Sometimes a short-term expense puts a small business owner in need of immediate cash. While a loan might seem like the obvious solution, the timing, terms and conditions aren’t always the best fit.
But there is another financing option available that offers high approval rates: a merchant cash advance (MCA). In fact, according to the Federal Reserve Banks’ State of Small Business Credit report, 84% of firms that applied for MCAs were approved.
If you’re considering this form of financing, start with our MCA calculator. By plugging a few numbers into this easy-to-use tool, you’ll come away with a better understanding of what your repayments might look like on a daily or weekly basis.
What Is a Merchant Cash Advance?
An MCA is not a loan, but an advance. When you enter into an agreement with an MCA lender, you receive a sum of cash in exchange for a percentage of your future sales.
Learn more about merchant cash advances.