A small business cash advance can be your restaurant funding alternative, when you need quick funding and reduced documentation requirements.
You as a cafe owner have at one time or another already been faced with applying for a restaurant mortgage, possibly getting your loan request refused and faced rejection unless you got money to do your own self eating place financing.
Getting startup capital to open a restaurant is much more challenging then it is for other non food companies or retail businesses. Banks despise doing restaurant financing period due to the high failure rate associated with cafe businesses.
The nice thing using the internet and article directories is that it offers you immediate access to great loan info and options. You can receive excellent advice to help you with your restaurant company, if you sort out the fluff from the real meaty info with substance. The information is there online for free that you can find and use to your advantage.
How Does The Business Cash Advance Differ From Other forms Of Financing
* It is not a business loan or cannot be called a company loan because there is not an interest rate attached to the loan or a monthly fixed payment you have to pay every month. Because it is not a small business loan it does not obtain reported by the finance company that gives financing to you. If you ever need a quick easy to apply unsecured business mortgage or business line of credit that not need you to provide collateral this cash advance method your solution.
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* If you ever require out a loan for your restaurant and wish to legally keep it 100% totally personal, prevent it from showing up within the 3 credit bureaus, prevent other lenders from knowing you applied for financing and received it, the business money advance or known also as the service provider cash advance is your new solution to the way to do it legally any time you need a mortgage and wish total anonymity.
* Does not affect your credit score since Experian, Transunion, Equifax, do not know when you take out a business cash advance for your business
* You do not have to worry about rigid payments each month like you do with a bank
2. Your approval process is in 48hrs not weeks
* You can get financed in about 10-14 days
* You do not have to put up collateral just like you do at a bank
* There is no need to provide tax returns
* You do not have to supply financial statements
* No long application like you will get at your nearby bank
* If you are opening a restaurant and you need more funding certain companies provide financing in order to new start up restaurant owners that are ready to open in a few days and need extra working capital, this is not actually possible with a local banker.
* If you just opened an eating place and need more cash flow financing to help you make your leasing obligations for a few months with your casual eating business, it is possible and not once again with your local banker.
* Payments are created automatically from your credit card merchant accounts through a percentage of each credit card deal your business makes, does not require you to keep in mind one more payment you have to make reducing tension and worries about making late payments and paying a penalty.
2. It allows you tap into a “Hidden Asset” that your restaurant has… Your local bank does not look at your charge card receivable transactions as an asset and will not lend you money towards it. This product If used correctly it can be a very powerful alternative funding supply when you need financing that is very quick and easy to get.
* Restaurant owners might be in need of a no hassle : quick money source to functioning capital financing for supplies, tools, staff payroll, advertising, when they need it and local banks can not compete or provide quick funding due to long drawn out application process and the business cash advance is a super fast option which is free of heavy documentation needs and long application process.
Exactly how Not Having Or Limiting The Use Of A Service provider Credit Card Account Can Hurt A person
If you do not have a merchant account, you might be locking yourself out of a very fast money source for any financial need that may arise for you.
Many business owners do not like using their credit card machine because it tracks most of their transactions and would prefer cash transactions since there is not really a record of this. You see your credit card machine is a tool a source to money when you need it quickly.
Simply by not having a credit card machine or by limiting the use of it, you are just hurting yourself when you need this way to obtain financing, since if the transactions are to low you will not qualify for e-commerce cash advance when you need it. Try to get your bank card transaction volume up to a minimum of $3k-$5k per month which means when you need additional fast working capital financing you will be able to obtain between $2, 500 – $6, 000 in 10-14 days.