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Steps To Receive Business Funding For A Retail Store
23 Oct 2020

There is no doubt that running a retail store can be an exciting experience. Whether you are selling branded shoes, apparel, or home décor, the retail sector continues to grow every year. With the development of newer marketing techniques and greater customer awareness, retail sales are on the rise. However, although this niche is growing, there may be expenses that you find challenging to meet. This is where merchant cash advance companies can help. Retailers who have got in touch with such companies are not only able to meet their expenses, but they have the freedom to plan for the future. 

Are your worried that the application process may be long and stressful? Don’t be. Getting a cash advance for a retail store is fairly simple and easy. Let’s look at the steps involved.

Funding Application

The first step is to apply for the cash advance. Today, reputed lenders offer an online application process. You will be asked to upload your documentation online. The entire procedure could take between a few hours to a few days. This is a lot faster than trying to get funds from a traditional financial institution such as a bank.

Documentation And Approval

When applying for business funding for a retail store or any other business type, you will be required to provide some documentation, such as a copy of the lease, citizenship proof, and copies of your bank statements and credit card processing statements. The lender will evaluate these documents to see if they are legitimate. Their interest will be to see whether your credit card transactions will allow repayment of the cash advance at a later date. The good news is that you are normally not asked to provide any collateral. This is useful as many small businesses may not be able to offer collateral, especially during the initial years of business. Once the documentation is submitted and evaluated by the lender, the approval may happen in just a few hours.

Terms And Conditions

Merchant cash advance companies have experts who will help you finalize the terms and conditions in the agreement. Both parties will decide on the holdback amount, the term period, and the amount of advance. A certain percentage or fraction of future credit card sales is held back until the full advance is paid back. However, certain lenders offer some flexibility based on the number of sales.

Once the above three steps are finalized, and the agreement is signed between both parties, you will receive the cash advance into your bank account. The repayment happens automatically as it is debited based on the agreed percentage. Business funding for a retail store is a great option as the process is simple and quick. Further, with additional funds in your bank account, you can stop procrastinating about future growth plans and actually bring your business dreams to reality. Why struggle with traditional funding options, when a cash advance is the easiest way to secure funds exactly when you need it!

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