Merchant cash advances or business cash advances are not for start up businesses. If your business like Slinkees has been accepting credit and debit card payments from customers (through your merchant services account) - you can get an advance against your future credit and debit card sales and then make payment based on a small portion - usually around 5% of all your future sales until the advance is paid back.
But, most start ups do not qualify for these as most lenders (called factors) want your business to already be accepting credit and debit cards for at least a year. Although I have seen some go as low as 4 months.
These lenders usually do not have high credit score requirements like the revenue based lender that posted here but know that merchant cash advances are working capital products and not really designed for start up companies.
You can check out www.businessmoneytoday.com for more information about these products, how they work as well as where you might be able to find some start up capital to get you to the point that you qualify for working capital loans.
---Business Money Today - Small Business Loans
Great simplified response parthg!
Our company provides Revenue Based funding as well and it can be a great way to access Capital when you need quick money to do things like hire seasonal employees, purchase supplies in bulk, acquire new equipment or furniture, etc...
Typically, these programs want to see a Business FICO score of 700+ (ours is 660+), no judgments, credit issues or unpaid balances on loans. Rates can run between 6.9- 21% APR but vary...
The nice thing about funding with these is they tend to be simple, quick and flexible - You just have to find the right program for YOUR needs!
Can I ask - What are you trying to accomplish? Are you a start-up?
I would be happy to discuss further and help out where I can - LK
---Linda King, Owner of Legacy Asset Solutions - Powerful & Effective Financing Solutions.