Small business owners are more likely to find themselves in need of immediate cash flow than larger businesses with more revenue streams. Traditional bank loans can take a lot of time to secure. The application process requires extensive support documentation, and relies heavily on the current credit score of the business. Approval time, if approval is granted, can range from a few weeks, to a couple of months. In that time, the business may fall further into debt, fail, miss an opportunity to expand, or have to rent equipment rather than purchase it. A Financial Services Company in Ft. Lauderdale FL has developed less restrictive methods of funding than traditional banks and lenders.
A technology-enabled company, such as 1st Atlantic Funding, for example, streamlines the application, approval, and repayment process for small businesses. The application, for example, can be completed quickly online, with low documentation requirements. A decision for approval from the Financial Services Company in Ft. Lauderdale FL can be reached in as little as twenty-four hours, with the average time being forty-eight hours. Repayment is done automatically via electronic debits. The decision is not based solely on a credit score, but also takes into account the health of the business, the average regular cash flow, and the payment behavior. Money is provided through programs based on future sales, and is not considered a loan.
Merchant Cash Advance, for example, is a program that provides funding through discounted prepaid purchase of future receivables from credit card sales. It is for businesses that have substantial sales that are covered with credit card payments. The Business Cash program operates the same way, and is for businesses that consistently have over ten-thousand dollars a month in credit card sales. The Financial Services Company in Ft. Lauderdale FL works with the credit card processor to collect a fixed percentage of daily receipts from purchases made with a Visa and Mastercard credit card. Revenue based funding is an option for businesses that have minimal credit card sales. Those payments are also completed via automatic debits. Small businesses owners can utilize future cash flow to obtain working capital in a short time period. Funding can be used for meeting current invoices, expanding the business, making improvements or repairs, or purchasing equipment. For more information visit http://www.1atlanticfunding.com/Add to favorites