Category: Small Business Financing

Businesses – especially the small ones –see a lot of ups and downs; some of these downs could push credit scores into the red. Now we all know that a bad credit score doesn’t necessarily mean the business is not currently reliable or profitable. But bad credit scores take a long time to turn green again, and in the meantime, SME owners end up struggling to get crucial financing for their business operations and growth.

Thankfully, this traditional view of creditworthiness has been successfully challenged by alternative financing companies which have decoupled funding from FICO scores.

So, how can businesses with a bad credit score get funds from alt-fin companies? As one of the leading alt-fin companies in America, we tell you exactly what needs to be done!

Apply Online – Step one is to visit our website and fill out the online application. With this necessary information, we start processing your application, and our team will get in touch with you to take you through the details of your case.

Send Documentation – You will need to upload or send across some documentation. This is pretty basic and the approval process is not based solely on credit score, but takes into consideration a holistic approach towards your current business revenue.

Negotiations and Approval – Depending on the amount of cash your business needs and the health of your business, we will offer you industry-best rates and repayment terms. We are flexible with our funding offers and do our best to accommodate your interests and challenges. Once the terms are finalized, your application moves on to the next stage.

Transferring the Money – With the agreement completed and signed, we transfer the cash into your business bank account.

The process couldn’t be more straightforward! Alternative financing companies like ours have taken the sting out of the funding process; what used to be a long and sometimes fruitless effort is now made fast, fair and flexible. No long waits, no excessive paperwork, and most importantly, no rejections – we work hard to make sure you and your business have the money you need to keep working and keep growing.

At Crest Hill Capital, we are focused on serving the financial needs of the small business community of America by giving them fair and open access to money as and when they need it! Now you know who to call if you need funding for your business.

The COVID-19 era has massively changed the restaurant industry landscape. And as if the changes in customer behavior and safety regulations weren’t challenging enough, the restaurant owners were also forced to implement all these at a breakneck pace! The situation has stabilized quite a bit since March; clear regulations are in place, and restaurateurs are now no longer innovating on the spot. They now have clear ideas on how to open safely and serve the new customer demands that have emerged in the wake of the pandemic.

All this has, of course, been expensive! For business owners in the F&B sector, the lockdown and subsequent months had already drained cash reserves. To reopen their businesses, fresh capital was needed. Many turned to alternative funders like us! Alt-funders like Crest Hill Capital have been helping hundreds of restaurant owners get ready for the new normal with easy-to-access and easy-to-repay Merchant Cash Advances.

However, we are not finished yet! Restaurant owners who have only made minimal changes and investment need to understand that the pandemic will be around for a while, and there is no guarantee that newly acquired customer habits and behaviors will change back to the pre-COVID days. In fact, many experts suggest that the COVID-19 crisis will change how restaurants operate in the future.

Here are a few smart tips for your business to sustain and flourish in the year ahead:

• You need to make sure your business is prepared. One way to do that would be to look beyond disinfection practices and masks and marry dining experience and safety permanently.

• You could look at introducing a 360-degree contactless service – From digital menus to Robot-servers and contactless payments -there are many big and small technical interventions to keep your establishment COVID-proof and also elevate your restaurant’s dining experience in the long-run.

• Remodeling interiors – Construction is costly and time-consuming, but putting in the investment now will help generate returns in future years. Permanent and well-thought-out structural and design changes will give your restaurant an up market feel – after all, plastic partitions and fine dining don’t really go together.

• Invest in expanding the takeaway business – Many dine-in restaurants don’t go the takeaway route, but the pandemic taught us all the advantages of developing diversified business models. There are plenty of customers willing to pay for good meals sitting at home, and they are likely to stay indoors for the rest of the year, so do invest some money in fine-tuning your takeaway kitchen and delivery service to ensure you keep the cash flowing.

At Crest Hill Capital, we routinely work with business owners in the F&B sector, and we highly recommend you take a long view of your business investments. Many owners are concentrating on opening and surviving in the immediate future, but it shouldn’t stop you from planning for brighter years ahead.

If you are worried about funding these changes, then call us. We offer quick, easy and flexible cash advances to small business owners in your position and would be happy to support you and your business through this challenging period.

No business was left untouched by the Covid-19 pandemic this year. For most SME owners, the impact was overwhelming, but at the same time there were some business models that prospered from the changed economic, social, and customer landscape. We would like to highlight and talk about three of these business models today.

Farm to Table

The pandemic taught us all that when it comes to prioritizing expenses, food will always make it to the top of the list. In fact, all those who can afford it will divert their money to access the best quality, hygienic and most nutritious food items they can buy. This customer behavior led to a massive uptick in fresh food items and healthy eating options, and everyone in the sector saw an unexpected growth spurt.

Cleaning Services

The coronavirus re-taught us the importance of cleanliness and hygiene. The hand-washing and sanitizing routines drummed into our heads led to people paying for a whole host of cleansing related products and services. From bidets to disinfectant spraying services to deep clean consulting to UV ray devices – any business in the realm of cleanliness saw increased business opportunities during the pandemic.

Mask Designing

Masks have become quite a reflection of 2020 and have evolved from being a utility item to a fashion accessory within a span of months. And any fashion designer, boutique owner, or hobbyist that pivoted quickly to manufacture trendy and safe masks made a killing in the market.

