Merchant Cash Advance for Coffee Shop
Overview of a Merchant Cash Advance Loan for Coffee Shops
This type of loan can be used for just about anything that you can think of including working capital. The benefits of an MCA loan are easy to finance, you don’t need good credit, and this loan can be done very quickly. Some of the pitfalls are it will lower cash flow and will ultimately be a high-interest rate when you convert the factoring into an annual interest rate.
Use this loan as a last resort. This should be considered a “break glass only if an emergency” type of loan.
25k to 250k
Payments made daily through credit card processing
This is a factoring fee ranging from 1.14 – 1.18
Hours to a few days
What is a coffee shop merchant cash advance Loan?
A coffee shop merchant cash advance or MCA loan is a loan based on how much sales volume a coffee shop does through credit cards. This is the simplest and easiest loan for a coffee shop to qualify for. If a shop has been in business for more than 6 months and does more than 10k in credit card sales.
Who Qualifies for a MCA coffee shop loan?
6 Months to 1 Year
A coffee shop MCA loan will requier the following documents:
Coffe Shop Business Bank Statements
Profit & Loss Statements for all coffee shops combined
Personal Credit Score
Credit Card Processing Statements
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