Merchant Cash Advance – Choose the Program That’s Right for You
The merchant cash advance is an alternative method of business financing. It was originally developed for small business owners who didn’t qualify for bank loans (i.e. low credit scores, no collateral, poor personal financial histories). Over time, however, the merchant cash advance has grown into much more. Many small business owners use merchant cash advances to finance their businesses, instead of bank loans or in addition to bank loans.
With the increased popularity of merchant cash advances, MRI merchants’ businesses have also become increasingly diverse, leading Merchant Resources International to develop several merchant cash advance programs, allowing small business owners to choose the cash advance programs that work best for their businesses.
Standard Merchant Cash Advance
Merchants who choose the standard merchant cash advance have the opportunity to receive up to $500,000 in business cash. To be approved, they will be required to process at least $3,500 in monthly credit card sales and their businesses must have at least one year remaining on the leases. They must have also owned their businesses for at least six months. Having unresolved bankruptcies will disqualify a small business owner from merchant cash advance eligibility.
Starter Merchant Cash Advance
Some small business owners apply for standard merchant cash advances and are declined due to length of ownership, change in ownership, low credit card processing or even poor credit scores. The starter advance program is designed to give these merchants an opportunity to build up their credit with MRI and eventually receive a standard merchant cash advance.
Starter advances are allotted in small amounts, ranging from $1,000 to $7,000. Once the advance is paid off, the merchant becomes eligible to receive a larger advance.
Premium Merchant Cash Advance
Small business owners who qualify for premium merchant cash advances have an opportunity to receive the lowest rates in the industry and loan terms of up to 12 months. To qualify for a premium merchant cash advance, a merchant’s credit score must be at least 650 and he/she must qualify for a merchant cash advance of at least $50,000. The merchant must also have owned his/her business for at least six months and have no unresolved bankruptcies.
New Restaurant Merchant Cash Advance
The new restaurant merchant cash advance is specifically for new restaurant owners. This program allows restaurant owners to have business cash in their accounts within the first week of their restaurants’ openings. For details about the new restaurant merchant cash advance, please contact Merchant Resources International.
