No Personal Guarantee For A Business Cash Advance
You have worked and saved for years, honing your skills, discovering the perfect location, and hiring the right staff. Finally, you open your first business. Then one day, you realize you require a business cash advance to make a renovation or to enlarge into the adjacent facility, but where to locate the funds?
The local bank is not likely to loan you any money. Not only are you still a “new company” and thus a more of a risk according to their figures, you just don’t boast a faultless credit history. Most people don’t. So what can you do? Relax, and look to your business cash advance professional.
A business cash advance broker deals with businesses of all sizes and ages. Even a corporation that has simply been in business for a a few months has an established credit card transaction history. Based upon that, a business cash advance company will propose the advance in a factoring agreement.
Never heard of a factoring agreement? A lot of people haven’t. A factoring agreement involves selling, at a discount, a piece of expected credit card receipts in exchange for capital in hand now. What good would it do you to identify you can accumulate the capital over the following three years when the chance to expand into your neighboring space is presented now?