Business growth can be great for your company, but it often comes with a price. You need working capital to support expansion plans. If you’re struggling to find the cash to grow, instead of taking on more debt, use a merchant cash advance to get the capital you need without giving up equity.
What is a merchant cash advance?
If you have a merchant account, getting an advance on that money is much like selling an asset that you own. You take a cash advance of future sales, agreeing to pay back the money through your merchant account. The lender does charge a fee, but the payment is based on a percentage of sales rather than a fixed amount which gives you more flexibility for repayment.
How to get a merchant cash advance
Getting a merchant cash advance is as easy as talking to a lender and showing your history of credit card sales. You’ll want to know how much money you want to take out. The lender will have to determine eligibility, but the time frame is much shorter than a traditional loan. You can often get money into your account in just a few days.
Make sure to read the terms and conditions before making a final decision. Weigh the fees against your business needs. A merchant cash advance is a great option to get additional funds in your account to manage your business. You can spend the money on what you need to, from expansion, equipment, payroll, inventory or marketing.
Find options for funding
Take advantage of alternative financing options to preserve your credit lines for major purchases and to avoid giving up valuable equity to investors. Call Black Wolf Capital Group for more information about merchant cash advances and other lending options that will help you grow your business.