For many businesses, the line between success and failure isn’t necessarily about an innovative product or great customer service. The real difference between making it and not can come down to a single factor: funding. No matter how incredible the opportunity is that comes to your business, you can’t take advantage of it if you don’t have the working capital to execute the deal. For small businesses, getting that capital can be a challenge. If your business is trying to solve problems with working capital in New York, NY, here is what you need to know about your options and how Cardinal Equity can help.
Business Funding Basics
When most people think about funding their businesses, they think of business loans for banks. Although banks are certainly an option for working capital, there are drawbacks in choosing a bank for this kind of loan. First, qualifying can be difficult. At the moment in which you are probably as cash-strapped as you’ve ever been, a bank combs through your finances to try to qualify you for a loan. That means you could be forced to leverage large amounts of collateral or accept an unattractive interest rate to get the money you need.
The bank lending process can also be lengthy. When you need working capital fast, the bank may be too slow, which could mean that you miss out on opportunities that could make or break your business.
Merchant Cash Advances
Merchant cash advances offer a new way of generating funding for your business. With this kind of funding, you don’t need to worry about credit checks and lengthy applications. Your future sales guarantee your loan, so lenders are willing to fund you quickly. To pay back the loan, instead of worrying about keeping up with payments to the bank for years, you simply pay a portion of your credit card transactions until the loan has been satisfied.
Cardinal Equity makes it easy for syndicate lenders who fund these advances and the businesses that need their help to connect. When your small business needs funding, contact us before you call the bank for service.