The approval rate for a business cash advance is almost 10 times higher than the approval rate for a traditional bank loan. This is due to the many barriers and the lengthy application process banks foster upon the applicant. Express Funding Group does not require your business to disclose all of its assets as with a traditional small business loan application.
With a traditional small business loan the lender may define a variety of events that will constitute a default on the loan, including failure to make any payment on time, bankruptcy, insolvency and breaches of any obligations in the loan documents. The common business bank loan will also likely insist on a clause that says in the event of any failure to pay on the loan, the borrower will reimburse the lender’s fees and costs in enforcing or collecting on the loan.
Business cash advances are particularly useful to fund working capital requirements and are a good alternative to traditional bank loans for working capital, but should be considered for other capital needs, such as for purchases of land, plant or equipment, building renovation, advertising / marketing, expanding an existing business to another location, or developing an area or new idea within an existing business.