So you’ve done the groundwork and established a reasonably successful small business. Now you want to grow but working capital funding is a problem. Here’s how a merchant cash advance from Mantis Funding can help you in your small business growth plans.
If you’ve ever tried approaching a bank for a small funding, you know how hard it is to get approval. Banks hesitate to sanction funds for small businesses, especially those that only want a small amount. They have stringent eligibility criteria.
Your application may get rejected if you have a poor credit score, even though your business revenues are reasonably healthy. Moreover, the process of approval is time-consuming and could take weeks to months. But what do you do if you have to pay the deposit for a new storefront immediately?
How Is A Cash Advance Different?
A cash advance from Mantis Funding could be the solution to overcome the above-mentioned challenges. The company has a quick and easy process for approvals. If found to be eligible, you could get funding within a matter of days, not weeks. The company does not consider the credit score as eligibility criteria.
Instead, it looks into whether your business has been generating steady business revenues in the past and current times. As long as you can have documentation to prove this and can provide basic business information, you have a very strong chance of getting approval. The company accepts financing requests for small as well as large amounts.
How Do You Pay Back?
Once Mantis Funding reviews your application and finds that you qualify for a cash advance, it matches you with an appropriate lending option and puts forward a funding proposal. In the cash advance model, you repay from future receivables. A certain percentage is deducted from future sales.
The process continues until the entire lump sum, as well as applicable fees, are paid off. For a reasonably successful small business with strong sales figures, repayments should not be a problem. Another advantage of this model is that payments can be designed to complement revenue flow. You pay more when you have more sales or pay less when you have fewer sales.
Potential Uses of Working Capital Infusion
There are many interesting ways to use a cash advance for business growth. You can open a new storefront at a strategic location. You may use the money to implement a low-cost digital marketing campaign or a social media marketing campaign and connect with local community members.
You can also use funds to hire additional staff or buy additional inventory for the holiday season. Not only will this help you increase sales but also help you provide superior customer service. With superior customer service, you have an opportunity to convert first-time shoppers into loyal customers.
Taking cash advance from an unreliable company can lead to a can of worms. To avoid potential risks, check Mantis Funding reviews online and then fill out the application form. Once financing is approved, you can get started on the path to business growth!