ELS Business Cash Advance: Fast Funds for Your Future.
What is Business Cash Advance?
Business cash advance is an innovative way of providing funding solutions for business as its based on taking a % of future cash & card transactions.
The loan is advanced to the business and is repaid as a % of each transaction allowing the repayments to be flexible and match the businesses performance, rather than an ongoing fixed amount.
There is no ongoing interest so no penalties if it takes longer to repay, instead an initial advance fee is charged on top of the loan for example:
Customer takes out a loan of £10,000 and there is an advance fee of £2,500 meaning that the total repayable is £12,500.
The customer repays at 10% of their ongoing transactions but regardless of how long it takes to repay there will be no additional charges/interest.
What is the Criteria?
Minimum Advance £2,500 – Maximum Advance £300,000
Must take a minimum of 10 transactions a month
Must have been taking credit/debits for 4 or more months
Require an average of at least £2500 of monthly card takings
Advance up to 120% of your average monthly takings
One transparent upfront cost
This facility works across a lot of industries including; restaurants, hotels, pubs, hairdressers, beauty salons, dentists, vets and garages to name but a few.
Business Cash Advance
What Are The Benefits?
Business Cash Advance
The quick finance solution that works with your cashflow highs and lows.
Frequently Asked Questions
business CASH ADVANCE - MERCHANT cash ADVANCE - MCA
The amount you can borrow for a Merchant Cash Advance will be based on the volume of your card sales. This is typically upto 120% of your card sales but can be as high as 200% depending on your business.
Merchant Cash Advances are calculated on factor rates. Typically factor rates will fall between 1.08 and 1.40 and are heavily dependent on the business and size of the facility you require. For example if you borrowed £10k at a factor rate of 1.2 you would pay back £12k. This would be the total regardless of the amount of time it takes to pay back the facility. There is no APR or penalties on MCAs.
Once approved, the funds are there, ready when you need them. This is one of the quickest forms of business finance.
As there are no assets involved, we keep it simple. We will request some basic documentation and recent bank statements.
MCAs are flexible, quick, and don’t require assets, offering a versatile alternative to traditional routes. Speak to our expert team on 0116 389 3839
ELS offers a personalised approach, quick approvals, and incredible flexibility with a access to a range of funders and financial products to suit your specific needs.
Take a look at our comprehensive Guide to Merchant Cash Advances where we have attempted to answer as many questions about MCAs as possible. If you're question isn't covered, get in touch and we'll not only answer your question we'll add it to the guide. 0116 389 3839 or email: info@els.lease