There are many funding options available for small business owners like you. You may be thinking of a business line of credit or even a business loan.Another, newer option is the merchant cash advance (MCA). This option is quickly gaining traction with business owners. Why? MCAs are often better than business loans.

A Merchant Cash Advance Fits Your Needs

Business loans are traditionally for large business purchases. Some lenders may not offer business loans unless they’re a certain size, such as $100,000 or more. If you need less than that, you may not be able to qualify for a loan.A merchant cash advance is different. It can be as big or as small as you need, giving your business more flexibility when it comes to funding. If you just need a little bit of cash to stay afloat, an MCA could be a great option.

MCAs Are Flexible

A merchant cash advance may also be the right choice because it’s flexible in terms of payment. MCAs are assessed on your future sales.The lender will look at your past sales and estimated future sales. They’ll then offer you a percentage of those sales as an advance on them.As you make sales, you pay back your advance. If your sales are higher, you can pay the advance off more quickly. If your sales are lower, then you don’t need to struggle to meet a certain minimum payment.This makes a merchant cash advance much easier for business owners like you to manage.

They’re Great for Startups

Many lenders require an extensive business history before they’ll extend a formal business loan. They want to see past proof of success.A merchant cash advance looks to the future, not the past. Even if you’ve only been in business a couple of months, you may be able to qualify for an advance.If you’re thinking about the future of your business funding, then it’s time to consider a merchant cash advance.

2M7 Financial Solutions is proud to announce its annual Forward Thinkers Scholarship to support Canadian post-secondary students in Business, Finance, or equivalent programs who are forward-thinking individuals dedicated to making a difference in their fields. The selected recipient will have demonstrated excellence in their studies and will receive $2,500.00 CAD towards their continued success.“

Students are the future of our industry and we welcome the new perspectives and fresh ideas they bring to the table,” said Avi Bernstein, CEO of 2M7 Financial Solutions. “We’re proud to support passionate and talented individuals in the pursuit of their education, and we welcome all Business and Finance majors to apply for an opportunity to receive the Forward Thinkers Scholarship in 2022.”

As one of Canada’s leading merchant cash advance providers, 2M7 Financial Solutions helps Canadian small and medium businesses secure the funding they need to accelerate their growth. As a client-centric company, 2M7 values the entrepreneurs who are the backbone of the Canadian SME economy and believes in empowering business owners and enabling them to achieve their full potential. Similarly, 2M7 believes it’s important to give students the opportunity to excel in their fields and bring cutting-edge ideas that will help drive the industry forward.

The selected recipient will encompass 2M7’s values of innovation and demonstrate a genuine desire to make innovative strides within their respective field.

To learn more about the scholarship or to start the application, please visit the Forward Thinkers Scholarship page here.

Applications will be accepted beginning June 1^st, 2022, and the deadline to apply is 11:59 PM on August 31, 2022. Winners will be announced in the Fall of 2022.

About the “forward thinkers scholarship” by 2M7

The ”Forward Thinkers Scholarship” by 2M7 is an annual scholarship program, established in 2022 by 2M7 Financial Solutions. It recognizes outstanding students who are pursuing or entering full-time studies in Business, Finance, or an equivalent program. For those interested in applying for the 2022 scholarship, please make sure to follow 2M7 on Facebook for further announcements.

You have worked hard to start up your business. After perfecting your presentation, you have been able to raise some capital. Congratulations! Now what do you do? Make sure you don’t waste this opportunity to launch your business right. Here are five ways to prepare your business for capital raised.

1) Know your “runway”

Your business’s “runaway” is the amount of time your business has before it runs out of cash. First, you should look at your business’s monthly expenses and your capital raised and then, determine how much time you need in order to gain a steady stream of income.Ideally, you will want your business to have a six-month “runaway.” With six months’ worth of operating capital, you can deal with various disruptions that will come with operating a new business.

2) Use a budget management tool

One of the best ways to manage your business is to use a budget management tool, and with the right budget tool, you will be able to manage your expenses and identify opportunities to save money and run leaner.There are a number of top budget management tools that are designed around start-ups. Some of the top budget management tools include the following:Quicken - Quicken is great for smaller starter-ups with its easy-to-use software and interface.Centage - If you have more complex operations, then Centage is an ideal budget management software system.Lola - Lola is a great budget management tool if you are dealing with a number of expense report.

3) Secure the best prices from vendors

You want to make sure that your capital goes as far as it can possibly go. Therefore, you will want to control your costs. One of the best ways to control cost is to be able to get the best prices from your vendors.Be sure to get multiple quotes from as many vendors as possible. Also, if you are planning to use a vendor for the long term, try to negotiate better prices to help you stretch your capital.

4) Have a business plan

It’s a good idea to have a business plan. In fact, a business plan is like a road map that shows everyone in your company, as well as your investors, what is your plan to grow income and become profitable.If you have no experience writing up a business plan, don’t worry. There are a number of business plan templates that you can use to help you get started. Here are a couple of places where you can find business plan templates:

• LivePlan
• BusinessPlanTemplate
• Formprintr

5) Have an emergency or contingency plan

You want to make sure that your business has a plan for the unexpected. In fact, situations such as natural disasters or disruptions in manufacturing or inventory can spell disaster for your business.The best way to plan for an emergency is to set aside a portion of your capital raised and set it aside for emergency situations. That emergency money can save you in situations where you need money fast and you may not be able to raise further capital.

Getting your capital for your business going

Now that you have the capital that you need for your business, it is time to get going. Be sure to have a plan, set a budget, and watch your spending. Also, spend your business capital the right way and you will be well on your way to start-up success. If you require a merchant cash advance for your business, 2M7 Financial Solutions are here to help you out. Request a quote, we will be happy to assist you.