The results are in. This year’s winner of the 2M7 Forward Thinkers Scholarship is Claire O’Brien. As a member of The University of British Columbia’s Sauder School of Business, Claire was able to overcome stiff competition in this year’s contest. To do so, Claire not only demonstrated a strong performance in her academic journey thus far, but also clearly communicated a keen interest to harness the knowledge she acquired to this point, to succeed in the world of business as she moves toward her professional goals. Claire exhibited the enthusiasm, and aptitude that 2M7 Financial Solutions’ CEO, Avi Bernstein was looking to reward, and intended to encourage with the creation of this scholarship opportunity.
“Each year, university students face multiple challenges in their pursuit of their academic goals; and these stretch far beyond the classroom. Post-secondary schooling is extremely expensive and places a significant financial burden on those who attend, which can potentially negatively impact the studies of these students as they see to the financial obligations that arise with school funding. That is why I made it one of my goals to help lessen this burden: these students have enough “on their plate”; I want them to focus on what they are paying to study not on how they are going to pay for it. Claire’s essay not only exhibited her potential for business success, but also showed me a character that the 2M7 team strives to promote when we do business. Congratulations, Claire.
The 2M7 Forward Thinkers Scholarship is an annual scholarship that is available for post-secondary students studying in a business related field; and offers the winner a reward of $2,500 so they can better manage the expenses of their schooling. This year we had another strong applicant pool; and we encourage those not selected this year, to re-apply during next year’s contest, for their chance to get a generous amount of financial assistance. We at 2M7 would like to thank all those who participated in this year’s contest; and we wish all those that did decide to vie for this scholarship all the best in their future endeavours.
There's a huge misconception in the world of business. People tend to think that if a company (that's not a startup) has to borrow money, it's not successful. Yes, in certain situations, you do need some capital to get up and running from a few bad months. However, usually, it isn't bad for your company. It can be a huge boost for your business and take your sales to a new height that you didn't know existed. Here are five reasons why successful businesses needs to borrow money.
If you're running a successful business, you're going to scale over time. Your customers will increase, and your current production capacity won't meet your future demands. Scaling is an important part of the journey, and if you don't speed up production, the sign that says 'out of stock' will run your enterprise into the ground. Taking a merchant cash advance (MCA) could be a great way to upgrade equipment and start meeting consumer demands. It does cost you money upfront, but in the long run, it'll boost your profits tenfold.
We mentioned COVID-19 a while ago, and it is a major reason why companies need to be open to the idea of borrowing money. Millions of businesses globally shut down because either their services weren't required by the public or they couldn't maintain enough profits to stay above water. If your company struggled to find ground but still made it to the early post-COVID era we're in right now, you're lucky. However, things might not be such food to you if you can't get yourself back to a certain level of stability. By taking a merchant cash advance, you might be able to hire new personnel, find new contractors to work with, spend more on advertising, and get back to work!
Even some of the top businesses in the world need raw materials to make their products. And, most of the time, payments from customers take months until they're in the pocket of the finance department. To make sure you make all your payments on time, an MCA will help you keep the wheel spinning, and since you already have the money needed to pay it back, you're good to go.
No matter what you sell, there's probably some other businesses out there that has been in the same industry for longer than you have. This means that they have a stable grip on the market and have a better cash flow to scale their business. Taking a merchant cash advance is like a quick hack to catch up to your competition and speed up sales much quickly as compared to the other, more traditional routes.
If you’re running a small to medium business, it’s always tempting to put in all your personal savings to keep the business afloat. Building a cash reserve is a good way to keep financial problems at bay. However, a recommendable way to save yourself from the pitfall of personal investments is to borrow money. By bringing in the cash you need from other places, you’re keeping your bank account safe and sound.
The word 'debt' is not the final nail in the coffin for your company. With proper planning, it can help you reach heights that you never imagined. That is where we come in. 2M7 Financial Solutions is a company that offers merchants cash advances, which you can return from a specific percentage of your sales. If you're looking for a reliable company to help you outshine your competition, request a quote, we will be happy to assist you.
Most people will never know what it is like to have true financial independence. However, you don’t have to be one of them. By taking the right step today, you can build wealth that can allow you to have the passive income that you need to achieve financial independence. Here are five steps that you can take today.
The first thing that you need to do is have a plan. Figure out how much of an income you would like to have after you officially retired. The rule of thumb is that you should save up to 25 times your annual desired passive income. For instance, if you would like to get $50,000 annually in passive income, then you would have to build up to $1,250,000 in your savings by the time you are planning to retire.
To start building the wealth that you need for financial independence; you will need to save and invest. Don’t worry if you don’t currently have a high income. You can have time to work on your side. Through the magic of compound investing, you can build some incredible wealth by investing in stable, dividend-paying stocks. Aim to save at least 10% of your income each month to achieve your financial independence goals.
