It’s been a busy year for all our team at MLA. We’ve helped hundreds of small UK businesses access the funding they need. Whether it’s been for general cash flow, business development, buying stock or expansion, our cash advance product has certainly exceeded everyone’s expectations.
And, with more consumers opting more than ever before to pay with credit cards rather than cash, it has grown from strength to strength. More small businesses are using the facility than ever before too. General awareness of the product is up, and our total funding is well over £7million in total.
Hospitality businesses such as restaurants have accessed funding for development, expanded their operations, improved their premises and employed more staff. In the past, restaurant owners looked towards equipment finance through asset-based lending. This process was slow to fund and had a stringent repayment structure.
The merchant cash advance product has proved itself as the perfect funding solution for restaurants and other retail businesses as they take a high percentage of sales via credit and debit card payments, and the repayment structure is aligned with cash flow. This means when sales are low, so too are the repayments, one of the main USP’s of the product and one which has helped so many business owners remain flexible.
Cafe’s, bars & pubs, hotels, retail shops, hairdressers and beauty salons, boutiques and florists have all benefitted from this great product. And, we’re proud to have supported many SME’s and look forward to driving the awareness of the product to more businesses in 2019.
At MLA, we’re committed to helping small business owners drive their business forward. We can help with small loans of £2500 right through to large business loans of £300,000 plus. So if you are a small cafe bar or shop with at least three months of trading or a restaurant searching for development finance, and you need a much larger level of funding, a merchant cash advance could be the perfect option for your business.
Since the publication of this article, the Coronavirus pandemic in 2020 meant that many business owners took support from their banks, utilising the government-backed CBILS and BBLS forms of funding. As the hospitality and retail sector started to recover, we at MLA were there to support businesses through our cash advance funding solutions. Businesses that were able to continue to trade adapted their model and provided amazing solutions to consumers. Home delivery and pick-up-points within safe environments kept communities supplied. We are proud to have supported businesses across the UK during this period.