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Thread: Merchant Cash Advance for new business?

  1. #1

    Default Merchant Cash Advance for new business?

    Hello. I started a salon suite about 2.5 months ago using my own money. Although I'm bringing in about 14,000 a month, the startup costs are costing more than I thought and coming so fast.
    Basically, my question is, do you know of any merchant cash advance lenders who don't require 6+ months in business or great credit (mines not the best and getting worse daily). I already have a side job to try to keep afloat knowing that I just need to get thru the next few months. I'm looking for 5-10k. Thanks for any advice!

  2. #2
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    vangogh's Avatar

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    Aug 2008
    Boulder, Colorado
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    I don't know much about the merchant cash advance business, but I'm going to guess they all have similar rules about your credit and how long you've been in business. Have you asked family? $5-10k isn't a lot of money for a business and it's often an amount family can help with. Another option is to take on a partner for the business who can supply the financing you need.

    What would it take to turn the $14k you're currently brining in to $16k? Is that a realistic goal over the next month or two?

    How about a loan through the SBA? Is that something you've looked into?
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