Getting a cash advance to help your business function
effectively can be quite a simple process these days. Companies such as Mantis Funding LLC offer alternate funding solutions for small
and mid-sized firms through an easy application process with a quick turnaround
time. However, how do you get the best outcome when applying for funding
through non-traditional channels? Below are some points that will help you
avoid common mistakes and make the best choice to benefit your business.
Compare Different Funding Options
There are numerous options available for you as a business owner
to get working capital for your business. You could apply to banks or money
lenders for short-term finance that is specifically designed for small
businesses. This is the traditional way of accessing funds. The alternate
method is to opt for a merchant cash advance. Mantis
Funding LLC uses a cash advance model that works
differently from bank financing. Here, the lending company offers the small
business funds it requires as a one -time payment. The business owner repays a
percentage based on the volume of sale until the amount has been repaid. The
terms of repayment may vary depending on the contract agreed upon between the
lender and the business owner. Different options may be viable at various
phases of your growing business based on what you need the funds for. There is
no right or wrong option. Always remember to compare the options and choose a
solution that works best for your particular situation. Reading reviews online
can help you narrow down your choices. Mantis Funding reviews confirm
that they are amongst the best when it comes to alternate funding
solutions.
Decide on the Cash Advance Amount Required
As a small business, it is wise to analyze your need and decide
on the exact amount of cash advance required. MCA lenders do not evaluate
clients based on their credit score. They just require some proof of past and
current business transactions and revenue to qualify an application to receive
funding. The simplicity of the process and the flexibility of the repayment
options may entice small business owners to apply for more funding than they
require. This may lead to a situation where the business may not be able to
repay the funds according to the agreed terms since it is typically done
through future receivables. To ensure that this does not happen, it is wise to
analyze the amount of funds required and the purpose for which it is going to
be used. Having extra funds in hand may tempt a business owner to make hasty
investments that are not necessary for the growth of the business.
Keep Business Documentation Ready
Mantis Funding advisors are highly efficient and ensure that
applications are processed quickly. However, for approvals to come through,
certain documentation is required from the business owner. It is advisable for
the business owner to have all supporting documents in place to ensure a quick
turnaround time regarding the application. Financial statements and business
plans may need to be submitted. Documentation will showcase that businesses
have been getting consistent revenue and making profits in the past and at the
time of applying for funds. Once the application is approved, Mantis Funding ensures
that the funds are transferred to the applicant within three working
days.
Mantis Funding’s services include customized funding solutions
for clients, and the application process is free. Read Mantis
Funding reviews to find out what other customers have to
say about their expert team of advisors and professional services.