Despite being in a sector that saw a constant increase in customers, these businesses didn’t just automatically gain higher margins but had to apply a tactical approach combined with a vision to achieve desired results. Sure they had a natural advantage, but the most successful of the lot demonstrated 3 key traits –

Flexibility

No existing business model was tailored to fit into a pandemic situation, but being able to strategize and adapt to the changes, enabled them to grab opportunities where their peers failed. Every month of the pandemic brought new twists and turns, and being able to make quick and bold decisions is a vital skill for small businesses in 2020 and beyond.

Mental Strength

No one can deny that adding the fear, uncertainty, and isolation of the COVID-19 crisis to the demands of running a business in chaotic times can leave even the strongest of leaders struggling to cope. Hence a calm and resilient mindset is crucial to stay 100% invested in the business.

Raising Capital

Many small businesses saw years of growth in a few weeks! However, opportunities don’t just translate into business; you need to scale quickly, which requires cash. Many SMEs saw sales shooting through the roof overnight, but as inventory ran out, they had a hard time finding dollars to fulfill demand. Existing relationships and open credit options with lenders proved crucial for SMEs to turn opportunities into profits.

We at Crest Hill Capital have been at the frontlines of the Coronavirus disruption – helping businesses get back up on their feet with easy and fast liquidity boosters. From Line of Credit to Merchant Cash Advances to Working Capital Funding – we provide a range of flexible credit options on fair terms and quick turnaround times.

Drop a line below to know more about how we can help your business pivot to fit the new normal.

More than half the freight/goods moved around in the United States of America are by trucks, and without their work, food consumption, commerce, and industry would slowly grind to a halt. At present, most of the small and medium trucking companies are finding it harder and harder to compete with tough competition from their bigger rivals.

Some of the expenses that trucking companies have to endure, to keep the business running, is keeping the truck or fleet of trucks in good condition, salaries for the drivers, fuel costs, and scarcity of spare parts. All these recurring expenses bite into their already thin profit margins, resulting in a difficult for these companies to survive. With no help from banks and other financial institutions, many have turned to commercial truck business financing as an alternative to keep their trucks on the road and generate a steady income.

Some of the major expenses of most commercial truck businesses are the major expense of buying new trucks, keeping the existing ones in good mechanical condition, competent technical staff, and salaries for the drivers. Added expenses like fuel, spare parts, and other incidentals make up the balance of the running costs. The process of using trucking funding for business owners involves getting all the documentation and other financial data ready for the experts in the financial institution to review.

By selecting specialized truck funds, business owners would have the money needed to purchase/manage, and maintain their existing vehicle fleet. While there are many financial companies to choose from checking out the most experienced and best would be prudent to finalize the commercial truck business financing. These funds are available for companies that have a fleet of trucks, or a single truck owner, provided they agree to the terms of the contract and repayment schedule.

The sudden need for money can strike all kinds and sizes of businesses, and while big companies have longstanding relationships with banks and other financial institutions, the same cannot be said for small and medium businesses in the USA, who may be struggling with the economic downturn caused by the pandemic.

Fortunately, there are many well-established non-banking financial institutions in the USA, which have come to the rescue of these small businesses by providing them with easy access to funds. This small business cash advance with a bad credit rating is done by pledging future retail credit card sales for a mutually agreed period. The best possible assessment is done by the company’s specialists who may check out the business before approving the funding.

There are many ways that capital funding for small business works; in some cases, it is based on average debit and/or credit card sales from which a percentage is deducted on a daily, weekly, or monthly basis. Also known as a merchant cash advance or MCA, it requires the business to have been in existence for at least 3 to 4 months, good annual revenue, and a reasonable credit score, though that is not compulsory. Even with a bad credit score rating, an MCA can still be obtained, if the sales figures are appreciably high.

Looking for capital funding for small businesses is something that may be different for individual business owners, but it is prudent to start looking at financing options earlier rather than hurrying at the last minute. Once the negotiations with the non-banking financial institutions are complete and the merchant cash advance is approved, the owner can use them for various reasons, from hiring new staff, adding to the inventory, purchasing more equipment, covering the payroll and rent, or even refinancing old expensive debt.

It is no secret that the phenomenal rise of online shopping has hurt the retail stores tremendously, as more and more people find out the benefits of shopping at home with a laptop or desktop computer.

Retail stores still play a very important part in many people’s lives, as it allows them to physically see what they are buying; this cannot be done with online shopping. Retail stores in the USA as in other parts of the world are fighting back to regain their customers, but this needs money to improve, enlarge, advertise, and promote. Earlier the best option for financing your retail store was through banks and financial institutions, but since the recent economic fallout, they have become very strict about lending to small businesses.

Another way that retail stores are competing with their internet competition is to enter the online business, but that takes money and expertise. This is where retail store financing for small businesses makes their mark. They do not require credit checks and other documentation; their experts will go over the business to verify that it is a running concern, and if the report is favorable, the funds will be available within 72 hours.

The only documentation that these companies need for providing your retail store financing is bank statements and credit card sales for the past three months. With the funds at the retail store owner’s disposal, they can use it for expansion, purchasing inventory, payment of overdue bills and taxes, interior decoration, or even getting into online sales. The application process is very simple; just fill in the online form and wait for their representative to visit the store for an assessment, find out where the funds are to be used and maybe make a suggestion or two on how to improve sales.