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Read the latest news about alternative business finance.

Finance for small businesses: Debunking the myths surrounding business cash advances

Ever since the financial crisis in 2008, small businesses are finding it increasingly difficult to access much-needed finance to fund growth and expansion.

2015 began with promising signs of an improvement in traditional business finance options, however ended on a negative note with a £2.7 billion decrease in net lending to SME’s.

Alternative finance for small businesses has gained in popularity over the past few years, and is expected to continue growing to a projected £12.3 billion by 2020.

In spite of this remarkable growth, small businesses still view finance as being difficult to access. It has been noted that businesses still treat banks as their first port of call for finance, due to some confusion in the market regarding less familiar alternative finance methods.

We’re here to offer clarity over common misconceptions about business cash advances, an increasingly popular type of alternative finance.

A lot of paperwork is involved

One of the benefits of a business cash advance is that it is quick and simple to apply. There’s no need for business plans and forecasts, all we need to see is your recent card processing statements – meaning the application can take minutes.

Funds take a long time to arrive

Funds from Quick Capital can be with your business in as little as three business days.

I’ll be charged if I miss a payment

You pay back only when you earn, and as the repayments are automatically deducted from your daily credit and debit card sales, there’s no need to worry about missed repayments.

My business doesn’t take much on cards; I am not eligible for funding

We typically advance up to one month’s card sales, so as long as your business takes at least £500 per month on cards, you’re able to receive a cash advance.

Paying a cash advance back takes a long time

Business cash advances are described as ‘short term finance’ and are typically paid back within six months. You can even apply to top up your cash advance once you’ve repaid 60 per cent!

I can only receive a large lump of cash from a bank

Depending on how much your business takes on cards, we can advance up £300,000 in one lump sum.

I have to provide a detailed summary of what I need the money for

You can use a business cash advance for any purpose. Our customers have used their cash advance for stock, cash flow, advertising/marketing, purchasing equipment and even premises refurbishments.

I don’t have a card machine, so I can’t get a business cash advance

It is necessary to accept credit and debit card payments through a merchant account in order to qualify for a business cash advance. Don’t worry if you don’t currently take card payments, we can put you in touch with a reputable provider who offer extremely competitive rates.

For further information on finance for small businesses or to discover how much funding your business can raise, contact us.


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