Merchant Cash Advance for Plasterers
A Merchant Cash Advance (MCA) can be a convenient financing option for plasterers looking for quick access to funds. This financing option offers a single, lump-sum payment. In exchange, the lender gets a percentage of future credit card sales. Here's how an MCA can benefit plasterers:
Fast Access to Funds: Plasterers can get funds, often within a few days. This speed is crucial. It is for covering expenses right away or using opportunities.
Flexible Repayment: Repayment is based on a percentage of daily credit card sales. So, the amount paid fluctuates with business revenue. During slower periods, the repayment amount is lower, easing cash flow strain.
No Fixed Monthly Payments: Unlike traditional loans, MCAs do not need fixed monthly payments. The repayment is linked to the business's daily sales, providing more flexibility.
No Collateral Required:MCAs are unsecured, meaning plasterers don't need to provide collateral. This reduces the risk to the business but may result in higher fees.
Simple Application Process: The application process for an MCA is straightforward, requiring minimal documentation. This can save time and effort compared to traditional loan applications.
MCAs offer fast and flexible financing. But, plasterers must consider its terms and fees. High fees and daily repayments can make MCAs more expensive than other options. So, it's crucial to assess the total cost and effect on cash flow before proceeding.
Get a Plastering and Drywall Installation Business Loan
To get a business loan for your plastering and drywall installation business, start by assessing your money needs. Also, assess the loan's purpose. It may be to buy equipment, cover expenses, or fund expansion. Next, research lenders that specialize in providing loans to contractors or construction businesses.
Get ready to show the documents you need. These include tax returns, financial statements, and a business plan. They prove your business's money and ability to repay. Submit your loan application to some lenders. Then, compare their offers. Base your comparison on the interest rates, fees, and terms. Once approved, use the funds to grow your business. Repay the loan as agreed.
Eligibility Criteria:
- 1 year in the business
- Possess a Social Security Number (SSN)
- Monthly revenue should be $15,000
- Provide a 3-month bank statement
- A valid business Tax ID / EIN