Like many Canadians, you dreamed of owning your own business. You surveyed the market, crunched the numbers, and realized that the outlook was good. So, you secured financing through family, friends, and other investors, and started your own company.
Initially, business was good. But like many fresh enterprises, you faced some unforeseen expenses. Your future cash flow projections were excellent, but you desperately needed money to fund ongoing operations or you lacked funds to finance lucrative future projects.
You approached the big banks to bridge the funding gap but faced the following hurdles:
- Your business needs money quickly but the processing time is too long
- They recommend a credit score of at least 700 but yours is lower
- They want to see year-over-year growth of revenue, gross, margin, and net income but your business is new
- You can’t satisfy their demand for collateral
Instead of jumping through hoops for traditional funders that may not fulfill your needs, turn to SharpShooter Funding© experts for quick financing solutions that you can rely on. Our objective is to support Canadian businesses with fast, transparent funding. We disrupt the financial status quo by not overly relying on traditional financial metrics.
Merchant Capital Advance
If your business is close to a funding gap, in a financial emergency, or needs to a quick injection of capital to purchase goods or equipment for a sizable order, and you don’t want a conventional term loan, then you should reap the benefits of a merchant capital advance (MCA) from SharpShooter Funding©. Essentially, this is a cash advance based on your forecasted revenue.
Our MCAs are fast. You can apply quickly through our website by filling out an application at any time during any day of the week to prequalify. Depending on the application, we can let you know anywhere from a few hours to a day whether you’ve been approved. We are proud of our 90% approval rate. Compare this to banks, which take between 4-6 weeks to process an application with an approval rate of less than 25%
When you look at traditional business loans vs MCA you’ll also realize that merchant capital advances offer versatility. Unlike a loan, an MCA doesn’t involve unreasonable deadlines. It’s also unsecured so you don’t have to put your assets on the line.
At SharpShooter Funding, we realize that your small business needs support. You don’t want your enterprise to be deadlocked by hidden predatory terms when seeking funding options. That’s why our merchant capital advances offer flexibility. Typically, a funding packaging can be repaid from six months to a year with options for extensions.
What’s more, we believe in transparency. All terms and conditions of the funding packaging are clear, and the entire payment is made available within 24 to 72 hours. Meanwhile, a bank can take up to three months to release your funds, if your loan is approved. Also, you can return the money in reasonable installments that don’t put a strain on your company. A loan should nourish your business’s growth rather than curtail its future.
To qualify for an MCA your business must meet the following criteria:
- It must have a consistent cash flow. Remember, your cash advance is based on your projected sales.
- It must be operational for at least 60 days.
You’ll need to tell us how much you’re requesting, how you intend to use the funds and share some information about your business, such as the number of employees, type of business, and sales numbers. Not only is our MCA application process easy, but it will have no impact on your valuable credit score.
Business Bridge Funding
Your business is operating smoothly and has satisfied the terms of long-term funding from a traditional financial institution. The tranche will be deposited in the next quarter and you’re not worried. Unfortunately, your business has run into an unexpected issue. Perhaps you need capital for emergency repairs that threaten your day to day operations, require new equipment, or must purchase inventory for a busy quarter for your seasonal business.
Unexpected costs can create anxiety, especially when you can’t pay your staff their salaries or other fixed costs because of a cash shortfall. This is frustrating when you’re additional financing is months away and you can’t apply for another loan.
This is where business bridge funding can help. Like other loans, it has a fixed repayment schedule and interest, but it is a fast and short-term funding solution to bridge the gap between loans. At SharpShooter Funding©, we offer bridge loans that are quickly funded within as soon as 24 hours, and easy to attain, with a 75% approval rate from our credit specialists. They are also easy to pay off because they’re small and don’t require a rigid repayment schedule.
Short-Term Business Loans
When you’re looking for short term business loans in Canada and want to be approved and financed quickly with minimal paperwork in an efficient process then try SharpShooter Funding©. We offer a 75% approval rate with stress-free terms and less interest.
Short term loans are usually paid off within 18 months and are ideal for small businesses that need to pay off expensive debts, hire new staff, want to cover fixed costs until revenue increases, want to take advantage of new opportunities, need financial cover while they wait for an insurance clearance, or simply want the security of a greater financial cushion to cover potentially unexpected variable costs.
They are also a good option for companies that don’t have the business history, credit score, or cash flow to get approval from a bank. Such loans are more likely to be approved than long-term loans because they’re smaller.
Short term loans can also help your small business build credit. If you have bad credit, you can improve your chances of getting short-term financing from SharpShooter Funding© with the following steps:
- Apply for a smaller sum and start paying it back in a short period. As you build your credit, you may qualify for a larger loan.
- It’s normal for a new business to have bad or no credit. However, you can use your personal credit to leverage a short-term business.
- If your business’s cash flow is good but lacks credit, then you offer a down payment. You may also provide collateral or leverage your unpaid invoices.
If your business needs quick access to cash and you’ve been stonewalled by traditional financial sources, then don’t despair. You can choose from several fast options at SharpShooter Options depending on your needs and capabilities. We respond quickly, approve most applicants, and offer transparent and reasonable terms. Unlike the big banks, we realize that your business is much more than its credit score.
Categorised in: Blog
This post was written by sharpshooterseo