This post was originally published on On Deck
For many small business owners, fast funding is crucial to seizing new opportunities and navigating cash flow challenges. While merchant cash advances (MCAs) are a popular choice for merchants with regular credit and debit card sales, they are not always the most cost-effective or flexible option. Let’s explore 12 alternatives to merchant cash advances that may better suit your business’s financial needs.
Merchant Cash Advance Alternatives 1. Online Small Business Loan
Online lenders provide a convenient way for obtaining a small business loan. Because many online funding options are unsecured, they appeal to some of the same businesses as merchant cash advances. Online small business loans also often come with a straightforward application process, and approval times are usually much faster than traditional banks. This can make them a great choice for businesses that need fast funds. If approved, the business receives an upfront lump sum of money and repays in installments over a specific period of time. Online small business loans can be utilized for a wide variety of purposes, such as purchasing inventory, funding expansion or bolstering working capital.
2. Line of Credit
A business line of credit is a flexible business financing option that enables you to
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