Home Jersey finance news Are cash advances weighing on your business?

Are cash advances weighing on your business?

6
0
Are cash advances weighing on your business?

There are few things worse than trying to grow your business when you are struggling to get out of the heavy, unbearable weight of debt. And, for some, growth isn’t even the goal – staying in business is a struggle! Ultimately, debt is a dirty 4 letter word and it can wreak havoc on your business.

Most businesses start with a written plan and a clearly defined end goal. You can be sure that your product or service is what your ideal consumer wants. And, you know what you need to do to get it out. Once you do, you’ll be set. There ! You will roll into profit and life will feel good. First of all, however, all you have to do is get the financing and then you are on the right track. Look at yourself, business owner.

Wait… Funding? Do I need to get financing?

And There you go. The only key step in starting a business that can help you grow or destroy it.

For many new business owners and entrepreneurs, Merchant Cash Advance seem to be the easiest method of obtaining financing. However, if you’ve taken any merchant cash advances, or are considering doing so, be forewarned.

WHAT ARE MERCHANT CASH ADVANCES (MCA)?

You need money for your business. Fortunately, there are people who are ready to hand it to you. And guess what? You won’t have to pay it back with a fixed payment every month. You don’t even have to have a good banking relationship or good credit! All you have to do is repay an agreed percentage of your sales to the supplier each month. That’s right – they lend you money based on your future sales.

It’s too good to be true? It is because it is.

MCA providers know that many business owners come to a point where they will need the money; additional funding, if you will. And, when they do, they want it fast. Checking with local banks and completing an application after application is going to take time away from the business – and there is no guarantee that you will even be approved.

It’s no wonder that MCA providers attract so many customers – they give you money fast with no guarantees. But at what cost ?

With Merchant Cash Advances, you will find that:

  • The repayment is made at a very high rate. In fact, you could consider a 40% refund rate on your future sales. If you ever want to move forward and see real growth in your business, you may find that this percentage is holding you back, delaying your future.
  • Because these cash advances are not actual loans, but rather equivalent to the purchase of future receivables, there is no federal regulation. The laws that govern and regulate the banking industry do not apply here. What do you have left? A dangerous situation and questionable practices.

No matter how much money you need – or how fast you need it – merchant cash advances are the fast track to nowhere.

MEET YOUR NEEDS AS A BUSINESS OWNER

Owning your own business has been your dream for a long time. And, now that you finally do, you feel hopeless. Long days at the office and sleepless nights of worry don’t help either.

You did everything right. You even had a well-written business plan and seed money. Maybe you’ve been doing it right for a while or maybe you’re still struggling to sink everything. Either way, you need the extra funds, but you don’t even know who to turn to.

This money will help your business grow. It can even get you out of debt. Once and for all, you can have a clean slate where you put your energy into your business – worry free. You can hire additional staff, purchase more equipment, or open a second location. Sky is the limit!

Well you have 3 choices.

  • Cash advances from traders. As described above, you can sell a percentage of your future receivables to an MCA provider in the hope of getting the cash you need now. And, you can worry about everything else later. (Important note: this is not the wisest approach to business)
  • Stop smoking and shut down your business. What? Is it even a choice? Why would you ever want to stray from your dream? Let’s be honest, that shouldn’t even be an option. Unfortunately, it is. Every day, many people abandon their businesses due to heavy debt and bad business decisions. Don’t let this be part of your story.
  • Look for traditional and honest financing. Finally a wise choice. This may not be the most simplistic method in the short term. But, if you honestly want to invest in your business and turn it into something golden, then you have to think about the future. Selling a percentage of your future income shouldn’t be part of this plan.

If you’ve made up your mind, you may be wondering where to turn for help. You’ll be happy to know that we’ve got you covered too.

HELP IS AVAILABLE

Imagine for a moment that there was someone out there just waiting to help you. No red tape and no unethical practices. Just honest partner-to-partner help. Believe it or not, it is! At Mint Financial Group, we’re here to help – as long as you’re looking for traditional financing.

We take a personal approach to your needs so you never feel like the successful business owner that you are. Because your business is different from others, so you shouldn’t find your funding in one package. Our team will work to customize a financing package for you based on genuine methods.

Let’s remove the burden that is on your shoulders right now. Call Mint Financial Group today at 1-855-333-MINT. Or visit our website: www.mintfinancialgroup.com

Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here