Grow Your Home Goods & Furnishing Related Small Business Using The Merchant Cash Advance

Introduction

The scope for the development of your home goods & furnishing related small business is certain, only if your business meets the growing demands of the population. Yes, if you meet your customers’ expectations appropriately, your small business will grow abundantly to reach the esteemed position, for which the crucial solution in the name of business funding is necessary. Especially, being a small business, your satisfactory profits would not be sufficient to meet the demands for the working capital and in there lies the power of the efficient business financing solution called the ‘Merchant Cash Advance’ or the MCA.

The Merchant cash advance and your growing small business

The merchant cash advance or the ‘Business Cash Advance (BCA)’ is nothing like your typical bank loans and everything that you would expect in the name of the business financial solution. Here, the advanced business funding is provided in exchange for the percentage of future credit card or debit card sales achieved by your business and that too uncomplicatedly.Yes, all the drawbacks of the traditional loan processing are eliminated, which gives the necessary financial freedom for the small business like yours to grow your business greatly, as and when required. For example, say you are eager to expand your business by procuring new home goods and furniture that meet the latest demands of the people and for this, if you approach the traditional funders like the banks, you are expected to

  • Complete tiring paper works

  • Witness a long annoying wait time

  • Submit a collateral

  • Show a bad credit score/credit history

  • Witness a rejection if not compatible with their terms

  • Receive the funding lately and, much more other inconveniences.

Whereas, when you choose to raise your working capital to meet the above-said demands by availing the merchant cash advance from a reputable lender, you can expect the following merits,

  • Quicker process

It takes, as less as 3 business days to receive your money when you choose a reputable BCA lender. Since the process is smaller and quicker, you can avail the funding very quickly.

  • No collateral

Just like the other unsecured business loans, the merchant cash advance business financing solution does not expect any collateral from you.

  • Credit reputation is not required

Although your credit status would be reviewed, it is not expected to be any reputable and this gives, financial freedom for any small business owner with a BAD credit or poor credit score. Not only is your BAD credit OK, even if your business suffers from high NSFs or high overdrafts or the bankruptcy, the evident funding would still be available, as the concern here is more about you and your growing business than your past financial struggles.

  • More money

With MCA, your small business gets instant access to the lump sum funding required for your business, without having to avail it on a part basis, as followed in certain traditional loan types.

Approval rate is higher

Since the loan process is very lenient, any time it is the appropriate solution for your small business financing requirements.

Thus, with the above-said merits, you can borrow the funds, as quickly as within 3 days to procure the necessary furniture and home goods for your growing business, painlessly.

Little more about MCA

Now, you know that MCA is one of the best alternative funding solutions for your business, let us delve deeper to understand it’s working. Like any other loan type, you are expected to repay your advance amount with the interest but, it is not anything like the conventional interest rate! To decide the required amount of money to be paid back by your business, the MCA lender utilizes a term called the ‘factor rate’, which is a decimal number, typically ranging between 1-1.5. You ought to multiply this factor rate with your original advance amount to arrive at the required money to be paid back by your business.

Say, if your business has borrowed $20000 value of merchant cash advance, and your MCAlender has set the factor rate at 1.2, the expected repayable amount is 24000$. This 24000$ is paid through the percentage of daily or monthly credit card sales over the stipulated period of time, as decided. Thus, MCA is a straightforward process that never burdens your already burdened situation!

The purpose of the loan

We have already seen that the MCA or sometimes referred as the Credit Card Factoring, allows you to avail the needed business funding for your small business without expecting any special qualities. Likewise, no ‘special’ business purposes are expected to receive this funding and therefore, to tackle any of the following business requirements you can easily avail the merchant cash advance, anytime!

  • Buying new home goods and home furniture to meet the business demands

  • Setting up of new branch

  • Remodeling your business facility

  • Your business promotion and marketing activities

  • To meet the payroll expectations or to hire the relevant staffs for your business

  • Repairs and maintenance.

And so on, without any specific restrictions!

Additional financing

The demands of your customers are always in the rising, for which you have to be always ready to procure the necessary supplies for your small business. In this way, you might be expected to avail the additional financial assistance, for which, also, there is the solution in this uncomplicated MCA. Even when your current or the 1stposition cash advance is in unwraps, you can avail the additional financing referred as the 2nd position, 3rd position, 4th position and the 5th position cash advance, depending upon when the additional financing is availed. Typically, 5th position is the maximum level of additional financing available through the MCA, which is more than enough to tackle your business challenges.

The allowable loan amount

This short-term business financing solution is available for any expected funding value, which can range from $5K to $500k or more, the limit, as set by the respective BCA lender. This proves, almost all the sudden financial demands of your business could be met without any difficulty, every time!

Conclusion

Thus, the growth of your flourishing small business is unstoppable when you choose the merchant cash advance for your anytime business funding expectations, as the process is entirely uncomplicated right from the start to the end. The only catch here is to find the reputable merchant cash advance lender, who can offer competitive funding solutions to further ease your repayment capability!


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