Are you looking for same day working capital for your laundromat business? Are you in need of money fast to repair, hire, or expand your business? A same-day laundromat merchant cash advance might be the answer. They are the best alternative financial options right now for businesses that can’t or won’t go through a big bank.
What is a Laundromat Merchant Cash Advance?
There are over 35,000 laundromats in the United States generating roughly $65 Billion in revenue each year. However, many laundromats are dying mainly due to poor management.
A laundromat merchant cash advance is an advance given to you in a lump sum based on your business revenue. For example, if you made $10,000 a month with your laundromat, then you could receive around $7500 as an advance.
What is so compelling about MCA advances or Business Cash Advances is that you don’t need to put up collateral, have great credit, or have to wait weeks or months to receive your funds, like with big banks.
Merchant Cash Advances typically only require your laundromat business to be in business 6 months, credit score of 450, and generating $5,000 a month in revenue. You pay back the advance through ACH through your business checking. You need an EIN number as well.
If you meet these simple requirements and don’t have Liens or too many NSF days, then chances are you can get the working capital you need within 8 hours, if you apply on a business day in the morning.
Using your Business Advance to grow your Laundromat Business
The two most important ways to use your business advance is to hire better managers and repair or replace all dryers and washers that have been reported by customers as not running right. I would also look into advertising. We will get to that in a minute.
You know better than anyone what your laundromat needs this minute. However, many laundromats fail because of poor management. It is worth spending a couple more dollars an hour on an employee that has a great resume. You can find top talent online through hiring platforms, like indeed.
Also, replacing machines is imperative and can give you headache-free performance for years to come. Commercial-grade washers and dryers are not cheap. A Miele Professional dryer is $14,000 and a Miele Washer Dryer Set is $9,000. However, replacing one machine can give you more profit in years to come, and less complaints from customers. Using your MCA advance in the most efficient, income-producing way is crucial.
You can also look into online advertising if you want to increase clientele. Most people these days look at online reviews before visiting a store. Personally, I use Yelp or Google reviews to see what rating a store has before I go there. You can create a nice one page website and register it on Yelp, BBB, Manta, Google, and the Yellow Pages.
Why Use Us for Your Laundromat Business Advance
A laundromat merchant cash advance is the fastest way to get money for your business without all the red tape of big banks. Big banks have turned their backs on small businesses because it is just too risky for them right now to lend.
We are committed to your success because we are business owners ourselves. We have helped put $50 million into the hands of needy small business owners in the last 5 years, and plan to double that in the next two years. We work with over 700 industries and work with the best lenders to get you same day funding.
It is easy to apply. Again, you only need to be in business six months, earn $5,000 a month in revenue, and have a credit score of 450. You can apply which won’t affect your credit score to see what you can qualify for. You will also get a dedicated account manager and you can draw funds over and over again.
Good luck to you and thanks for reading! I hope that you get the help you need asap to keep your laundromat running smoothly!