As you get older, you will likely increase your income. This can lead to “lifestyle creep” which can cause you to spend more. It is important to continue to live below your means so you can save and invest. The higher rate of your savings, the faster you can achieve financial independence.
One unforeseen medical or life emergency can derail your financial independence plans. Therefore, you will want to have money set aside in case the unexpected happens. Some situations that may require emergency cash include a setback in your business, medical emergencies, or a natural disaster.
The economy plays a big role in how your business operates, the purchasing power of your money, and your income. Be sure to study the stock market, the economy, interest rates, and other factors that can play a role in your business and investing life. A great way to stay on top of the economy is to read top economic books and to read up on the latest economic articles on sites such as Bloomberg, CNBC, and The Wall Street Journal.
Make sure that your business stays on track. With 2M7 Financial Solutions, you can receive the merchant cash advance that your business needs to stay on top of expenses. To learn more, please contact us. We are always ready to assist your business today.
If you have set some big goals in your life, then you may wonder how to keep yourself motivated. The good news is that there are a number of proven ways to keep yourself focused and energized to reach the goals that matter the most to you. Here’s a look at five proven ways to keep yourself motivated and reach your goals.
The first thing that you need to do is clearly define your goals. Saying, “I want a successful business,” or “I want to be rich.” is not motivating enough. You need to give your mind specific goals that can give it focus. For instance, if you want to have a successful business, define the business (Ex. I want to generate $1 million in annual sales with my cupcake business). If you want to become wealthy, set a specific dollar amount at a specific date (ex. I want to have $3 million in my bank account by January 1, 2030). This will allow you to have the focus and direction that you need to stay motivated and on track to your goal.
On the path to reaching your goal, you will encounter roadblocks that will challenge your will to continue. The one thing that will get you passed those roadblocks are goals that matter to you. Therefore, you need to choose goals that will motivate you during hard times. What matters to you? Is losing weight really important or reaching a certain financial goal? Choose goals that you are willing to suffer and endure to accomplish.
The most worthwhile goals will be long-term goals. Therefore, you need some motivation to keep you going. A great way to keep you on the road to your goal is to track your progress. For instance, if you are looking to lose weight, then keep track of the weight that you have already lost. This will give you the energy and the drive to keep going.
Instead of having one big goal, create mini-goals that give you a sense of accomplishment more often. For instance, if your goal is for your business to have $1 million in annual sales, then set up goals to reach $100,000 in sales every 35 days. This will allow you to have a short-term focus that can motivate you to keep going.
Finally, you will want to visualize how your world will look when you finally accomplish your goal. Set aside 15 to 30 minutes a day to visualize your life after completing your goal. Create that feeling of happiness and content that you intend to feel. That positive energy will give you the drive to keep going.
Reaching your goals can become a challenge. When your business needs a little edge, contact 2M7 Financial Solutions. We can provide your business with a merchant cash advance when you need it. Contact us today to learn more.
If you are looking to grow your business, then you may find it challenging if you have poor credit. However, there are a number of options that can help your business get the financing with poor credit. Here’s a look at the steps you can take to secure fencing for your business with poor credit.
The first thing that you should do is know your credit score. If your credit score is below 700, then your credit will be considered subprime. Also, this can prevent you from the top business financing options. You can credit your credit score for free on Credit Karma. You can also request one credit report, per year, from the two major credit reporting agencies.
Once you know your credit score, then you can explore your options. In fact, if you have a low credit score, then you will want to consider the following types of financing options:
If you are looking to secure a short-term business loan, it is a good idea to have a business plan. After all, the bank will want to know what type of business that you are in and how you intend to generate revenue. A well-organized business plan will increase your chances of being approved for a short-term business loan.
If you have any form of collateral, then you can secure a loan much more easily. Here are some types of collateral that can allow you to get the funds that your business needs:
Finally, you can find a co-signer that can help you secure a loan or financing with poor credit. A co-signer can be anyone from a member of the family to a business partner. The co-signer should be aware that they are liable for the loan if you don’t pay back the principal or the interest.
Bad credit doesn’t have to stop you from funding your business. At 2M7 Financial Solutions, we do not require a credit score to issue a merchant cash advance. Apply now to get a merchant cash advance today.
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.
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.
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.
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.
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:
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.
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.
Looking to get a loan? Perhaps you would like to lease an apartment? If you have issues with your credit card, getting these types of approvals can be an issue. However, there are a number of ways that you can get your credit back on track. Here are five steps that you can take to help improve your credit.
One of the biggest reasons why people have issues with their credit is due to the overuse of credit cards. Therefore, if you have a number of credit cards in your wallet, it's time to get rid of most of them. Try to have only one credit card in your wallet.With that one credit card, be careful how you use it. You should not use that credit card for regular purchases. Instead, you should reserve it for emergency spending. This will cut down on your credit card limits which can boost your credit score.
