If you’re a Canadian business owner who has been turned down by a bank for a business loan, you are certainly not alone. Unfortunately, numerous business owners from all over Canada have endured the hardships that come with not being able to secure extra working capital from their banks.
Why is it so hard to be approved for a business loan?
As we’ve pointed out in a number of previous blogs, there are several reasons why banks deny business owners the loans they apply for. Among the most popular reasons are poor credit, a lack of collateral and an insufficient business plan. As Ty Kiisel explains on OnDeck.com, even successful business owners have trouble getting their loan applications approved.
“A healthy restaurant might get turned down for a loan if the business owner has a personal credit score of 600 and doesn’t have a track record of several years in business,” he informs, “As a general rule, banks prefer to see borrowers with personal credit scores over 680, they like to see a good number of years in business, and generally don’t like to lend to restaurants (they perceive them as higher risk).”
Kiisel goes on to explain that lenders tend to look at three particularly important factors when deciding whether or not to approve loan applications. They are the borrower’s ability to make timely payments, whether or not those payments will be made and what will be done in the event something unexpected happens.
At Synergy Merchants, we’re very well aware that banks don’t make it easy on Canadian entrepreneurs to secure business funding. This is why we’re so proud to offer our unique merchant cash advance program as an alternative funding source. With our program, you can turn your Visa, MasterCard and debit sales into immediate cash that you can use for your business immediately!
Our merchant cash advances range from $5,000 to $250,000 and can get into your pockets within the same day you apply for it. The application process is incredibly easy. There is minimal paperwork and we approve 100 percent of our applicants!
What makes a merchant cash advance so different from a bank loan?
A merchant cash advance is a lump sum payment made to a business in exchange for an agreed upon percentage of that company’s future credit card and/or debit card sales. Following this quick injection of cash into a business, the advance is automatically paid back through a small percentage of each credit card and debit card transaction made by the company.
There is no repayment schedule. There is no minimum payment requirement. If sales are good, payments are made quicker. If sales are slow, payments are made slower. There is no reason to ever fear being late on a payment. As well, no credit checks are necessary and no collateral is asked for.
There is also no interest that accrues on the balance over time. The total advance amount incorporates both the amount of the advance and a one-time fee that is charged. The fee is determined by such factors as a company’s credit card and debit card sales totals, its industry and its length of time in business.
Get yourself a free, no obligation quote for a merchant cash advance today!
Please don’t hesitate to call Synergy Merchants at 1-877-718-2026 or email us at firstname.lastname@example.org.