One thing that almost all small business owners fear is something of great importance needing repair. Restaurant owners cannot run their business if their stoves are not in working order. Accidents and misfortune can happen out-of-the-blue and they can put a damper on your ability to run your business. Business owners may be able to limp by without a piece of equipment or tool that is not vital to the running of daily operations, but what happens when something major and vital requires repair?
Repairs or replacing equipment can be incredibly expensive, depending on what it is that needs fixing. Most small business owners don’t have thousands (or even more!) lying around if they need to replace or repair a vital part of their business operation. This can seem like a death knell to small business owners across Canada. If you don’t have the cash on hand for the repairs you need, that’s game over, isn’t it?
Traditionally, a small business loan would be the only solution in this instance. A business loan has a lot of requirements, including the need for a great credit score, collateral, and there are also restrictions on what you are and are not allowed to do with the money. Repayment is in no way flexible. You will be given a payment schedule that requires monthly payments, regardless of how well your business is doing. Many business owners don’t want to put up collateral and others simply don’t have the credit needed to qualify for a loan at fair terms.
This is why many small business owners have turned to lenders like Canadian Merchant Cash Advance. A merchant cash advance (MCA) is very different from a traditional loan – both in how it is obtained and paid back. With an MCA, you can qualify for the cash you need in as little as 24-hours. Even business owners with less-than-perfect credit can qualify for an MCA and no collateral is required. The repayment of the advance is directly tied to business revenue. Rather than a monthly payment, with an MCA, a small portion of each transaction at your business will go towards repaying the advance. This directly ties your repayment to how well your business is doing.
If you are facing repairs, don’t fear, an MCA might be just what you need to get everything back in working order. This type of advance offers more favorable terms than a traditional cash advance, with more flexible repayment options, fewer requirements and limitations, and available to you almost instantly. Most people are approved within 24-hours, allowing you to make the repairs that you need, without tying yourself into a long-term loan at unfavorable terms.