Merchant Cash Advance
What are the minimum qualifications in order to receive a merchant cash advance
How can a small business owner be innovative, smart and resourceful all at the same time? It doesn’t take extensive brainstorming or even hard labor, all it takes is a merchant cash advance.
The merchant cash advance has made it possible for small business owners to break away from traditional bank loans and avoid constant bank loan denials due to poor credit, no collateral, short business history and/or bank restrictions.
Small business owners who have owned their businesses for at least six months and process at least $5,000 in monthly credit card sales can receive an unsecured merchant cash advance and there are no restrictions on how the funds can be used.
Requirements for a merchant cash advance:
- You've been in business for at least 6 months
- You've been processing credit cards for at least 6 months
- You process a minimum of $3,500 in monthly credit card sales
- You have no open bankruptcies for the past 12 months
- You cannot be more than 30 days late on your location lease