The team at Goodman Corporate Finance is able to offer a simple alternative to the traditional bank loan with our business cash advance service.
A business cash advance, also known as credit card factoring or merchant funding, gives you a lump sum that you can use as working capital in any way that you wish. The advance is granted against future debit and credit card sales and there is no security required. An advance can be from £2,500 and above, and is based on the average of 120% of the average card turnover per month.
Do I qualify for a business cash advance?
Qualification is simple. All you have to do is meet the following criteria:
- Your business has been established for at least 4 months
- Your monthly turnover is at least £2,500 through debit or credit cards
There are a number of ways that you can use your cash advance. They are typically used to carry out some of the following activities:
- Buying equipment, furniture or stock
- Marketing or PR
- Tax payments
- Website development
- Cash flow
Advantages of a business cash advance
There are many advantages to taking out a business cash advance against your future credit card sales:
- Simple: The application is easy to complete and all documents are written in an uncomplicated way
- Speedy: Decisions are generally made in less than 48 hours, with funds arriving in your account in ten to 20 days
- Cash flow friendly: Funds are paid back at an agreed percentage of the daily debit / credit card takings
- No set repayment dates: The more card transactions made, the quicker the advance is repaid
- Non-judgemental: You can use the money for anything and we do not require complicated business plans to be completed
- No security necessary: Unsecured; no collateral or audited accounts required. Personal guarantees are taken from owners of incorporated entities
- No hidden fees: no application fees, early repayment charges or late payment fees
Why choose Goodman Corporate Finance?
We are able to find a funder for any occasion, no matter what your credit status is. Our access to over 30 factoring lenders and bespoke approach to your deal means we can find the solution that is the best fit for your current situation.
To find out more information about this innovative new product, please contact a member of the Goodman Corporate Finance team. You can get in touch by calling 0333 3583502, emailing email@example.com or completing our contact form.