Merchant Cash Advance New Jersey
Are you searching for the most flexible forms of small business funding? Consider a merchant cash advance (MCA). Unlike other types of financing, these options usually have no restriction on how you can use the advanced funds. If you are interested in this type of funding, here are a few things to know about merchant cash advances.
Contact Us To See How New Bridge
Can help your business grow, fast.
Contact Us To See How New Bridge
Can help your business grow, fast.
Term loans
Up to $2,500,000.00
Lines Of Credit
Up to $150,000.00
MCA's
Up to $500,000.00
Apply for Merchant Cash Advance In 3 Easy Steps
Applying for a small business loan at New Bridge Merchant Capital is Quick and Simple!
1
Complete the Application
All of your information is kept safe and we only ask for basic information about your business and three months of your most recent bank statements.
2
Get A Decision
Your dedicated loan advisor will review small business loan options with you to find the one that best suits your needs.
3
Recieve Your Funds
Once you complete the online checkout, you can receive your funds as soon as the same day.
What Is a Merchant Cash Advance?
A merchant cash advance is different from a loan. This funding is more like a cash advance, with approval based on credit card sales deposited in the business’s merchant account. Many business owners can apply for an MCA and have access to the fund in little more than 24 hours after approval.
Merchant Cash Advance providers in New Jersey will evaluate their customers’ creditworthiness differently than those of traditional banks. These providers will examine the daily credit card receipts to determine if the business can pay back any advance within an appropriate time limit. Along with that, these MCA rates can be higher than other financing options. With that in mind, it is vital to understand the financing terms so that you can decide if an MCA will make sense for your business needs.
Who Can Apply for a Merchant Cash Advance?
These merchant loan advances are ideal for a specific type of business owner. If you process a lot of debit and credit card transactions, you can receive funding in as little as 24 hours. The financing option may be an excellent choice for those B2C businesses with lower credit scores. Many of these businesses only need a small amount of funding. Also, a merchant cash advance is ideal for those owners who may have a limited amount of collateral, like real estate or other property.
Business funding can benefit medical practices, dental practices, restaurants, pharmacies, and gas stations. However, that list is not exhaustive. No matter your industry, you can find the right funding option that helps you achieve your goals without sacrificing your current cash flow.
Can You Use a Merchant Cash Advance Loan for Anything?
There are numerous ways that you can use an MCA for your business. Here are some of the most common uses to help your business:
Provide Additional Sources of Cash Flow
One of the most common challenges many small business owners face is the lack of cash flow or capital. In some cases, unpredictable seasonal downswings, operational changes, and unexpected emergencies can put a strain on your business's cash flow. With merchant cash advances, you can fill in many of those gaps in your cash flow. With that, you will have access to the working capital needed to maintain normal business operations, especially when cash can be tight. Get the working capital you need by applying for this type of cash advance.
Purchase Inventory
In many cases, businesses can purchase inventory in bulk to reduce costs. You can stock up before your busy season or add more inventory for an upcoming promotion. However, all that can put a strain on your current cash flow. You can get a special inventory financing option from a few lenders, but you will not have the freedom to purchase specific inventory. Plus, you will need collateral to secure a loan. Merchant capital loans don't require collateral. You can use these advances for various purposes, such as advertising or promoting a sale.
Boosting Your Advertising and Marketing Efforts
You can even use an MCA to kickstart your advertising and marketing campaigns. In many cases, you need to use your capital to invest in these efforts. A merchant cash advance can help with your marketing efforts if you don't have cash. Whether you want to invest in direct mail or a traditional marketing strategy, marketing and advertising can help bring in more customers and revenue.
Hire New Employees
Whether you need to replace an employee or grow your business, a merchant cash advance will provide you with the working capital to hire these new team members. As a result, you can serve more clients and generate additional revenue for your business.
Repair or Purchase New Equipment
If you have old technology and equipment, it can slow down your business. With that, you will not be able to provide your clients with the best services or products. These loans are the best way for you to repair existing equipment or invest in new pieces. While you can apply for special equipment financing, those loans are only available for a specific type of equipment. Plus, that equipment will be used as collateral to secure the loan. As previously mentioned, merchant cash advances require no collateral, and you can use the funds as you see fit for your business.
Build a New Website
Today, every business needs to have a website. If you don't have an online site, you could miss out on reaching customers. Creating an easy-to-use and attractive website does take a significant investment of capital. An MCA can provide you with the funds to work with a marketing agency or designer to develop a website for your business. You can use these funds to update an existing site with newer and more convenient options for your clients.
Invest in Training
With a merchant loan advance, you can invest in more education and training for you and your staff. As a result, training will open up new revenue streams, allowing you to offer new services and products. Some industries, such as the legal and medical fields, need to keep their certifications and enhance their knowledge of certain subjects. MCA funding is a great way to complete all requirements for professional development without dipping into your existing cash flow.
Start a Remodeling Project
Many businesses need to present a professional image for their clients. With that in mind, they need a well-finished, attractive office space with the latest technology. For many newer businesses, investing in these purchases can be difficult without access to a loan.
Whether you need to expand your office or renovate an existing space, these MCA funds are a great way to provide capital to help relocate or remodel your business space.
Cover Any Seasonal Costs
Unfortunately, your business might have to deal with seasonal costs, such as paying out additional wages and salaries for temporary workers. You may need extra money for other activities to help prepare your store for a busy season. When you are coming out of the off-season, funds may be tight, and you will need help to prepare properly for those seasonal changes. MCA funds will be an excellent source of working capital to ensure your business is ready for the busy season. Along with adding a boost to your busy seasonal demand, this type of funding can help fill in the cash flow gaps during any off-season. MCA funding is ideal for those businesses that can experience cash flow issues during certain seasons, like those in the construction or landscaping industries.
