Does Fast Funding with Velocity Fit the Needs of Your Business?March 17th, 2022
Will Fast Funding with Velocity Fit the Needs of Your Business?
Curious if a working capital solution, or more specifically, a merchant cash advance is the right financial product for your business? Here are some basic pre-qualifying factors that should make you feel good about taking the first step and applying.
- You’ve been in business for over a year.
While we love a good startup and fully understand how crucial the first year is for a new business, we do require one year in business to offer funding. However, if you’re a startup and you’re reading this, please do not hesitate to reach out to us. We have plenty of resources, and one of our customer service representatives will be happy to connect you with other providers of capital who can assist and more readily serve your needs.
- You need the money quickly.
Maybe you’re expanding your restaurant with a seasonal outdoor eating area and need to purchase additional seating, or perhaps some major piece of equipment for your home repair business broke and replacing it quickly means not losing possible profits or clients on upcoming jobs. For a small business, needing capital quickly means the difference between having a good month, or a great month. The lengthy application process at a traditional lending institution can frustratingly equal time and money lost. With Velocity, the process is straightforward, individualized, and quick; meaning in 1-2 days you’ll have cash-in-hand to serve your business’ needs.
- You’re looking for something short-term.
A merchant cash advance isn’t a long-term financial product, so you can get the money you need quickly, and fulfill the advance anywhere from 3 months to 9 months’ time. If you choose to renew, the length of time and money in your agreement will extend, or you can move on from a merchant cash advance to a more long-term financial product.
- Your credit score isn’t the best it could be.
We’re not looking for perfect credit- we’re not even looking for great credit. We look at your business’ financial picture as a whole and consider all aspects of your profile that would make you a great candidate for short-term funding. That full picture includes your credit score, but is not reliant upon it.