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Follow on Google News | Survey Finds Merchants Feel They Have No Choice But To Turn Away From Traditional LendersMerchant Cash and Capital Small Business Finance Survey finds merchants reluctant to apply to banks for small business financing because they don’t think they’ll qualify, process too difficult
By: Merchant Cash and Capital, LLC The survey confirmed the extreme challenges facing small businesses these days. 57% of those surveyed responded that they had applied for a small business loan in the past but a whopping 76% described the process of obtaining a loan from a traditional lender as either, “difficult” “It’s no surprise that small businesses are suffering from an extreme lack of available financing from traditional lenders and their tight qualifications but the depth to which the problem has gone should be of great concern,” said MCC President and CEO Stephen Sheinbaum. “Merchant cash advances are proving to be an acceptable and timely substitute for merchants who need funding for a variety of reasons. Unlike traditional lenders, MCC makes the process easier and quicker, which can be a true business-saver for those merchants in need.” The Survey found that there was a variety of uses for merchant cash advances, many of them short-term, which would place a premium on quick availability to funding. In order, the Survey found that 32% of small business respondents said they used their merchant cash advance for Expansion and Growth, while 15% used their MCA to Purchase Inventory. These were followed by merchants using an MCA for Payroll, Paying Taxes/Bills and Marketing. “It’s quite clear that there’s an important role for MCA’s to play in the marketplace, especially in these tough times. Unlike the banks, merchant cash advance companies, by and large, seek ways to help merchants who the banks won’t or believe shouldn’t be helped, or who simply don’t want to deal with the banks’ red tape and collateral requirements” Merchant Cash and Capital has continued to stay ‘ahead of the curve’ by offering innovative cash advance programs, unrivaled technology and reporting and creative underwriting. This allows MCC to fund businesses of all sizes, industries, and credit worthiness; which other competing advance companies are not capable of. Just as important, MCC has earned a reputation for working with businesses on a case-by-case basis to find the true story behind each business and to find ways to say “yes” to funding. Since 2005, Merchant Cash and Capital, LLC has been one of the nation’s small business cash advance funding leaders and program innovators. MCC has provided over $400 million in financing to over 12,000 distinct customers and a total of over 20,000 advances. For more information about MCC’s innovative programs visit http://www.merchantcashandcapital.com or call 866-792-9366. End
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