A small business cash advance can be your restaurant funding solution, when you need quick funding and low documentation requirements.
You as a restaurant owner have at one time or another been faced with applying for a restaurant loan, possibly getting your loan request denied and faced rejection unless you had money to do your own self restaurant financing.
Getting startup capital to open a restaurant is much more challenging then it is for other non food businesses or retail businesses. Banks do not like doing restaurant financing period because of the high failure rate associated with restaurant businesses.
The nice thing with the internet and article directories is that it gives you immediate access to great loan information and options. You can receive great advice to help you with your restaurant business, if you sort out the fluff from the real meaty info with substance. The information is there online for free for you to find and use to your advantage.
How Does The Business Cash Advance Differ From Other Types Of Financing
* It is not a business loan or cannot be called a business loan because there is not an interest rate attached to the loan or a monthly fixed payment you have to pay every month. Since it is not a small business loan it does not get reported by the finance company that provides financing to you. If you ever need a quick easy to apply unsecured business loan or business line of credit that not require you to provide collateral this cash advance product is your solution.
* If you ever need to take out a loan for your restaurant and want to legally keep it 100% totally private, prevent it from showing up in the 3 credit bureaus, prevent other creditors from knowing you applied for financing and received it, the business cash advance or known also as the merchant cash advance is your new solution to how to do it legally any time you need a loan 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 every 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 like you do at a bank
* You do not have to provide tax returns
* You do not have to provide financial statements
* No long application like you will get at your local bank
* If you are opening a restaurant and you need more financing certain companies provide financing to new start up restaurant owners who are ready to open in a few days and need extra working capital, this is not even 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 account 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 stress and worries about making late payments and paying a penalty.
* It allows you tap into a “Hidden Asset” that your restaurant has… Your local bank does not look at your credit card receivable transactions as an asset and will not lend you money against 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, equipment, 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 requirements and long application process.
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 are 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 because it tracks most of their transactions and would prefer cash transactions since there is not 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 by limiting the use of it, you are only hurting yourself when you need this source of financing, since if the transactions are 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 quick working capital financing you will be able to get between $2,500 – $6,000 in 10-14 days.
Author: Edwin De Leon
Article Source: EzineArticles.com
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