We realize that you probably have hundreds of business loan questions for us about the way business loans and cash advances work with Business Credit & Capital. Feel free to browse our most frequently asked business loan questions, below. Our team is ready to answer all of your business loan questions right now! If you still have any business loan questions, give us a call at 1(866)222-9922.
Common Business Loan Questions
What is a Merchant Cash Advance and how can it help my business?
Many small business owners are unable to obtain traditional bank loans because they have insufficient credit or collateral. As a result, more and more businesses have been turning to Merchant Cash Advances for infusions of working capital or other immediate cash needs. Being able to obtain financing is the driving force behind the US small business economy.
How does a Merchant Cash Advance work?
It advances cash to merchants based on anticipated future sales, offering an alternative to the traditional bank loan. With a Merchant Cash Advance – which is not a loan – businesses receive a lump sum in return for a percentage of their future revenue.
How do I repay the Merchant Cash Advance?
An agreed upon percentage of your credit card processing is sent directly from your processor to us or an agreed upon daily ACH is taken out of your bank account until the Cash Advance is paid in full.
How does a Merchant Cash Advance compare to a traditional bank loan?
Qualifying for a Merchant Cash Advance is far easier than a bank loan. No checks are ever written, no late fees or hidden fees. In addition, there are no personal guarantees, no loss in equity or need to post collateral to secure the cash advance. Also the documentation is minimal compared to the extensive “hoops” that a traditional lender makes business owners jump through. And the best part is that the approval comes within 48 hours!!.
How long will it take to find out if I qualify?
Pre-approval is usually done the same business day. Funding takes two to three business days depending on the amount of the transaction. All in all, we can fund your business in less than a week!.
How easy is it to get approved by Business Credit & Capital?
Over 85% of our applicants get approved and funded in less than 5-7 business days. Our review standards are streamlined to provide an expedited approval process that requires minimal documentation. Qualification is fast, simple and easy. Not only that, but the overwhelming majority of our funded businesses choose to do business with us again..
How long will it take to get the cash?
Once the agreement is signed it usually takes 2-3 days until the money is sent directly into the business account of your choice and is received as early as the next business day.
How much can I hope to receive?
The average size of our cash advance is about $25,000, although cash advances range from $3,000 to $100,000.
What information do you need from me to apply?
You will need:
- One page signed application
- 6 recent months of credit card processing statements (if applicable)
- 2 recent months of business bank statements (6 month bank statements if no credit cards)
What information will you need from me prior to funding?
- Business lease or recent mortgage statement
- Proof of ownership
- Driver’s license or photo ID for all applicants
- Business voided check
- Business License
- Statements for payback months from previous year)
I am already with another company providing similar financing. Can you replace that arrangement and offer me more money?
Contact us to find out specifically how much we can offer you. We often offer larger advances than our competitors and will pay off your existing advance if it is in your best interest. Call us today to find out how much you are qualified to receive and what options are available to you.
What if I already have a business loan from a bank?
Our Merchant Cash Advance product is an advance, not a loan. As long as you meet our requirements, we can still provide you with immediate cash, without affecting your other obligations. We do offer many business loan type products through various lenders so some restrictions may apply.
What can I use the money for?
You are free to use the money in any way you feel is best for your business. Many of our customers use it for expansion, improvements, advertising, new equipment or increased (or seasonal) inventory. It is also frequently used for unforeseen emergencies, to buy out a partner, acquire a new location, or pay off and consolidate existing debt.
What interest amount am I paying?
This is not interest (unless it is for the larger sized Business programs). No matter how long it takes you to satisfy your obligation, the percentage we retrieve is fixed for the life of the funding until Business Credit & Capital receives the full amount of the sales it has purchased.
What if I need additional money – Can I apply for a second loan?
Absolutely. Once you have repaid 50% of your Cash Advance you are eligible to apply for additional capital from us.
What are the various programs that you offer?
We offer a wide variety of programs for different situations :
- Traditional Cash Advance
- Line of Credit
- Starter Cash Advance
- Premier Programs
- Bank only ACH programs
- Canadian Cash Advance
Do you provide Cash Advances in Canada as well or only USA?
Yes we provide Cash Advances in the province of Ontario in Canada as well as all 50 states of the USA.