Your own business cash advance can be your restaurant funding option, when you need quick funding and lower 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 acquired money to do your own self restaurant financing.
Getting startup capital to spread out 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 restaurant businesses.
The nice thing using the internet and article directories is that it provides you with immediate access to great loan details and options.
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You can receive excellent advice to help you with your restaurant company, if you sort out the fluff from your real meaty info with element. The information is there online for free that you should find and use to your benefit.
How Does The Business Cash Advance Differ From Other forms Of Financing
* It is not a business loan or cannot be called a business loan because there is not an interest rate mounted on the loan or a monthly fixed payment you have to pay every month. As 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 require you to provide collateral this cash advance method your solution.
* If you ever require out a loan for your restaurant and wish to legally keep it 100% totally personal, prevent it from showing up in 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 merchant cash advance is your new solution to tips on how to do it legally any time you need a loan and wish total anonymity.
2. Does not affect your credit score since Experian, Transunion, Equifax, do not know when you remove a business cash advance for your business
2. You do not have to worry about rigid payments each month like you do with a bank
* Your approval process is in 48hrs not weeks
* You can get funded 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 offer financial statements
* No lengthy application like you will get at your local bank
* If you are opening the restaurant and you need more financing certain companies provide financing to new start up restaurant owners that are ready to open in a few days and require extra working capital, this is not also possible with a local banker.
* If you just opened a restaurant and need more cash flow financing to help you make your leasing payments for a few months with your casual dining business, it is possible and not once again with your local banker.
* Payments are made automatically from your credit card merchant accounts through a percentage of each credit card transaction your business makes, does not require you to remember one more payment you have to make reducing tension and worries about making late payments and paying a penalty.
* It allows you tap into a “Hidden Asset” that your restaurant has… The local bank does not look at your charge card receivable transactions as an asset and can not lend you money towards it. This product If used correctly it can be a very powerful alternative funding source when you need financing that is very quick and easy to get.
* Restaurant owners may be in need of a no hassle : quick money source to working capital financing for supplies, devices, staff payroll, advertising, when they require it and local banks can not contend or provide quick funding because of long drawn out application process as well as the business cash advance is a super fast choice which is free of heavy documentation requirements and long application process.
Just how Not Having Or Limiting The Use Of A Merchant Credit Card Account Can Hurt You
If you do not have a merchant account, you might be locking yourself out of a very quick money source for any financial need that may arise for you.
Many business owners do not like using their credit card machine since 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 resource to money when you need it quickly.
By not having a credit card machine or simply by limiting the use of it, you are only hurting yourself when you need this way to obtain financing, since if the transactions are usually to low you will not qualify for this business cash advance when you need it. Try to get your credit 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 get between $2, 500 – $6, 000 in 10-14 days.