Lack of funding is one of the common challenges most businesses face and some even have to shut down as a result. Any revenue-generating business project needs adequate capital. While there are more convenient methods to seek funding, like taking out bank loans, they are lengthy and come with a strict approval process.
If you’re looking for urgent and hassle-free funding options, we have listed some ideas for quick business financing in Boston, MA.
Friends and Family
Getting a loan from your friends or family can help you receive urgent business financing for your business project. You can mutually decide on a repayment date and other terms. They may even let you pay the money back when your business project starts generating revenue. All this helps you get the funds you need quickly, along with flexible repayment options.
Many entrepreneurs use their own money to fund their business projects as a quick financing solution. This helps them save the money spent on interest and kickstart their business project as soon as possible. However, most people don’t have enough personal funds; they take personal loans or use credit cards for their business projects. These options are not only risky but may also involve a lengthy process.
Merchant Cash Advances
Merchant cash advances can be an excellent urgent business financing option for your project. It’s convenient funding that allows you to obtain a lump sum of cash for your business without the lengthy, traditional approval process. The amount you get depends on your business needs and financial history.
The repayment structure of cash advances is also quite convenient. You have to pay a fixed amount over a limited period from the revenue you receive in the future. So if your project isn’t earning good money in the beginning, you don’t have to repay a high amount to your lender. Moreover, this business loan has the following benefits.
- Lenders offer quick money (even within 48 hours)
- Cash advances are beneficial for businesses with inadequate trading history
- They have more competitive interest rates than traditional loans
- They have flexible terms
At Whitestone Fund, we have partnered with leading private money lenders in Boston, MA, who offer up to $1,500,000 cash advances to businesses. Our cash loan advances aren’t rigid; we work closely with you to keep your journey hassle-free and smooth. You can also get small business loans in Boston, MA with the help of our loan agents. Call us for more details.