When you obtain a traditional bank loan, you typically can only use it on expansion, remodeling, or equipment. However, there are many other items in your facility that you need cash for, such as products and marketing. Applying for a merchant cash advance allows you to purchase these and pay them back with fewer restrictions than your usual institutional lending. Here are a few areas of your company where you can get quick money for your multiple projects.
Advertising Your Business
Setting up a successful marketing campaign for your company can be an expensive venture. It may be a project that your current budget may struggle to handle. When you get quick cash from a lender, you can request enough funds to finance your advertising with all the media that will reach your customers. Get an estimate for the cost to produce, assemble, and launch your plan. The organization that offers a merchant cash advance must know these numbers to work with you. They also require that your corporation has a profit greater than what you are asking for. It will take a few days for approval, then the money will be deposited into your account.
Increase Your Inventory
When your business grows, you need additional items to sell. You can also increase sales if you add products to your inventory. However, this requires cash to purchase the quantity that you must have for the launch. Since this type of financing has few restrictions on what it can be utilized for, it is an ideal option to get you stocked up. Talk with your vendor to get an estimate for the order that you want to place. Then contact the merchant cash advance organization to request the funding that will get your new line started.
Hire Additional Staff
As you expand your operation, you will need more employees to assist you with production and sales. However, their payroll will come due before you see an increase in profit. A loan such as this can provide you with the funding that you require to compensate these individuals for their efforts. Since you will receive the money, you ask for quicker than the traditional method, you can estimate what the payroll will be. Once you submit it to the merchant cash advance lender, they will deposit the amount into your account. Keep in mind that you must have a larger income than the total you are requesting to be approved.