Minority Business Financing: Merchant Cash Advance

Right now, business owners spend between 7%-15% of their payrolls on health insurance coverage, and experts say this cost will continue to rise, leaving business owners to reduce benefits, reduce wages or drop coverage altogether. If health care costs are making it difficult to run your business, consider a merchant cash advance. A merchant cash advance is a business loan alternative that can provide minority business financing within hours of application.

Rising health care insurance costs have prompted support for a new initiative among minority business owners that is designed to reduce the overall cost of health care and expand coverage to currently uninsured individuals. According to the chairmen of the Greater Baltimore Black Chamber of Commerce, the Black Chamber of Commerce of Anne Arundel County, and the Prince George’s Black Chamber of Commerce, the Maryland Health Care For All initiative would reduce the overall cost of health insurance premiums for minority business owners, provide additional coverage that is not currently available, and reduce the number of uninsured state residents by creating a coverage pool that would be open to self-employed persons and very small firms.

If your US-based business generates at least $2,500 in Visa or MasterCard credit and debit receipts, you’re likely qualified for a merchant cash advance. With a merchant cash advance, you sell a portion of your future credit and debit transactions for immediate cash. As your transactions are processed, a portion of each sale is used to repay the merchant cash advance. The rest of the sale comes back to you. There are no minimum monthly payments to make and no repayment schedule to follow.

Good credit, bad credit or no credit – Rapid Capital Funding can help you get the minority business financing you need. A merchant cash advance may be the best business loan alternative available. Contact Rapid Capital Funding today to see how you can make a merchant cash advance work for you.

Photo Credit: Wally Gobetz

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