Every growing business needs working capital for various needs. The funds are often required immediately with time of crucial essence. Any delay in securing funding can make the difference between a business succeeding or biting the dust.
However, funding is turning out to be a major problem for small businesses all over the USA. With banks tightening their approval processes due to increasing cases of banking fraud, small businesses are left to face the brunt and look for alternative sources of funding. Small business owners are increasingly turning to funding solutions providers like Mantis Funding to address their capital requirements.
Traditional Methods and Challenges
Established banks and funding institutions are usually the main sources for business owners to get funds for their businesses. The success or failure of an application depends greatly on the credit score of the business or the business owner. Small businesses with bad or no credit scores end up being turned down. Moreover, there is a lot of red-tape involved with banks. The documentation required is humongous, and applications can take weeks, if not months, to be either approved or denied. In such a scenario, an alternate source of funding like Mantis Funding is a great relief to small business owners.
What is a Cash Advance?
A Mantis Funding cash advance is a short-term funding solution for small and mid-segment business owners. It is designed for businesses such as liquor stores, retail stores, medical stores, automotive businesses, and many others. It aims to bridge the gap in funding requirements of small business owners all over the USA. The cash advance is given on the basis of the revenues generated by the business. Your credit score or the credit score of your business is not taken into consideration at all.
How Can a Cash Advance Benefit My Business?
While banks do not usually lend small amounts, with a Mantis Funding cash advance, you can apply for small amounts ranging from 5k to 250k. This is ideal for immediate cash requirements to purchase new equipment, hire quality staff for your business, or even pay off an existing loan from your bank. There are no restrictions on utilizing the funds.
A typical funding process – from submitting the application to the funds being remitted to your business account – takes between 24-72 hours. The quick turnaround means you do not have to wait for a long time to receive those funds and get your business running again. Repayment terms are very flexible. Instead of charging a fixed amount to be paid every month, companies often ask for a certain percentage of the revenue generated every month. This allows the borrower to pay a small amount in a lean month and a large amount in a good month. The time-frame for repayment is also very flexible.
All this means that you do not need to wait anymore to open that new location or add inventory to your business. A cash advance is hugely beneficial and crucial for the growth of your business.
Mantis Funding 