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Business Funding Red Flags and Loan Scams

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Getting the funding you need is a critical part of managing your business and its cash flow. When important equipment breaks and you need a replacement immediately, getting a loan quickly is essential. However, because many banks refuse to loan to small businesses, entrepreneurs are turning to alternative lenders for financing. As good as some of these services seem to be, scams are everywhere, and business owners could be risking everything in their search for a loan if they aren’t careful. From banks to alternative lenders If you are a business owner, you’ve probably...

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Coming Soon: AI Will Disrupt Your Business Debts

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If you’re a small business owner, chances are you have tried and failed to get a loan from a bank in the last decade.  The New York Times reported that fewer than one in five small business loans are approved by banks.  The simple fact is that banks aren’t lending to small businesses anymore. It’s just not profitable for them. As banks have moved out of the SMB (small and midsize business) loan space, however, several enterprising companies have sprung up to take their place. The refusal of banks to lend to small businesses has fuelled the merchant cash advance...

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Business Financing Options You Haven’t Thought of Yet

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Securing financing for your business is tough. It always has been for small businesses.  According to Wells Fargo, 77% of small businesses rely on personal savings for initial funding.  But it should get easier once you’ve been in business for several years, right? Not necessarily. The National Small Business Association surveyed its members and found that 27% of them still weren’t able to get the funding they needed. Without necessary cash infusions, small businesses could be in trouble. This is particularly a problem for small businesses that need a loan to buy or...

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Better Alternatives to Merchant Cash Advances (MCAs)

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Cash flow is the lifeblood of a business. If you can keep cash flow healthy, your business is in a great position. However, there may come a time when, for whatever reason, cash flow dries up – and it isn't necessarily caused by mismanagement. From a client paying an invoice late to a sudden drop in demand for your products/service due to seasonal changes, cash flow problems can be devastating to a business.  Many owners face business cash flow problems at some point in time, and many are able to weather the storm. However, if you have business debts that require regular repayment...

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Merchant Cash Advance Rules

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Every small business owner knows that if they want cash, the bank is probably the last place they should go. It’s not that they’ve suddenly become untrustworthy since the financial crisis (although some do hold that belief).  The real reason is because banks don’t have any interest in lending to small businesses. Banks can’t make enough money from small loans. Small businesses aren’t without a lack of financing options, however. In the wake of the banks’ neglect, alternative lenders have risen to prominence. Offering fast loans for virtually every...

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How can an mca affect my business cash flow?

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Small business owners in need of a short-term business loan or quick and easy financing frequently turn to a loan vehicle called a merchant cash advance, without fully understanding how a merchant cash advance can affect their cash flow. Effect on Cash Flow Merchant cash advance payback schemes have the potential to put significant pressure on the daily cash flow of a business. The daily payback of a merchant cash advance can range from low (around 10% of business receipts) to significant (up to 50% of business receipts). When the payback requirement on daily receipts of $5,000 is at a...

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What is a merchant cash advance?

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What is a Merchant Cash Advance? Merchant cash advances are advances of money in exchange for repayment out of future sales or other receipts. The advance is usually repaid based on a pre-agreed percentage of the gross daily receipts of the business, or sometimes by fixed amounts withdrawn from the borrower's business bank account. Sometimes the business' credit card payment processor handles repayment automatically to ensure a frictionless process for the owner and to avoid missed payments, but often the merchant cash advance provider debits the daily payment amount directly from the...

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