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The Funding Process
SECURING CAPITAL FOR YOUR BUSINESS
The website offers your business a step by step instructions on how to secure working capital for your business within 48 hours. By clicking on the links and downloading the appropriate documents. The documents are the stipulations needed for immediate funding of your business banking account. Please visit tastyfunding.com and download the pdf on the website.
Then include 4 to 6 months of your most current bank statements. The merchant application must contain a copy of the lease if renting the property. Business tax returns for the past two years for amounts over 100K requested
The Process at a Glance
Through strategic planning and a cohesive team-building approach, my clients have managed to get the results they sought from my consulting services. Take a look at what I’ve done in the past, and contact me today.
Businesses around the country currently have about 1 million open merchant cash advance accounts, according to data from the Consumer Financial Protection Bureau. While it’s certainly not as popular as other funding sources like credit cards, term loans, or factoring, it has helped a significant amount of businesses gain access to the capital they need to grow or cover operational costs.
As with any major financial decision, it’s important for entrepreneurs to carefully consider all of the potential pros and cons of this type of financing, which is actually more like a sale transaction and less like a loan.
For instance, many financial experts have expressed concerns in recent years about the lack of regulation in the merchant cash advance industry. Since it’s not technically a loan, it isn’t subject to the same rules that other banks and online lenders have to adhere to. So it can come at a major cost and entail some terms that are less than favourable for small businesses. However, the process also contains significantly fewer requirements and roadblocks than you’d find when trying to work with a traditional bank. So these services can provide additional options to some small businesses that aren’t able to access traditional financing.
Essentially, this type of transaction can help businesses in select situations. But it isn’t right for everyone. In order to make the best possible decision for your business, you first need to understand exactly what a merchant cash advance entails so you can determine whether or not it really fills a major financial need for your company.
When asking the question, What is a merchant cash advance? you should start by understanding what financing options are available for your business. Financing your small business is about having the right information to make a choice that suits your circumstances. The merchant cash advance is perfect for businesses that meet certain criteria.
Winners and Losers with No Grey Area
In the alternative finance industry, each situation is unique and requires a specific set of solutions. For this fact, I helped my client secure immediate cash-flow solutions for the ideal outcome for the situation, and through cautious planning, we are able to acquire working capital for the best end result.
Working Capital Introduction
In order for our team to get you, the best possible results total transparency is required. No stone must be left unturned, no "t" uncrossed, no "i" left undotted. In order to maintain a continuous flow of cash reserves for any business, an accurate look at the business in a macro view must be analyzed. With funding exceeding 250K the margin for incorrect accounting is null and void. The money funded is unsecured and the lender requires the banker ledgers are heavily scrutinized. With all the apparent prerequisites our team will guide you directly through the funding process.
Process Mechanics
Every lender is different. One lender might require that you maintain at least $2,500 in monthly credit card transactions, while another might require $5,000.
While most will require that you’ve been in business for at least a year, another might consider you for advance with less than six months time in business. Some lenders may even require that you make five or more deposits a month. Some may require less.
However, there are lenders out there who are more concerned about your credit score rather than your monthly credit card transactions. Lending firms generally want to see a credit score of at least 500 - 600. However, some lenders are willing to offer advances to businesses that have lower credit scores. Unfortunately, in these cases, the rates and fees for these MCAs are much higher than the typical percentage. Sometimes they are higher by as much as 5% to 10% than the regular retrieval rates.
The general minimum qualifications for an MCA are:
1+ years in business
$50,000+ in annual revenue
500 minimum credit score
4 - 6 months of business bank statements
The business deed or rental arrangement
Government identification
Total transparency
Testimonials from My Clients
I own a family catering business in the metro New York City area. Chef Boston M. Cohen offered extensive funding advice and funded my business 150K. you!
SKYLER ADELSON
My company operates a test kitchen. Most of our clients' do billing outward 6 months. FirstamaricanNYC.com acquired the billing receivables for all of our clients and charged us only 7 per cent of our future receivables.
CHRIS MING
My company started delivering dairy to a cold box during the 1970s. My family now delivers ready to eat meals to senior citizens in the NYC metro area. We wanted to expand to Philadelphia and First American NYC found the investors to help our company reach its goals.
FRANKIE BOLDER
I got my money in three days. Little to no paperwork. When COVID hit our workforce we lost and adjusted. First American NYC found the working Capital we needed to succeed.
QUINN DAVIS
