Small business loans are difficult to obtain today because banks have seriously tightened up their lending practices. Traditionally, restaurants and retail businesses have had difficulties obtaining small business loans from their banks due to industry type. Around 90% of restaurants fail within the first year. Thus banks have no incentive to loan money to these businesses over a 5 or 10 year period because there are high chances that the bank will never see the money.
Our merchant cash advance program caters to all sorts of businesses but specifically to the restaurant industry. How do we do it? Our program is built on short term practices. There is no collateral attached to the advance and there is no time period in which you have to pay back the merchant cash advance. Our program is not a true small business loan, but rather a purchase and sales agreement. The merchant agrees to sell his future credit card receivables at a discounted rate.
This sounds more complicated then it really is. Here is how the program works. A merchant is qualified within 24 hours for the merchant cash advance based on a simple one page form, and 3 months merchant processing statements. We will get back to the merchant within 24 hours with a few different programs. Once the busines owner chooses a program, we have contracts the same day, and he can be funded the next day. With the money the merchant can build his business however he likes – no questions asked. We get paid back only once the merchant makes sales with his Visa/MasterCard machine, and we only get a percentage of each sale until the merchant cash advance is paid back.
See our merchant cash advance calculator to see how much you qualify for today!