Below is a list of frequently asked questions about Strategic Nationwide Funding, and Merchant Cash Advances / Business Cash Advances:
1. What is a Merchant Cash Advance or Business Cash Advance and how can it help my business?
Many small business owners are unable to obtain traditional bank loans because they have insufficient credit or collateral. As a result, more and more have been turning to Merchant Cash Advances / Business Cash Advances for infusions of working capital or other immediate cash needs.
2. How does a Merchant Cash Advance Work?
We advance cash to business, and our payback is based on anticipated future sales, offering an alternative to the traditional bank loan. With a Merchant Cash Advance – which is not a loan – businesses receive a lump sum in return for a percentage of their future sales.
3. How does a Merchant Cash Advance / Business Cash Advance compare to a traditional bank loan?
First of all, qualifying for a cash advance is far easier than a bank loan. No checks are ever written and repayment is based on a percentage of future sales so there are no late fees, hidden fees or interest rates. In addition, there are no personal guarantees, no closing costs or loss in equity or need to post collateral to secure the advance.
4. How does the Strategic Nationwide Funding program work?
Once you submit an application, a funding consultant will determine how much money you qualify for based on your average monthly sales. At this time, you’ll be asked for three months bank statements and/or credit card statements. Depending on the size of the cash advance, other documents may be requested. These documents will be given to our underwriting department for approval. You will then receive a contract spelling out the specifics of the agreement. If you agree, the funds will be deposited in your bank account as early as the next business day. In return, we will collect a small, agreed upon percentage of your daily sales until the terms of the agreement are satisfied.
5. How difficult will it be for me to qualify?
Most businesses will qualify. Generally, all you need to show is that you average approximately $10,000 or more per month in sales.
6. How long will it take to find out if I qualify?
Pre-approval usually takes place within a few hours. Funding takes 24 to 48 hours once the requested documents have been provided.
7. How long will it take to get the cash?
Funding takes 24 to 48 hours once the requested documents have been provided.
8. How much can I hope to receive?
The average size of our cash advance is about $25,000, although cash advances range from $10,000 to $1,000,000+.
9. What can I use the money for?
You are free to use the money in any way you feel is best for your business. Many of our customers use it for expansion, advertising, new equipment or increased (or seasonal) inventory. It is also frequently used for unforeseen emergencies or to buy out a partner or acquire a new location.
10. Will I need to change credit card processors?
No, although that is an option. You may want to change to our preferred credit card processors as they will meet or beat your current processing rates. We have alternative options should you not want to switch.
11. Can I monitor the status of my account?
Absolutely. In addition to receiving a monthly statement, you will be able to log into our password protected website to view your account status.
12. What if I have questions?
No problem. Simply call 1-877-888-5170 to speak to a Strategic Nationwide Funding customer service representative 24 hours a day/7 days a week.