Because you’re basically promoting off a bit of your future business, gross sales data are what’s important here. The good news is that even when your business was rejected for a loan, you can nonetheless apply and get permitted for an MCA if you have a gradual move of credit card transactions. All you may want are your books and credit card receipts for the previous few months. Lenders not often take a look at a lot else for this sort of financing. Though this kind of borrowing is available for various industries, a merchant cash advance works finest for businesses that work primarily with credit score or debit card funds, such as restaurants and retail shops.
If you’re applying for an SBA 504 loan or most types of SBA 7(a) loans, you’ll also must make a down fee. For an SBA 504 loan, that’ll be 10 percent of the total loan amount. For an SBA 7(a) loan, it might be between 10 p.c and 20 p.c of the loan … Read More