People often ask me, “Why would I get a short-term insurance with a high interest rate of this type when I can go to the bank and get a long-term insurance at a low interest?” I answer her: “Good question!”
Well, contractors in particular often find it very helpful to keep us in their back pockets for a variety of situations. Sometimes the bank or insurance company paying on the job can take months and we can provide the working capital they need to pay the labor and expenses. When the job pays they pay us and everyone is happy. And since they only made payments for a few months, the interest they actually paid was minimal.
However, we don’t just finance contractors. Any business owner can apply. A restoration contractor I’ve been working on financing for told me, “If I had $100,000, I could turn it into $1 million in the first storm season.” While we lend money for many reasons, this is by far the best. Sometimes the tool you need to make money is money. If you can double or triple the profit level of your business or more, the interest becomes a moot point because your profits have increased several times the cost of financing.
Whether you are a contractor or any other type of business owner, this is a way merchant cash advance insurance can be a great tool because you can have the money in your account within 1 to 3 days. The most lucrative opportunities often come right now, and if you don’t have the ability to act in that moment, you’ll miss out on the opportunity and basically lose out on an incredible return on investment because you haven’t been able to get working capital fast enough to make the investment.
We can help you scale your business when the bank says no, which it usually does. Not to mention it’s a nightmare to deal with. You need to file tax returns, profit and loss statements, business plans, etc… and you as a business owner have better things to do than to collect documents for the bank over a period of 60 to 90 days, even if you are approved in all.
Plus they often like to control what the money is used for and even if you have a perfect credit score, there are many reasons why they can still refuse your application. In fact, 80%+ of business insurance applications are rejected by banks.
We approve 90% of our requests once our agents pre-check them and all we need is 6 months of bank statements and a simple one-page application. We check credit less than 2% of the time so your balance isn’t damaged, and we can usually keep the money in your account within one to three days.
We hope this makes it more clear how Mom & Pop Business Financing can be a great tool for you or any business owner to keep in your arsenal of business and making money.
General contractors, roofing contractors, renovation contractors or any business owner for that matter can access liquid cash on demand to use for any reason by keeping Mom & Pop Business Finance on the proverbial fast connection.