Requirements for Approval
Given how strict big banks have become when it comes to lending money to small businesses, small businesses and merchants nationwide have found it harder and harder to receive financing from traditional funding sources. Furthermore, even those businesses that do meet all of the requirements may still find that the bank denies their request for additional merchant funding for reasons that may seem arbitrary or unfair.
So, if you own a small business, where do you turn when you’re in need of additional working capital? The answer is simple: merchant cash advance financing. Merchant cash advance lenders know that being approved for bank loans is tremendously difficult, so they make it easier to qualify and be approved for merchant funding. Here are the basic requirements your business must meet in order to qualify for this type of finance, and why these requirements are important:
- Your business processes at least $4,000 every month in credit card transactions
The merchant cash advance lender needs to see that your business has a history of processing at least $4,000 every month because it proves to us that you will be able to afford the repayment of your cash advance. We also offer a Bank Only option for businesses who don’t accept credit cards.
- You have been in business at least 6 months
Merchant cash advance funding is not designed for start-up businesses. At least 6 months of operation shows us that your business has a reliable history of bringing in enough revenue to the point where you can handle paying back the money we advance you.
- You have no open bankruptcies
An open bankruptcy sends a signal to the business cash advance lender that your business is not in a position to pay back its advance.
And that’s it!
Being approved for our funding program really is that simple. Bad credit does not necessarily work against you or disqualify you from being approved for additional merchant funding. And, best of all, the money we advance your business comes in the form of an unsecured business loan and it is un-collateralized – so you don’t have to use your house or other assets as collateral against the loan. Unlike the steep interest rates imposed by banks, the merchant cash advance repayment process is simple and you pay us back in line with how much your business generates each month.
Learn more about merchant cash advance funding or apply now to see how much money your business qualifies for.