2 Easy Ways For Your Small Business To Get Cash Quickly


If you are seeing good results from the new business you recently started, you probably have good products or services that people want and need. The trouble with a new business is that it may take a while to make a profit. In the meantime, you might barely be getting by, and you may experience cash flow problems. During times of negative cash flow, you might need to find a way to borrow some money. Here are two good and easy options you could try if your business has not yet built up enough credit to qualify for a business loan from the bank.

A Merchant Cash Advance

The first option you could consider is a merchant cash advance. This is a type of loan that is based on your business's future sales–primarily its credit card sales. If your business has a track record of credit card sales, you could actually borrow money against these future sales. With a merchant cash advance, you will receive a lump sum of money now, and the lender will take small amounts of your credit card sales over a certain amount of time.

This option offers several key benefits, including:

  • You may not need a credit check – Depending on the lender you go with, you might be able to qualify for this type of loan without the lender looking at your credit. Because of this, choosing a merchant cash advance is great for newer businesses and for people that do not have good credit.
  • You will not have to make monthly payments – Instead of repaying the loan in a lump sum or in the form of monthly payments, you will agree to pay small amounts daily or weekly from the credit card sales you complete in the future. You will know in advance how often the lender will take money from these sales, but the amounts taken will be so small that you probably will not even notice that the money is gone.

To qualify for a merchant cash advance, the lender may have several requirements. One may involve the length of time your company has been in business, and another might be that you must earn a certain dollar amount per month in credit card sales. The exact requirements vary from lender to lender.

A Traditional Cash Advance Loan

The other option you could look into when you are experiencing cash flow problems is a traditional type of cash advance loan. This is also referred to as a payday loan. This type of cash advance is not based on credit card sales, but it is actually based on a person's income.

With this option, you probably would have to apply for the cash advance personally instead of applying with your business name. Cash advance loans also do not require credit checks, but they may require income verification.

You may not be able to borrow as much money with a traditional cash advance loan, and you will have to repay the full amount by a certain date. This option is a good idea for times when you need small amounts of money to get by. For example, if your business is expecting several big sales next week, you could apply for a cash advance loan today and repay it once you collect money from these big sales.

Both of these are good options for new business owners that need extra cash, and both methods will allow you to get the money quickly. If you would like to learn more about cash advance loans, contact a business in your area or online that offers these.


22 May 2015

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