Both new and long established businesses are in need of some extra cash flow. Whether you need the money to stay afloat until revenue picks up, a disaster happened that resulted in an unexpected expense, or you have visions of expanding your business but you don’t have the revenue to make that kind of investment, it’s natural to turn to business credit and capital companies for the money you need. Consider a cash advance, which is less restrictive compared to a loan.
No Restrictions on Spending the Cash
When in need of a loan referral, make it a referral for a cash advance instead of a loan because there are literally no restrictions on how your business uses the money. Use it to redecorate or expand your store, restaurant, or office. Open a second location. Launch a website. Hire a new staff member. Pay for unexpected damages. Pay off previous loans and credit cards to consolidate your debt. Once you’re approved, there are no restrictions on how you spend the money – unlike with a loan, which typically requires the money be used for only certain kinds of declared expenses.
Restrictions to Qualify
The only restrictions come at the qualification stage, but you’ll find it far less restrictive than the typical loan qualification process. Businesses that have been open at least a month with no open bankruptcies and at least $3000 a month in credit card sales qualify so long as they have six months or more remaining on their leases.
How to Apply
Applying is easy. Download an application online or call a representative from the business credit and capital firm. The only proof you typically need at this stage is four months of business bank statements. After discussing your application a day later, you may need to provide an ID, a voided business check, and a copy of the business lease to close the deal.
There are virtually no restrictions to how you can use your cash advance – unlike a loan, which often requires a proposal and business plan for approval. In fact, you should see if your business qualifies for one even if you don’t have a specific expenditure in mind. You’re sure to find a use for the money, and you won’t have to worry about remembering payment dates and paying late fees because the repayment process is automated upon your approval.