Business Cash Advance Loan
Do You Qualify for a Business Cash Advance Loan?
It's not unusual for Lawrence KS businesses to have occasional cash flow problems. You may need a little extra padding to make payroll until accounts receivables come in, or a small loan to pay for inventory up front. At times like these, a business cash advance loan can be an invaluable tool to help you maintain solvency. Most businesses can qualify for a business cash advance loan, especially if they look beyond traditional lenders for funding. Would your business qualify?
When a [statetitle] loan company advances cash to a business as a business cash advance loan, they want some assurances that your company will be able to pay back the loan. Since your ability to repay the loan is based on your future revenue, the lender will look at specific criteria to determine whether your business qualifies for a business cash advance loan. Those criteria generally include the following.
Your business should do a certain amount of your business as credit card transactions. The amount will be dependent on the size of the business cash advance loan you're seeking, but most providers require at least $30,000 monthly in credit card revenue.
The lender will want to be sure that you are not working with another merchant cash advance lender and that you don't have any existing liens.
In addition, before providing you with a business cash advance loan, the lender will want to see financial information that proves your past sales history.
Some business Lawrence KS business cash advance loan providers may also require that your business meet other requirements, such as length of time in business or amount of time remaining on your business property lease. Many may ask you to provide a plan that outlines how you intend to use the cash advance.
You don't need stellar credit to qualify for a business cash advance loan, but your business should be on fairly good financial footing with a plan in place to move you ahead. If your business requires a temporary infusion of cash for operations or to expand, a business cash advance loan could be exactly what you need.