What Can I Use My Merchant Cash Advance For?
On the Synergy Merchants Blog, we often highlight the various difficulties endured by Canadian business owners who attempt to secure business loans from their banks. Of note is the fact that bad credit histories, a lack of collateral and insufficient business proposals are top reasons why so many entrepreneurs get their loan applications denied.
It’s important to underline the fact that detailed business plans are highly important in the world of lending money for the purpose of business growth. What do you plan on doing with the money? How do you intend on generating income in order to pay the loan back? These are two of the main questions that loan officers need to have answered. If your plan is unable to answer the questions, it is unlikely your loan application will be approved.
With a merchant cash advance, no detailed business plan is necessary.
Our licensed funding specialists don’t need to know what our clients plan on doing with their merchant cash advances. Naturally, our team is only too happy to offer suggestions and hear ideas. However, to be approved for a merchant cash advance, a detailed business plan is not required.
What can I use the merchant cash advance for? This is a question we so often hear from our clients. And it’s a question we’re only too happy to answer! One of the greatest aspects of our unique merchant cash advance program is the fact that the funding we offer can be used for what our recipients like.
That includes renovations, advertising, expansion, maintaining cash flow, buying new inventory, buying new equipment, buying out a business partner, emergency situations or getting through slow seasons. The choice, of course, is completely yours!
There are many benefits to advertising your business.
On DuctTapeMarketing.com, John Jantsch reminds us that advertising is the only medium you can control. You have the freedom to create a message and determine when you want to deliver it to your audience. He also points out that advertising helps to provide legitimacy to your business.
“Don’t ask me why this is exactly, but every time I run advertising people comment that business must be going well,” writes Jantsch, “The perception that you can afford advertising is often enough to sell and resell prospects and customers alike and makes it easier to get attention for your entire message.”
Renovations can work wonders.
As we’ve pointed out in a number of past blogs, giving your business fresh new look is a great way to intrigue both current and new customers. While advertising helps to give the impression that business is going well, a newly renovated store makes very clear that your business is thriving. As Canadoo.ca informs us, people do judge books by their covers. How does your cover look?
“Think of your office as the cover and your business as the book,” says the website, “Regardless of whether you’re operating a well-oiled machine, if your offices are outdated and drab, customers and business associates will judge your business harshly. Similarly, if you’re undergoing a rebrand, an office renovation may be a critical component of the process.”
Don’t hesitate to reach out to the Synergy Merchants team for a free, no obligation quote for a merchant cash advance. Call us at 1-877-718-2026 or email us at firstname.lastname@example.org.