photo credit: jepoirrier

By now, small business owners have learned that with the economy as is, there is little to no time to wait when it comes to making business decisions. The slightest hesitation can cause significant damage to a struggling business. That is one of the many reasons why business owners are choosing to receive a business cash in advance.

Getting a business cash in advance is easy when working with a merchant cash advance lender. The entire process can take as little as two weeks when done correctly, allowing small business owners to quickly access cash to be used for their businesses.

If you’ve found yourself needing business cash, follow these steps to secure unsecured funds for your business.

First, complete a brief merchant cash advance application. This application will require you to provide information such as your business’s name, type, start date, etc. You will also be asked to submit at least four months of merchant statements. Your merchant cash advance lender may require you to provide up to one year’s worth of merchant statements if your business is seasonal.

Next, the funding specialist that you are working with will review your application and your merchant statements. When reviewing an application, most lenders are looking for three important things. One; that you’ve owned your business for at least six months. Two; that your business processes at least $5,000 a month in credit card sales and three; that you have at least one year remaining on your business’s lease. This process usually takes about 48 hours.

When the review process has been completed, you will be notified of the status of your application (whether it has been approved or denied).

Then, if your application is approved, funds can be wired into your account in as little as 10 business days. There are no restrictions on how the funds can be used, allowing you to make a decision that best suits your individual business.

If your application is denied because you have not owned your business for a long enough time or because the business’s monthly credit card sales volume is not large enough, you may want to wait a few months and reapply for the merchant cash advance.

Finally…well, with the merchant cash advance there really is no “finally”. Instead, it’s more of a continuous cycle, because most lenders allow borrowers to renew their funds approximately every three to four months. Funds can be renewed as many times as the merchant chooses.

Gaston C. writes articles about Business Cash in Advance for Merchant Resources International.