Ever since the financial crisis in 2008, small businesses are finding it increasingly difficult to access much-needed finance to fund growth and expansion.
Alternative finance for small businesses has gained in popularity over the past few years, and is expected to continue growing to a projected £12.3 billion by 2020.
In spite of this remarkable growth, small businesses still view finance as being difficult to access. It has been noted that businesses still treat banks as their first port of call for finance, due to some confusion in the market regarding less familiar alternative finance methods.
We’re here to offer clarity over common misconceptions about business cash advances, an increasingly popular type of alternative finance.
One of the benefits of a business cash advance is that it is quick and simple to apply. There’s no need for business plans and forecasts, all you need to supply is recent card processing statements – meaning the application is done over the phone in a matter of minutes.
Once your funding application has been approved, funds can be with your business in as little as three business days, which means you can get on with growing your business straight away.
You pay back only when you earn, and as the repayments are automatically deducted from your daily credit and debit card sales, there’s no need to worry about missed repayments.
If your business takes card payments from customers through a merchant account, you’ll be eligible to apply for a business cash advance. Typically, you’ll be advanced up to the equivalent of one months’ card turnover.
Business cash advances are described as ‘short term finance’ and are typically paid back within six months. You can even apply to top up your cash advance once you’ve repaid 60%!
You can use a business cash advance for any purpose including stock, cash flow, advertising/marketing, paying for unexpected expenses, purchasing equipment and even premises refurbishments.
For further information on alternative finance for small businesses, contact Quick Capital on 0800 3777 402 or visit www.quickcapital.co.uk