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Obtaining and Building Credit with An MCA

For small- to medium-sized business owners across Canada, the availability of easily-accessible cash is one of the biggest barriers to expanding, improving, or renovating your business. Running a business can be stressful – especially when it comes to the financial angle of the operations. Many business owners do not have the credit or do not have the collateral needed to qualify for a traditional business loan, and the terms of repayment for said business loans are generally not easy for small business owners to manage.

So where does that leave the business owner who wants to upgrade, expand, or otherwise improve upon their business? What does a business owner with less-than-perfect credit do in this circumstance? In the past, the answer was either take out a business loan if you could qualify for it, or simply not do those improvements you want to undertake. Now, however, there is an attractive alternative that gives business owners access to the cash they need, without all the negative aspects associated with a business loan.

Merchant Cash Advances (MCA) from reputable lenders like Canadian Merchant Cash Advanceoffer a unique alternative to business owners who need access to cash for any number of reasons. Those who have no collateral, less-than-perfect credit, or even no credit can qualify for an MCA. It would seem like having no credit wouldn’t necessarily be a bad thing, but due to the nature of the economic system, having credit is part and parcel to getting credit most places, which can be frustrating for someone just starting.

An MCA will give you access to the cash you need fast, even if your credit score needs improvement or you have no credit at all. The great thing about an MCA is that it allows business owners to qualify for funds that they would not normally be able to qualify for. The fair repayment terms keep pace with revenue, making managing paying back the advance a lot more simple than a traditional business loan. Successfully paying back an MCA is also a great way for business owners to develop or improve their credit scores.

You can also use an MCA for any purpose. Many business loans come with restrictions on what can be done with the loan money. With an MCA, you can use your funds for anything you see fit. You can get access to the cash you need in as little as 24-hours and the application process is incredibly simple.

Owning a business and having no credit or less-than-stellar credit might make you think that obtaining access to cash for business improvements is just beyond your means. However, many small- and medium-sized business owners swear by the MCA as an excellent, affordable, and simple way to get the cash you need to see your business thrive.

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