People often ask me, “Why would I take out a short-term, high-interest loan like this when I could go to the bank and get a long-term, low-interest loan?” To which I reply, “Good question!”
Well, contractors especially, it often comes in handy to have us in their back pocket for a variety of situations. Sometimes the bank or insurance company paying for a job can take months and we can provide the working capital they need to pay for labor and expenses. When the work pays, we get paid and everyone is happy. And since they have only made a few months of payments, the interest they actually paid was pretty minimal.
However, we don’t just fund contractors. Any business owner can apply. A restoration contractor I was once working on financing for told me, “If I had $ 100,000 I could turn it into $ 1 million in 1 storm season.” While we lend money for many reasons, this is by far the best. Sometimes the tool you need to make money is money. If you can double, triple or more the profit level of your business, then the interest becomes a moot point because you have increased your profits many times the cost of financing.
If you are a contractor or some other type of business owner, this is one way that a merchant cash advance loan can be a great tool because you can have the money in your account in 1 to 3 days. Often times, the most profitable opportunities arise spontaneously and if you don’t have the ability to act in that moment, you will miss the opportunity entirely and basically lose an incredible return on investment because you couldn’t get the working capital fast enough. to make the investment.
We can help you scale your business when the bank says no, which it usually does. Not to mention, they are a nightmare to deal with. You need to provide tax returns, profit and loss statements, business plans, etc., and you, as a business owner, have better things to do than collect documentation for a bank over the course of 60 to 90 days, if even it is approved in all.
Also, they often want to control what you use the funds for and even if you have a perfect credit score, there are many reasons why they may still reject your application. In fact, more than 80% of commercial loan applications are rejected by banks.
We approve 90% of our requests once they are pre-reviewed by our agents and all we need is 6 months of bank statements and a simple 1 page application. We check credit less than 2% of the time so your credit is not affected, and we can usually have the funds in your account in 1 to 3 days.
Hopefully that makes it a bit clearer how Mom & Pop Business Funding can be a great tool for you or any business owner to keep in their arsenal of business and money making tools.
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General contractors, roofing contractors, restoration contractors, or any business owner can have access to liquid cash on demand to use for any reason by keeping Mom & Pop Business Funding on the proverbial speed dial.
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