card reader. If your business does these transactions frequently, then a merchant cash advance could greatly benefit you.
Get Estimates Of Your Costs
Evaluate the reason that you want the funds that you are requesting. Reach out to suppliers and ask for bids for the services and materials that you will need. Prepare these figures and add them to a report that you can submit to the lender. They will want to know the amount you are hoping for so that they can provide you with a sum that is relative to your needs. Their final dollar total will be pending and will be awarded to you once you are approved. You can then utilize your merchant cash advance where it is most vital in your company.
Prepare the Documentation For Your Application
Much like when you apply for a bank loan, you will need to submit reports to the lender when you ask for assistance. Review your credit rating to ensure it is high enough to be accepted. Some lenders will still consider your request if it is low. However, you have a better chance of approval if you work on raising it. You should also take your latest credit card statements with the deposits that have gone into your account. This will help the organization offer the merchant cash advance to you to determine how much they will give. Give yourself plenty of time for them to process the paperwork and come up with a decision.
Seek Expert Assistance
At Monterey Commercial Capital, our friendly team specializes in commercial finance solutions. We offer a huge range of business loans that help you reach your objectives, whether you need more working capital, equipment, or inventory. Having financing professionals by your side is a big help. We can point out options you may not have considered that save you money and minimize risk.