Being a restaurant owner is not easy. In fact, it’s hard for the faint of heart. The money that needs to be put into it is phenomenal and the time is 10 times the amount. This is enough to scare the toughest of the tough. But, when you are passionate about your business, nothing is going to stop you. Most people take the first step and attempt a bank loan but then soon realize you’ve been rejected. Now, there’s hope, the MCA restaurant cash advance.

What is the MCA Restaurant Cash Advance?

The MCA restaurant cash advance is a type of merchant cash advance or as we like to call it, a MCA for short.  This is not actually a loan as such. It is instead a purchase of your business’ future credit/debit card sales. This is the true benefit of this type of repayment that no other traditional loan has. You are repaying it in a set agreed upon percentage rate for each sale.

Read More: 4 Best Funding Options for Restaurant Loans

Now, here’s another benefit you won’t find with many other loan sources especially bank loans. MCA lenders understand the ups and downs of the restaurant industry so it’s actually the most well-suited lending option for it. When your business encounters a lull and things get slow, you’ll be paying back a lesser amount. It’s that simple and that hassle-free.  There has never been more demand for loan sources like this.

How to Apply for a MCA Restaurant Cash Advance

This is a very simple type of loan to get. Now, if you are a new restaurateur that is in business for the first time, you’ll probably have to show some additional supporting documents but it’s nowhere near what you would have to show to a bank and it’s so much faster.  The most important point is most lenders will want you to have been in business somewhere around 6 months to 1 year.

Read More: Steps of Getting a Restaurant Loan from Non-Bank Lending Companies

The first actual step is to fill out the simple MCA restaurant cash advance online application form. The data on the forms vary but it will only take around 10-20 minutes of your time. Then, you’ll need at least 3 months of credit card sales in statement form.  Again, for some lenders, you may need more but these two things are standard.

What can I do with my Restaurant Cash Advance?

There’s no limit to what you can do with this valuable tool. Most restaurateurs will use it to renovate an existing business or one they want to expand to. Yes, with this type of loan you can repay it with a percentage of your existing store profit and pay to open another. It’s a great expansion tool. You can also keep your great help all year and pay them when the season gets slow. Every restaurant business has slow and busy times.

In Closing

The MCA restaurant cash advance is a valuable tool for successfully addressing the issues and basic needs of the business. The sky’s the limit when you have the perfect financial tool for your business.