That leaves 59% of the small businesses that are in need of funding, to keep trying other banks to get approved and in the extreme cases close up shop. Small business has been the backbone of our economy year after year accounting for more than 65% of all new jobs created in the USA. Every day it gets harder and harder for small businesses to get approved for funding, even though the strength of the workforce depends on small businesses to supply new jobs. Until recently the small merchant had no other option, if a traditional lending institution denied their small business loan application. Many merchants down size and reduce the number of employees at their business, which only hurts the economy as a whole.
How Merchant Cash Advances can Save Small Business
The superhero of this story is the merchant who has done everything right but doesn't have the credit, collateral or history to get approved for a small business loan, yet still needs the funding to grow his or her business. The merchant by using, a merchant cash advance, can open another store, purchase new equipment, train new employees, buy a product and do his or her part as a business owner to support their local economy and the overall national workforce.
Qualifying for a MCA (merchant cash advance) is a fairly simple process compared to traditional small business lending. To get approved, for a MCA, all a merchant needs is usually four months of bank statements, four months of credit card transactions and have been in business for more than six months. A few other questions may be needed in order to get approved, but once your MCA is approved, your advance is deposited within 72 hours. Best of all the payback amount is either a set daily amount approved by you and your lender, or a percentage of daily credit card transaction all paid through ACH, so you never have to worry about billing.
To find out more about how your small business, can get access to cash through a merchant cash advance contact, VMC Capital
at 1-855-388-1113 and let one of the funding agents guide you through the process.