Merchant Cash Advance in the Southern Tier

Who asks about advances in the Southern Tier?

The Southern Tier runs along the Pennsylvania border around the Binghamton, Elmira-Corning and Jamestown areas. Government is the largest employer; manufacturing remains in the larger communities, and farming, dairy, vegetables, orchard fruit and some wine grapes fill the rural areas. Western parts of the region are ski country, with heavy lake-effect snow. For this page the counties are Broome, Chemung, Tioga, Tompkins and Steuben, though definitions vary. A restaurant owner, a machine shop, a farm and a contractor all ask about advances for different reasons.

What is an advance, exactly?

It is usually structured against the sales your business expects to make. Repayment comes from a share of daily receipts or follows a set schedule, depending on the structure. The offer lists the amount you receive and the total you repay; compare the total.

What does a good use look like?

A short, specific need with a visible payback. For instance, a Broome County contractor who needs $45,000 for materials on a job that pays in eight weeks. For illustration only, the owner writes down the contract value, the date of payment, and the cost of the money from the offer, and goes ahead only if the job comfortably covers all three. The numbers are invented and are not our terms.

What does a bad use look like?

• Covering a month's losses in a business with no plan to turn around.
• Buying a machine that will last ten years with money meant to cover ten weeks.
• Taking the maximum offered when the need is smaller.
• Accepting an offer without being able to state the total repayment in one sentence.

A healthy habit is to write the sentence out before you sign: I will receive this amount, I will repay this total, and the money will pay for itself because of this specific thing happening by this date. If the sentence is hard to write, the plan is not ready. The same test works for a farm buying feed ahead of a crop, a Corning-area shop covering payroll before a large invoice clears, or a Binghamton restaurant between semesters.

Is the winter an issue?

In the snowy western parts, winter hits outdoor trades, lodging and retail traffic. Owners with seasonal patterns should note them on the application, and a restaurant or retailer that depends on road conditions can mention that too. Bank statements will show the swings, and a line of context helps.

What we ask for

Funding runs from $25,000 to $5,000,000 and can arrive in as little as 24 hours once the file is complete. FICO 500+ is considered, the credit pull is soft, and we ask for about three months of business bank statements rather than tax returns. Sole proprietors can apply. Apply in about five minutes.