As a small business owner, you are probably always searching for effective ways to grow your business. Staying updated with the latest trends, innovative technologies, and software, and new marketing efforts, are some of the best ways to expand and grow your business. Failure to do this may leave you left behind the competition.

If you want to ensure you are prepared to take advantage of new opportunities, having ongoing access to funding when it is needed is a must. One way to do this is by using a merchant cash advance. Some of the top benefits offered by a merchant cash advance can be found here.

No Credit Checks

Most credit unions and banks require you to have good credit scores to provide small business loans. If your score is under 700, the ability to get a traditional loan for your business may seem impossible. When you opt for a merchant cash advance, bad credit will impact your ability to get the funding you need. For many small business owners, this is a huge benefit.

Unlike a credit union or bank, a merchant cash advance doesn’t require any type of credit check to apply or receive the needed funding. That’s because this funding is based on your business’s credit card sales.

Fast Funding

Only about one of every five small businesses will be approved for a traditional business loan. With a merchant cash advance, you can get the funding needed in as little as 24 hours. You may have to wait two to three weeks for approval with a traditional loan because of credit checks. Most merchant cash advances will provide funding in two to three days.

This means that when you opt for a merchant cash advance, you may receive approval the same day and not have to wait to take advantage of new opportunities.

Industry Funding

In the initial year, up to 30% of small businesses will fail, or ownership will change. For example, restaurant owners may find it difficult to fund their business, and getting someone to look at it may be challenging. Also, meeting with banks is time-consuming, and there are no guarantees for funding.  

With a merchant cash advance, funding your business in virtually any industry is simple. This is why this may be something you should consider. In the long run, it will pay off and ensure you get the desired results and funding for your business.