Running a business, regardless of industry, is a labor of love. Starting, nurturing, and watching a business grow is an incredibly rewarding experience that many across Toronto have turned from a dream into a reality. But running a business, even a successful one, is tough. There are always things that need to be or could be done, but the money for these things just isn’t there for most small business owners. Who doesn’t have dreams of a renovation, expansion, or introducing new products and services?
Not only is this part and parcel to growing a successful business, but it is also imperative if you wish to stay relevant and popular. In Toronto today, just like so many other places, there is a ton of competition and you have to find ways to stand apart from the crowd to get people to use your products and services rather than the other guy. This is why businesses will offer loyalty programs, sales, and regular acquisition of new products or services that keep customers coming in the door for the first time and coming back again and again.
Chances are, you can think of any number of ways you could enhance your visibility, add more products and services, or create a more attractive ambiance and environment, but all of these things cost money. Liquid capital – cash – is something that most small business owners require and getting a traditional business loan is restrictive and the requirements prohibitive. This is why so many businesses simply don’t try to grow and ultimately end up failing.
It doesn’t have to be this way. More and more small business owners are learning about what is called a merchant cash advance. Merchant cash advances or MCA is a unique means of obtaining the cash you need on terms you can manage. Lenders like Canadian Merchant Cash Advance offer a different kind of lending opportunity for small business owners.
With an MCA, you can qualify for up to $50,000 in as little as 24-hours by applying online. Unlike a traditional business loan, you do not have to offer up collateral for an MCA. You can also qualify for an MCA even if you have less-than-perfect credit. With a regular business loan, you are restricted in what you can do with the funds you receive. However, with an MCA, you can use the funds for whatever you need for your business. Another key difference between an MCA and a business loan is how it is repaid.
A business loan requires regular monthly payments due at the same time every month. This means that regardless of how well your business is doing, you are required to make a payment. With an MCA, repayment is directly tied to revenue, which means the better your business does, the faster you pay the money back. Every time someone makes a transaction at your business, a small portion of that payment is automatically applied to repayment. Having your repayment directly tied to your revenue is just one of the reasons so many small business owners now swear by the MCA as the best way to get cash, quickly, simply, and at terms they can manage.