There’s never been a better time or more choices for small and medium-sized businesses throughout Detroit that need capital. And what business doesn't? Expanding, purchasing equipment, and evening out cash flow can all be managed with business financing. But business loans from traditional financial institutions are not the way to go for today’s businesses on the grow.
Today’s business owner in Detroit is constantly on the lookout for growth opportunities and must move quickly to take advantage of them. An opportunity for an acquisition or expansion can arise suddenly and needs an immediate response and immediate cash. There’s also the need to purchase equipment or inventory. And of course, there will always be emergencies and cash flow gaps that need to be quickly managed with working capital.
If your Detroit small business needs cash quickly and has a readily ascertainable history of credit card receipts, or a constant flow of cash deposits, a Merchant Cash Advance "MCA" may provide the funding you require.
A Merchant Cash Advance can provide Detroit's small business owners with an upfront fixed amount of cash in as little as 24 hours. The funding amount is based upon a percentage of the businesses credit card receivables or daily cash balances using historical credit card receipts and bank statements to determine the initial advance. The business pays back the advance, plus a percentage, often referred to as a discount factor, from a portion of their credit card receivables or cash available plus a percentage which is often referred to as a discount factor. The remittances are drawn from the business customer on a daily, or weekly basis until the obligation has been met. MCA's are great options for small business owners who may not have strong credit but have lots of credit card activity, or cash deposits and need financing quickly.
One of the greatest benefits of a Merchant Cash Advance is that the funds can be used for a host of business expenses. There are typically no restrictions on how you choose to use your Merchant Cash Advance, however some of the more typical uses of an MCA include:
Buying equipment – Could a new computer, desk, telephone, cash register or software come in handy? Money to pay for the purchase of necessary business equipment could help boost your profits. And if this cash isn’t readily available in your account, a Merchant Cash Advance can provide you with these funds.
Paying employees – Instead of running your business like a one-man show, a few extra hands could really help. Spending borrowed money on employee’s salaries can be the answer rather than disrupting your cash flow to cover this expense.
Purchasing inventory – One of the most common uses for a Merchant Cash Advance is buying inventory. It takes products in stock to make business profitable, so it only makes sense to invest in enough inventory to make sure you always have enough to sell to clients.
Expanding the business – If your business is experiencing some success, you might want to start thinking about taking things to the next level. A lump sum of cash might be just what you need to get business booming.
The biggest advantage to an MCA is the speed at which LVRG is able to provide capital to fuel your small business. In fact, LVRG Funding is able to provide small business owners in Detroit up to $1 Million in as little as 24 hours and credit is not a factor. The speed of the funding can allow a business to react quickly if there is a specific funding need.
Small businesses throughout Detroit are growing and thriving, thanks to LVRG Funding. Don’t let another day go by without the financing that could do the same for your business. Unlike other firms, we are fully committed to providing the best financing options available that benefit your bottom line, not ours. We know that time is of the essence when it comes to obtaining financing and our quick closing time will ensure that you get the money you need, when you need it. Headquartered in Detroit's Historic Ford Building, we are a local finance company dedicated to helping the local small business community thrive and grow. With a dedication to our clientele and a reputation for excellence, you'll understand why LVRG is such a respected member of Detroit's small business community. Give us a call today (855) 998-LVRG, we're here to help!