People often ask me, “Why would you take out a short-term, high-interest loan like this when you could go to the bank and get a long-term, low-interest loan?” To which I reply, “Good question!”
Well, especially contractors often find it very useful to have us in their back pocket for a variety of situations. Sometimes it can take months for the bank or insurance company to pay for a job and we can provide the working capital they need to pay for labor and expenses. When the work pays off, we get paid and everyone is happy. And since they’ve only made a few months of payments, the interest they actually paid was pretty minimal.
However, we don’t just finance contractors. Any business owner can apply. A restoration contractor I once worked for in financing told me, “If I had $100,000, I could turn it into $1 million in 1 storm season.” While we lend money for many reasons, this is by far the best. Sometimes the tool you need to make money is money. If you can double, triple or more the profit level of your business, then the interest becomes a moot point because you have increased your profit many times the cost of financing.
If you are a contractor or some other type of business owner, this is one way that a merchant cash advance loan can be a great tool because you can have the money in your account in 1-3 days. Often the most profitable opportunities arise on the spur of the moment and if you don’t have the ability to act then and there, you’ll miss out on the opportunity entirely and basically miss out on an incredible return on investment because you couldn’t get the working capital fast enough. to make the investment.
We can help you scale your business when the bank says no, which it often does. Not to mention, they are a nightmare to deal with. You need to provide tax returns, profit and loss statements, business plans, etc., and you as a business owner have better things to do than compile paperwork for a bank over the course of 60-90 days, even if is approved in everything.
Also, they often want to control what you use the funds for and even if you have a perfect credit score, there are many reasons why they may still deny your application. In fact, more than 80% of business loan applications are rejected by banks.
We approve 90% of our applications once they are shortlisted by our agents and all we need is 6 months of bank statements and a simple 1 page application. We do credit checks less than 2% of the time so your credit is not affected, and can usually have the funds in your account in 1-3 days.
Hopefully that makes it a little clearer how Mom & Pop Business Funding can be a great tool for you or any business owner to keep in your arsenal of money making and business tools.
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General contractors, roofing contractors, restoration contractors, or any business owner can access liquid cash on demand to use for any reason by keeping Mom & Pop Business Funding on the proverbial speed dial.
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