Many of you already know what a merchant cash advance is. For those who don’t; it is a fast easy way for your business to obtain working capital even if you’ve been turned down by a bank or don’t have collateral.
There have been a few articles complaining about how expensive they are. What they don’t say is that for many, a merchant cash advance (or merchant loan) can make the difference between staying in business, and closing their doors forever.
While it is true that a merchant loan is more expensive than a bank loan; a merchant loan can fund a business when they have run out of all other options. If used properly, a cash advance can offer tremendous benefit to any business.
I was recently approached by a restaurant owner who had recently fallen behind on their bills. Apparently they had a fire in their kitchen and had to take their insurance company to court because they would not honor the terms of their insurance. In the mean time, they had to close their doors for two weeks while the restaurant was being restored.
From what I understand, they had gone through their entire savings and still didn’t have enough to finish the job. To make things worse; they had fallen behind in their bills and because of credit issues in the past, they could not get a loan from the bank.
Fortunately for them; they had a pretty busy little business and were able to get funded in 5 days. This helped them to finish the construction and keep up to date with their bills.
When they re-opened they were busier than ever. They took advantage of the reconstruction to add many upgrades and their clientele responded very well.
We got a letter from the owner telling us how grateful they are and thanking us for keeping their dream alive. In fact; they gave all of us a “half off for life” coupon for all of our meals.
This is just one out of the thousands of people who have used a merchant cash advance for their business.
As a smart business owner; keeping all of your options open is important. I invite anyone to use the following link to learn more about how a merchant cash advance can help your business.