Restaurant owners don’t always have rosy days throughout the year, there are bad seasons that are characterized by an array of financial challenges. To overcome these, an alternative source of funding to keep the business afloat is an essential tool one must rely on. Traditional lenders decline most small business loan applications and this doesn’t spare the restaurant owners. Alternative lenders especially MCA companies who provide merchant cash advance for restaurants save many restaurants in their times of need.

Qualifying for a merchant cash advance for restaurants is not that hard. You just need to ensure that you have necessary documents in place and you can check out online sources to find suitable MCA providers in a location near you. As a restaurant owner seeking a merchant cash advance, you will need to provide your business’s financial statement, a copy of your credit sales in the past as well as an estimation of your near future credit sales. Provision of any form of collateral is not required and having a bad debt doesn’t spell doom for anyone who is interested in a cash advance.

Your business might be in need of a prompt source of cash to meet the working capital needs, approaching a MCA provider could be pretty relieving in this case. The application and approval durations just take a matter of days. A business owner can thus apply for a loan in advance when financial times are turbulent in order to pay his/her employees’ salaries, restock the business besides meeting other recurrent expenses. Compared to banks which might take weeks to months to get back to you, the time taken in this case is way shorter.

The repayment schedule for merchant cash advance for restaurants is based on a fixed rate which is applied to the daily credit sales of a given business. Going by this, a restaurant owner will have to pay higher amounts on days with good credit sales while the vice versa will apply for low sales volume days. Although the cumulative amount to be repaid is higher compared to what other lenders would charge, you will be left with a reasonable amount to keep running your business on days with low credit sales.

If you are a restaurant owner sourcing for funds to expand your business, diverse your range of dishes/meals besides acquiring other ventures, then a merchant cash advance for restaurants is all that you need. You will get the right amount of cash in good time to meet your business needs. What is more is that you can use the cash advance for reasons other than the ones specified during the application process, there is no follow up on how you utilize your loan.

Merchant cash advance companies are quite friendly to small scale businesses in the provision of loans to sustain their businesses. Unlike the traditional lenders who have high decline rates of the loan applications, the MCA companies have high approval rates for those seeking a merchant cash advance for restaurants.