Small business funding is exactly as it sounds — it is funding that is provided to a small business. In today’s alternative funding market, businesses have plenty of options at their disposal when it comes to gaining extra capital for their operations. Many of these business owners are tired of approaching banks in search of funding, and of the high interest and low approval rates of mainstream lenders.
This is where an alternative option like the small business advance comes in. This funding option involves applying for a cash advance against your projected future earnings. The advance means you can leverage the benefits of these projected earnings sooner rather than later.
To qualify for this business funding in Canada, you will simply need to disclose your monthly receipts to show that you are able to repay the funding. The process is far quicker and more straightforward than other types of funding, and it does not require that you or your business have perfect credit.
Whether you have been in business for ten years or only ten months, you may still be able to access between $3,000 and $1.5 million, depending on the level of capital outlined in your monthly credit card receipts.
The nature of small business cash advances means that you can treat them like an ongoing credit facility. Provided that your credit card receipts keep on demonstrating your ability to repay the loan, you will be able to draw more from your advance. What’s more, there are none of the delays or restrictions associated with gaining capital from a bank or another mainstream funder.
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The cash advance is delivered via a relatively simple process. Here at SharpShooter Funding, we assess your credit card receipts to help us understand how much of an advance you will be able to repay. Then, we purchase a portion of your sales at a discount, adding this amount to the value of your capital.
Repayment is processed via an automated process, with a small amount of the funding delivered back to us every time you receive a new credit card payment. In other words, we get paid only once you get paid, making it easy for you to service the funding repayment.
Let’s say you need $15,000. The SharpShooter Funding team may purchase a portion of your sales from you for $27,000. The automated process deducts the repayment from your sales. The rate of repayment can be as low as 8%.
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As you can see, agility and flexibility are the orders of the day here. You will be able to act quickly to take advantage of great deals from stockists, or to position your business at the forefront of your market with a new product or service launch. Build your revenue, get ahead — do all this with the funding you need.
The first few months can be a risky time for business. This is because they have not yet been able to get their company off the ground, and profits are still fragile. A cash advance can make all the difference here, and can solidify the business’s income in those crucial first few months and years.
SharpShooter Funding recognizes just how important small businesses are to the Canada economy. As such, we endeavor to support them and to give them the opportunities they need to thrive. Every business was a new business once, so even new businesses deserve funding. If your business is making money, and you can demonstrate this through your credit card receipts, we will give you what you need.
Figures from the Small Business Administration show that 73.2% of small businesses are classed as Sole Proprietorships, while 78.5% of businesses do not have employees. This means that the owners of these businesses must bear all of the costs associated with development and cash flow, and that the smallest businesses lack the means to expand, to grow, and to fulfill their potential.
At SharpShooter Funding, we are committed to doing things differently. We are committed to giving these business owners the funding they need, as well as offering repayment terms that are kind to growing businesses.
There are so many barriers to growth. Perhaps you do not have the personal collateral or business plan needed to gain mainstream funding. Or maybe your tax returns do not provide mainstream funders with the necessary proof. SharpShooter Funding cuts through these barriers, offering the small business cash advance as a truly viable alternative.
Purchasing another business is a great way to expand your operations or start a new business endeavor. Economic factors make this difficult, however, and too many entrepreneurs give up before they have had the chance to gain the funding they need.
SharpShooter Funding aims to support these entrepreneurs and the wider economy by removing barriers and making funding readily available. This means that even applicants that do not have a solid credit history to fall back on can pursue a new, viable venture.
The first step to gaining access is to assess your needs. Look at the structure of your business, know where your income is coming from, understand what equipment and materials will support you as you go to the next level, and gain a clear picture of how much capital you need. This gives you a solid base level to work with.
Our products and services are designed with your need in mind, and over 88% of our applicants achieve approval. We give you a decision within 48 hours when possible, and we aim to connect you with the advance funding you need to achieve your goals.
There are almost no limits to the type of business that can leverage a small business cash. Here are just a few examples:
We do things differently from other funding providers. Our teams are trained to get to know each and every one of our business clients, understanding their needs, and then working with them to achieve the right kind of funding.
We work with you to develop a plan that works for you, outlining pre-approval options so you are always in the driving seat. The solution we offer to you is the one that is the best for your business.
As well as an 88% approval rate, we also go out of our way to ensure that our application process is as streamlined and easy to follow as possible. This means no barriers to funding, and a clear path to the capital you need.
Another winning element of our service is the repayment plan. We don’t cripple your business with unreasonable repayments. Instead, we keep the percentage low and automatically reclaim the capital from each credit card payment you will receive with our state-of-the-art system. With this method, there are no missed payments, and when the advance is repaid, the repayments cease.
No hassle. No trouble. No worries. We help businesses — we do not overwhelm them with yet more debt.
Here’s a quick rundown of what you can expect from us.