Purchase Raw Materials
In many cases, certain businesses must purchase raw materials to start on a project for their clients. Usually, construction businesses experience these issues. Often, clients will pay the company up-front to get started on the project. Merchant cash advances can be used to purchase any raw materials for these jobs. With that, you will not put a burden on your existing cash flow or have to pressure your clients to pay any outstanding invoices.
Covering Unexpected Expenses
Retraining new employees and dealing with repairs are often unexpected costs that hurt a small business's cash flow. When you apply for a traditional loan, it can take a few weeks or months to access those funds. In the meantime, small business owners will need to look for other ways to maintain their everyday operations. Merchant cash advances can be approved in less than one business day. As a result, you can protect your cash flow even when unexpected expenses occur.
Do I Qualify for a Merchant Cash Advance?
SBA and traditional bank loans are typically available for wealthy business owners with strong credit scores and existing property. With an MCA, you have more flexible funding options that look at your business’s health. Your business must accept debit and credit card payments if you want to qualify. Plus, there is no need to put up collateral for the loan. Other factors for your MCA loans may be considered, such as current cash flow, business revenue, vendor payment history, and years of operation.
How To Get a Merchant Cash Advance
In 3 Easy Steps
Applying for a Merchant Cash Advance at New Bridge Merchant Capital is Quick and Simple!
1
Apply for Funding
You will need at least three months of bank statements. Additionally, you should have debit and credit card transactional records available for review.
2
Choose the Right Funding Options
In most cases, a funding provider will reach out to you to discuss the options that are right for your business.
3
Receive Funds
If you get approval, you can have your merchant cash advance deposited in your account in less than 24 hours.
Now that you understand the basics of a merchant cash advance, you need to find a reputable company to help fund your business. NewBridge Capital can help your business.
Find Funding from a Leading Commercial Lender
At NewBridge Capital Solutions, we offer top-tier loan products that can help businesses of all sizes. Our reputable funding and exceptional customer service make us a trusted leader in the commercial finance industry. If you need help selecting the right cash advance or loan for your business, reach out to us.
See Why our Customers Trust New Bridge For Merchant Cash Advances
Celebrating Over 190,000 small business funding transactions with over &7 billion in working capital
Above & Beyond
Matt went above & beyond to get Me the very best deal with the best terms A+ overall experience
-Erik Owner
Thank You
I had the pleasure of working with Mark in early February 2020. I was able to get the money I needed in a timely fashion. I have worked with other companies in the past and Newbridge was the first time I’ve felt completely taken care of, and like my interests were put first. Thank you Mark, I look forward to working with this company in the future.
– Chelsea Owner
Best Experience
I have worked with Mark at Newbridge on several occasions. And have had THE BEST experience each time. He is caring compassionate goes ABOVE his job. The funding I receive is SO MUCH better than anyone else regarding rates.
-Susan S. Owner
Frequently Asked Questions:
What Can A Term Loan Do For My Business?
A term loan can provide your business with a lump sum of funds to finance capital expenditures, business expansion, or working capital needs. It typically has a fixed interest rate and a repayment period of 1-10 years, providing predictable monthly payments to manage cash flow. It can help build business credit and improve overall financial stability.
How Long Does It Take To Process My Loan Application?
Cash advance/Term Loan application processing time varies, but it’s typically faster than traditional loan processing. Some lenders offer quick approvals, with funding available in as little as 24 hours.
Am I Penalized For Repaying My Loan Early?
Early repayment of a cash advance loan does not result in a penalty. Some lenders may offer discounts for early repayment or renewing with them before the full term expires. It’s important to review the loan agreement and understand all fees and terms before accepting the loan.
What Paperwork Do I need For An Online Business Loan?
To start the process the typical documents include our application filled out and the last three months of your business banking statements (all pages). In order to close (fund your account) we will need a valid color copy of your driver’s license, a voided check from the account supplied to us and proof of ownership for the business.
Are There Other Fees Involved In An Online Business Loan Application?
Origination fee: This is a fee charged for processing and approving the loan application, which includes verifying a borrower’s information. This is fee is offset by the funding amount at completion of the loan.
Annual fees: (lines of credit): Some lenders charge an annual fee to keep your business line of credit open and active.
Application fee: Lenders sometimes charge a fee for processing your loan application. Put simply, you get charged just for applying. Luckily, these fees don’t seem to be the status quo for business lenders. We rarely see banks or online lenders charge application fees.
Missed payments: This one’s simple. If you miss making a payment on your business loan, your lender might charge you a fee. Most lenders charge a fixed late fee, but many charge a percentage of the missed payment as well. If they do not charge a percentage then they will require a “make up” payment to be made. The vast majority of business loans include late payment fees. If a specified amount of payments (usually 5) is missed, you may go into default status and be charged an additional fee. For more details on how this please reference the Appendix A of the agreement and make sure to read the agreement in full.
How Do I know Which Loan Is Right For Me?
Purpose of loan: Determine why you need the loan and what you will use it for.
Loan amount: Determine the amount you need and make sure the loan amount fits your budget.
Repayment terms: Consider the length of time you have to repay the loan and what your monthly payments will be.
Interest rates: Compare interest rates and determine which one offers the most favorable terms.
Terms and conditions: Read and fully understand the terms and conditions of the loan before accepting it.
Consult with a New Bridge Merchant Capital Advisor to help you make an informed decision.
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