We know all the routes to take
to get you the best business loan
More and more laundromats are now accepting debit and credit card payments for a variety of purposes. Merchants can buy “laundry cards” for machines or pay for different services. Laundromats that still only accept cash might be more likely to adapt a new payment system once they learn that it could make them eligible for certain small business loans.
The primary requirement for a merchant cash advance, for example, is substantial debit and/or credit card transactions. Less-than-perfect credit and cash flow won’t ruin your eligibility. So, if a machine breaks when revenue isn’t exactly at its peak, you wouldn’t have to wait to have it fixed or replaced.
Merchant cash advances are highly appropriate for investments needed to keep revenue flowing or increase revenue over a long period of time. New machines might not increase revenue right away, so it would be hard to make fixed, monthly payments after receiving funds. But with a merchant cash advance, payments are only made following debit and credit transactions. You would theoretically pay off the majority of the debt when revenue increases and your utility bills decrease thanks to your new machines’ efficiency.
Utility bills don’t have to hold you back
Expanding your services would also likely not increase revenue right away. But since you would be projected to generate more revenue from debit and credit cards as a result, a merchant cash advance would prevent the cost of this service from damaging cash flow.
Other types of investments might be better suited for more traditional types of business loans. Working capital loans can help you fix or replace multiple machines while simultaneously covering monthly bills. For significantly larger investments, like adding locations, we might recommend a standard business term loan. It really depends on whether your biggest financial obstacle is monthly expenses or machine maintenance. Either way, rest assured that your terms will account for inevitable circumstances like rising expenses, seasonality, and of course, the need to fix a problem just days after it occurs. Apply now to see how much you qualify for!