Fast Small Business Funding Programs
Why wait weeks for a traditional business loan when you can receive the funds you need in the form of a business cash advance today? Thousands of businesses have already discovered the benefits of this quick and easy, yet powerful method of funding.
How does Fast Business Funding Work?
In Advance Capital offers financing programs that are simple and effective.
- Qualification & Approval: You first submit a pre-qualification request for funding. Once your request is received it will be reviewed by a business funding specialist who will contact you within a few hours to review your business past revenue and overall business health. At this time you will also discuss the amount of funds you will receive and the terms of how they will be repaid. In Advance Capital will present written terms and conditions, that must be mutually agreed on before funding is made available.
- Payment Terms & Funding Rates: Your payment amount is remitted as a percentage of your sales. This allows small business owners to avoid interest charges of long remittance found in traditional small business loans. No matter if you need 8 weeks, 8 months or even a full year, you always pay the same amount. Instead of using the traditional annualized percentage rate (APR) calculations of conventional loans, Merchant Cash Advance (MCA) and Revenue Based Financing (RBF) uses a different calculation to figure the payback rate. This is known as the “factor rate”. While APRs are usually expressed in percentages, factor rates are assigned as a decimal figure, typically between 1.1 and 1.5. The length of time your company has been in business, your credit score, and your average monthly credit card sales determines your factor rate. The factor rate will be smaller if you are appear to be more creditworthy. The smaller the number, the better for the business, because you’ll have to pay back a smaller amount.
Non-Traditional Funding Programs VS. Traditional Bank Business Loans
Non-traditional funding programs have several important differences from traditional loans:
- One of the most significant differences between a merchant cash advance and a traditional business loan is that, instead of paying back a fixed sum every period, the MCA takes a percentage of credit card payments. That means if it is a slower time for the business, the borrower will pay less than during a booming time. That flexibility can be extremely valuable to managing cash flow in a difficult time for the business.
- The flexibility of non-traditional funding allows you to run your business normally rather than getting bogged down by the complicated, binding contracts of a traditional loan.
- It may take weeks or even longer to receive funding from a small business loan, but with non-traditional funding programs you can be approved and receive your money in as little as 1 business day.
Poor Credit History?
Benefits of Non-Traditional Funding for Those with Bad Credit
The idea that it is impossible for businesses with bad credit to receive funding is a myth. You’ll likely be rejected by most banks, but we’ll get you the funding you need to succeed in business.
A low FICO credit score may seem like a death sentence for a business owner seeking a small business loan. In today's financial environment, small business funding is extremely difficult to find without a high credit score. If it's is available, it tends to come with massive interest rates. In Advance Capital specialize in providing funding to businesses in distress and business owners with low personal FICO scores. We don't look at every financial misstep, business or personal, that can ruin your chances for approval. That means big things, like bankruptcies, as well as seemingly minor items, like missed bill payments may not effect your approval.
Most Popular Non-Traditional Funding Programs:
Merchant Cash Advance
If your business accepts credit cards, your best option for quick approval and fast funding is most likely a Merchant Cash Advance (MCA). With a merchant cash advance, you can borrow between $5,000 and $500,000 and have the money in as little as a 1 business day.
In Advance Capital has a streamlined, low documentation application processes, that is usually much faster than any traditional lender. You won’t need to provide any collateral or personal guarantee or tax returns either.
Bank Only Program (Merchant Account Not Required)
If your business doesn't have a merchant account, don't worry! Most funders that offer cash flow financing require a credit card merchant account which allows credit card processing. In Advance Capital's bank only ACH program is based on your daily sales which is determine from the review of your bank deposits. You will only have to provide a few recent bank statements, and you will have your no hassle funding.
How does a Bank Only Program Work?
With the Bank Only Funding Program, In Advance Capital will purchase a percentage of your future sales, regardless of how high or low they may actually be. You’ll be able to sleep at night knowing your volume of business will not affect your ability to pay back the advanced capital you receive. Bank Only ACH Funding Programs have enhanced flexibility, security and privacy in obtaining and repaying the cash your business needs.
Line Of Credit
Not sure how much money you'll need or when you will need it? Every small business owner worries about the possibility of a huge, unforeseen expense coming out of nowhere. Having business capital available is vital for succeeding in business.You can rest assured that with a Line of Credit Business Funding Program whenever the need arises, you'll have money available. You'll never have to worry about unpredictable expenses again
With a Line of Credit Funding Program, you will decide when to use your available funds and how much to take. As long as you have available funds, you can withdraw every time you need capital.. Take the amount you need now and come back whenever you need more capital to grow your business.