Ready for more working capital? Here's what you need to know
Since receiving working capital from a lender, your business has had additional financing available for whatever your needs may be. Whether you needed to repair broken equipment, open a new location, purchase inventory or simply have funds available for future projects, you’ve experienced the benefits of working capital solutions from a small business lender. Now, you’re ready for more! In this post, we’ll explain the ins and outs of a merchant cash advance or loan renewal, so that your business can continue to prosper.
1. The application should be simpler – Since you’ve received working capital previously, most lenders won’t entail the same process in order to provide you with more capital. At Fora Financial, we only require a business’s three most recent banking statements in order to supply them with another loan. If they received a merchant cash advance, we’ll also require their three most recent merchant processing statements in addition to bank statements. This is a much quicker process compared to a first round of funding, so the money could be in your account within a matter of days!
2. You may need to wait – Depending on the lender, you may be able to apply for more working capital before you’ve paid off your small business loan, or satisfied your merchant cash advance. For instance, we require that a returning business is at least 60 percent paid into their small business loan program before pursuing more capital with us. This also applies to a merchant cash advance; in order to be eligible for additional funding, you would need to have satisfied 60 percent of your obligations.
Although it may be wise to focus on managing your working capital before receiving more, we are willing to speak with you about a merchant cash or loan renewal prior to that point. We understand that every business’s needs are different, and you may require more funds depending on your business’s goals, so we try to accommodate when possible.
3. Pursue continued growth – With funding solutions from a lender, you’ve gained financial momentum; keep it going by applying for additional working capital. Maybe you used your working capital to grow your operations. Now, you can continue these efforts with additional funding, without overspending what your business is making in revenue.
4. You’ll already be accustomed to the process – Since this won’t be your first round of funding – you’ll be a pro! It is likely that you will have a clear understanding of how small business loan repayment or merchant cash advance remittance works. Plus, you’ll be accustomed to managing your working capital, and will probably know how to best utilize it for your business.
Receiving additional working capital from a lender will allow you to continue making strides for your business. A merchant cash advance or loan renewal can be a stress-free experience, and it is worth considering. At Fora Financial, we love being able to provide our loyal customers with more working capital, and many of them come back for multiple rounds of funding. If you’re a current Fora Financial customer, you can contact our knowledgeable Relationship Management Department at 888-221-6031.