Although MCA financing is a possibility for many companies, it is normal to wonder if there are some impediments to obtaining a financial product of this type, so that SMEs can get to work and resolve pending issues so that they are candidates for obtaining resources.
In the country there has been an exponential growth of companies that request financing since they began operations, going from 40% in 2015 to 47% in 2021, according to the National Survey of Business Financing (ENAFIN 2021). This makes more and more businesses worry about meeting the requirements to apply for a credit or loan.
How can you obtain MCA financing for SMBs?
You have to go in parts and the first thing is that you know what is required to be able to access one of these types of online financing.
The requirements are generally accessible and part of them are basic elements that any legally established company must have.
Here the requirements of Pymes Capital can be taken as an example, starting with the registration before the SAT and the credentials that this entails, that is, the RFC and the CIEC.
Another of the fundamental requirements is to have a Point of Sale Terminal (POS) provider and provide their credentials, in order to know the sales that the business has had, paid by credit or debit card.
Said sales must have a minimum of 6 months and average $25,000 pesos, this in order to know the performance that the company has had, its solvency, ability to pay, among other aspects that it is relevant to know to grant financing for SMEs.
And that’s it, it doesn’t take much more to get one of these online financing.
What would be the possible causes of rejection of Merchant Cash Advance?
Knowing the requirements, financing can be rejected by Pymes Capital if a venture is very young and has less than 6 months of operations, if it has very low income, cannot demonstrate its performance through a POS provider and, of course, if it is not legally constituted and registered with the SAT.
Fortunately, these are all aspects that can be resolved by putting everything in order with the corresponding authorities, hiring a POS service, and waiting a little additional time for the business to consolidate and reach an accessible minimum of monthly profits, and there is data sufficient to determine the performance of the company.
Are the requirements for this type of financing strict?
Compared to other financing, the Merchant Cash Advance does not have as many requirements.
For example, for a business credit card it is necessary not only to demonstrate the performance of the business, but also the credit history, something non-existent if a venture is young and has never been granted financing.
With options such as factoring or bank credit, the requirements only get more complicated, since apart from the two mentioned, open invoices are required in the case of the first, and available assets in the case of the second.
So, for companies that are just starting out and that require a capital boost, the MCA becomes one of the best financing alternatives, because apart from not representing large requirements, it is an easy option to request and with a quick resolution, and it does not it demands high interest, just an affordable fee up front on sales.
If you are looking to grow your business, request your MCA financing online, directly at Pymes Capital, just fill out the form and in a short time you will have an answer.