Why Use Same Day Working Capital for Your Business?
Working capital is what a business requires to keep operating. 83% of businesses fail due to lack of capital. At Same Day Working Capital, we will explain working capital at more length, the different types of short-term alternative financing, and how you can get funded today!
Our financing is based on the MCA model (Merchant Cash Advance). However, a traditional Merchant Cash Advance is based on your future credit card transactions. This won’t work for many companies that don’t accept credit cards.
Our financing is based on the second type of merchant Cash Advance, and that is called the ACH Merchant Cash Advance. This type of MCA loan draws from your business checking account on a daily or weekly basis. ACH stands for Automated Clearing House. You’re probably familiar with this term when automatic payments come out of your bank account.
The benefits of using a same day merchant cash advance are extensive:
- You get funds the same day for emergencies, or anything else business related.
- Repayment is done automatically (ACH) so you can focus on your business, not your finances.
- Bad Credit is Accepted. Big banks want you to have a 700 credit score, whereas we get you approved with a 450 credit score. (500 credit score for advances above $25k)
- No Collateral: Big banks definitely want your business as collateral, or a part of your business. We don’t need any collateral.
- Big banks won’t accept certain industries. We accept over 700 industries.
- Same Day Approval – Apply before noon and get funded by 5 PM.
- 5 minute application, no hard credit check, immediate approval.
Other Names for Alternative Financing Options
- Revenue Based Financing or Capital
- Same Day Business Advance
- Business Capital Advance
- Merchant Cash Advance
- Line of Credit
Industries Hardest Hit
Out of all the industries, restaurants were the hardest hit. Restaurant same day capital is crucial at this time. Restaurants have one of the highest overheads, unstable staff turnover, and unpredictable cash flow.
There are over 1 million restaurants in the United States. They are the backbone of America, and that is where we connect as a race. Without restaurants, or small businesses in general, we wouldn’t have community or culture. We would rely solely on big corporations to feed us, clothe us, and entertain us.
Another industry hit hard was the Trucking industry and Retail. People were not out driving, or going shopping. We were stuck at home. Leisure & Hospitality-related unemployment rose 11.7 percent. Construction unemployment was up 4.6%, Laundry Service up 4.2% from previous year, and self-employed up 4.0%.
Industries We can Help
After the pandemic, big banks hand select businesses they work with more than ever. It’s just as easy for a big bank to underwrite a $20 million dollar loan as it is for them to underwrite a $20,000 loan. Which one do you think they prefer working with? The spotless, credit-perfect large businesses that want millions of dollars is who they want.
We help the underdog. We help over 700 industries get same day funding. We don’t want to turn away any LLC or Corporation. We have simple requirements for you to get approved. We offer same day advances up to $25,000, and working capital up to $2 million dollars in 3 to 5 days.
Terms for Capital
Merchant Cash Advances are short term advances under a year in term length. The ACH advance draws small daily or weekly increments from your business checking account. We don’t accept sole proprietors for this reason.
The daily increments are based on your future revenue and are based on factor rates instead of interest rates. Our terms are 1.19 to 1.49 times the funded amount, depending on how fast you pay it off.
Example: If you get a $10,000 advance and pay it off in 30 days, your total amount paid back is $11,900. That is a factor rate of 1.19 times the funded amount.
Benefits of Getting Same Day Funding Through Us
We offer you a fast and simple way to get same day capital your business today without all the paperwork and hoops. With big banks, after you sign a ton of paperwork and put up your business as collateral, you still have to wait several weeks before receiving funds.
We, on the other hand, give you a quick decision with no collateral needed. You also will get your own dedicated account manager, and can draw more funds as you pay it off.
Review the terms, accept the funds, connect your bank account, and you’re set!
Thanks for reading! I wish you all the success with your business! We are here for you!
Learn More About Us and How We Can Get You Same Day Working Capital
Erik C. Johnson
Independent DAC Agent