Are you finding it hard to get working capital for your business?
The obvious solution is for the owner(s) to infuse funds into the company. But if that’s not a viable solution, what else is there? Of course using a credit card would be the fastest way, but is that credit card a business credit card or personal credit card? Will the credit card company charge you additional fees if you take a cash advance? Are there limitations to that cash advance amount? Is there a higher interest rate for that cash advance? Will they give you enough cash? All of these examples are possible issues when dealing with taking a cash advance from your credit card. If your business accepts credit card payments, you might be eligible for doing a merchant cash advance also known as business cash advance. This program is based on future sales from your credit card transactions. We have another article that talks about how merchant funding works.
If you have a business that doesn’t have or accept credit card payments, there are some other solutions. Looking for a working capital loan is a great way of getting capital for you business, and it’s faster than you would expect! Not only is it a faster process than getting a loan from your bank, but it’s also easier. We will typically look at gross sales over the past 6 to 12 months by requesting your business bank statements. Yes that’s correct, no tax returns needed for this type of loan. Rarely do we care about your personal credit history, see what type of credit scores you need from your bank. And the most appealing part of this loan is the fact they don’t require all that extra paperwork! We know the limited time business owners have, and to make them fetch all the extra papers to get their financing just isn’t necessary for our company. The approval time frame takes about 48 hours to get your approval, and from there it can take another 3 to 5 days to get the loan funded into you business bank account.
If you have tried getting a loan from your bank or credit union, you might already be aware; that they aren’t lending like they used to, the turn around times are a lot longer to get the financing, and the requirements are so difficult that it’s near impossible to get a loan from them.
If you’re interested in hearing more about our loan programs, please feel free to call First Capital Business Finance 888-565-6692 and one of our loan experts will be happy to answer any of your questions.