If you have clients in restaurants, hospitality, or retail sectors, chances are you have clients that have taken out the Merchant Cash Advance Loans. These loans are structured in a variety of ways depending on the particular lender, taking a percentage of daily credit card receipts as payment on the loan.
Read The Fine Print
It’s critical that clients read the fine print when considering any working capital loan opportunity from alternative lenders. Stated rates that would “appear” to be presented as interest rates in the sense that we normally know and use them are often misleading and not indicative of the actual cost of the financing.
We see an increasing number of Accord Small Business Finance applications where the client wishes to repay/refinance their merchant cash advance loan and take advantage of the more favourable cost of capital and flexibility of Accord Small Business Finance. In addition, with Accord Small Business Finance, transparency in the documentation, the payments to be made, and the total obligation of the client has always been a top priority.
If you have clients in these industry sectors, we’d recommend that you speak to them about the benefits of Accord Small Business Finance.
Accord Small Business Finance provides working capital loans, with online applications, under the product banner AccordAccess. Accord Small Business Finance is a wholly-owned subsidiary of Accord Financial Corp. Accord Financial Corp. is publicly listed on the TSX under the symbol ACD, and has been a leading provider of asset-based lending and working capital financing solutions for Canadian businesses for nearly 40 years.