How To Get Approved for a NY Merchant Cash Advance
Looking to get your small business a NY Merchant Cash Advance ? Whether you’re a start-up or an established business, this guide is here to help you understand the process of getting approved for an MCA. We’ll discuss what qualifies for the best funding options, the benefits of using a merchant cash advance, and more.
Determine your company’s eligibility.
Before you can begin the application process for a NY Merchant Cash Advance, you’ll first want to make sure your company is eligible. Generally speaking, most small businesses that are based in New York State and have been in business for at least six months, with current financials and a credit score of 500 or better are eligible for an MCA.
Gather the necessary documents and information.
Before you apply for a NY Merchant Cash Advance , make sure to gather all the necessary documents and information. This includes up-to-date business and personal financial statements , three months of bank statements, your company’s tax ID number (also known as an EIN), and a copy of your most recent tax return. Additionally, you’ll need to provide detailed information about your daily sales and gross profits so that the lender can determine how much cash your company is generating.
Apply for your merchant cash advance online.
Applying for a merchant cash advance is simple. Simply go to the lender’s website and click the ‘Apply Now’ button. Fill out the required information (such as business name, address, type of business, gross monthly sales, etc.), submit it, and wait for the underwriter to contact you with an approval or denial. If approved, you will receive your funds shortly after submitting all necessary documents.
Submit financial statements and other paperwork to complete the process.
After the lender contacts you with approval, it's time to submit financial statements and other related documents to complete the process. This includes a copy of your recent business tax return, projections for upcoming months, and a personal financial statement that details your company’s assets, liabilities, and ownership structure. You may also need to enter into an Agreement with the lender detailing loan terms and conditions such as repayment schedules. Once all paperwork is submitted, reviewed, and accepted, you’ll receive your funds promptly.
