No matter how big or small your company is, cash flow is likely to be an issue you struggle with. Every business that takes out loans will eventually seek out a way to consolidate all their monthly loans into a smaller, single monthly payment.
This is doubly true when dealing with high interest loans like credit lines and merchant cash advances. High interest loans can place undue pressure on companies with low profit margins, and also make it difficult to raise better funding in the future.
Getting a traditional bank loan for a small business is extremely difficult, and one of the top barriers to approval is often the business owner’s credit score. Due to the nature of bank lending, bankers typically will not lend to a new business owner who has a credit score under 720.
Even the smallest companies will need to have funding to make things work. Whether it’s to cover for a sudden, unexpected loss, or to help seed the start of a new expansion, a little extra money can make all the difference for small businesses.
Getting business funding is crucial to helping small businesses blossom, but it seems like banks didn’t quite get the memo. A recent study revealed that 99 percent of all new small businesses are rejected when they apply for a traditional SBA loan at a bank. The vast majority of entrepreneurs find themselves feeling lost, even cornered, by their inability to get a traditional loan.
As a business owner, you are used to chaos. Every day you’re in business is another day when you have to tackle a new hurdle, close a new client, and find a new way to expand. Some days are great. They’re days when you feel like you’re on the top of the world, where everything just falls in line perfectly.
The right merchant cash advance can be the best thing that ever happened to your business. Hundreds of Miami business owners can attest to the invaluable help that cash advances offered them while they were struggling through hard times.