Here’s a scenario for you. Your vegetarian fact food business is making a decent profit after a few years of barely making it in your community. The idea of a veggie fast food mushroom burger didn’t catch on as quickly as you thought it might. However, you put forth your best effort, used local organic fruits and vegetables, appealed to local vegetarian and vegan groups to muster up support, and soon found yourself doing extremely well.
In fact, you are starting to pay off the debt you accrued during the lean years, but you don’t have the capital to get the drive-through window you really need to make this thing really take off, and you want to get a new deep fryer as well as hire that cook that can make tofu taste like steak. You try for Restaurant Business Loansfrom your local bank and get turned down because of your poor credit. You think about using the equity in your home to finance the drive-through window, at least, but that seems pretty risky – those hard years are still fresh in your memory.
A better way to get funds equal to restaurant business loans without the wait or the necessity of collateral is to apply for a merchant cash advance. A cash advance of your future credit card profits can be obtained by you to use in any way that you would like – including producing vegetarian fast food commercials or investing in your own sweet potato farm for your fries. Merchant cash advances are like restaurant business loans in that they make capital accessible to restaurant owners who need it in order to stay afloat, as well as expand or grow their businesses.
The provider of the cash advance will likely use totally different criteria than a bank or other lender when you apply for instant capital. A bank will look at your credit history before it ever considers what kind of assets or collateral you have, and long before it takes a gander at your business plan. If you have poor credit, you are out of luck, even if you are presently selling tofu by the truckload along with gallons of 32-ounce mega-sized spinach and cranberry juicer drinks, which means you are rolling in the money – the bank or other lender that makes restaurant business loans won’t care that much. A provider of merchant cash advances, however, will care because the more often people use credit or debit cards at your fast food vegetarian restaurant, the sooner they will profit as well.