Now that you are cutting down on your credit card, you should start paying with cash. This will allow you to only spend the money that you have. The last thing that you want to do is spend money that you don’t have. By only using cash for regular purchases, you can be sure to maintain your budget.If you don’t feel comfortable with holding cash in your wallet or purse, then consider using a debit card.
Interest rates can be a killer when it comes to your finances. Be sure to pay off your high-interest rate debts first. This will help pare down the overall money that you owe. Typically, you high-interest rate debt will come from credit cards or payday loans.When you pay down a high-interest rate loan, be sure that you avoid any sort of high-interest rate loans or credit cards in the future. This will lower your chances of getting into any debt trouble.
Paying your bills on time will go a long way to boosting your credit. One of the best ways to pay your bills on time is to simply set up automatic payments. Most banks offer an automatic payment plan that will handle your bill payment duties.
It’s a good idea to monitor your credit score on a daily basis. You can check your credit score for free on CreditKarma.com. Also, you are entitled to one free credit report from the two major credit reporting agencies:
We believe that low a credit score shouldn’t stop you from growing your business. That is why 2M7 Financial Solutions offers merchant cash advance for small and medium-sized businesses regardless of their credit score. Our team is ready to help your business get the funding it needs. Contact us today.
Extra financing a common problem for small businesses. Maybe you need to hire an employee or you require additional equipment to manage incoming orders. Whatever the case, you need capital to keep the business not just running but growing too.There is the traditional bank loan, but you’re not sure you’ll qualify. Maybe your application was rejected. Now you’re wondering what alternatives you have.If you’re looking for alternative financing options for small business, then check out these choices. One of them may be the right fit for your business.
The first alternative financing option to consider is a merchant cash advance, or MCA. This is different from a loan, because the lender looks at your future sales.They examine your past credit card sales to determine trends in the business. They use that information to estimate your likely future sales. Then they make you an offer for a cash advance.The MCA offers more flexibility than a traditional business loan, which makes it more attractive to small businesses. Your payments can fluctuate with your actual sales. If you do more credit card sales in a month, you’ll pay your advance back faster. If you have a bad month, your payment will be smaller, which can take the pressure off your business.
A line of credit or business credit card are flexible options. These financing solutions are known as revolving credit. That means you can use them, in full or in part, to fund pretty much whatever your business needs at the moment.You can then pay them back as possible. As you pay down the line of credit or credit card, the funds become available for you to use again. This could be a great solution for a business with ongoing credit needs or one with some small cash flow issues.
If you only need a small amount of money, you may be turned down for a business loan through the bank. That’s because institutional lenders tend to make big loans. They’re more lucrative for the lender.One option you have is a microloan. Microloans are typically offered by online lenders or other businesses, not big institutions, so do your research and choose a lender that works for you.
Yet another option you have is peer-to-peer lending. This could be a loan from a colleague or it might be run through a P2P lending platform.In the business world, there might be business-to-business, or B2B, lenders as well. These lenders can typically make you a better offer than an institution, and they may be more willing to finance smaller loan needs. You can usually find them online.
As you can see, there are plenty of financing options available for small business. If you’ve been turned down for that bank loan, don’t fret. You can still find the funding you need.Is a merchant cash advance the right solution for you? Get in touch with the experts, and get the funds you need today.
Expanding your business is an exciting opportunity, but it can also present serious challenges. One of the most common is actually cash flow issues.How? If the business is growing, shouldn’t you have more money flowing in? Business may have increased, but you might need to pump money into equipment or hiring new staff so you can keep up with demand. Until you can get that new computer system or hire that extra person, your customers are experiencing a bumpy sort of service. Your income could be uneven as a result, as you might not have the products they want when they want them. You might have trouble getting invoices out on time.Does this sound like your business? A merchant cash advance could be just what the doctor ordered. The benefits of an MCA could help you manage the cash flow issues presented by an expanding business. Here’s how.
A merchant cash advance, or MCA, gives you access to funding based on your future credit card or debit card sales. The lender will look at your past sales, then extend you an advance as a percent of estimated future sales.That means the more sales you’re likely to make, the bigger the advance can be. In turn, you can invest it into whatever you need it for.That’s because the MCA doesn’t have to be directed towards certain goals, unlike an equipment loan or a payroll loan. You can use the funds for what you need, when you need it.
Another bonus of a merchant cash advance for a growing business is that the repayment terms are more flexible.With a traditional loan, you’ll have a set payment that you have to make every month. With a growing business, income can be unpredictable. That, in turn, could lead to situations where you’re crunched for cash.You may feel squeezed needing to make your monthly loan payments. That could lead to bigger problems, such as a poor credit score or even defaulting on a loan.Since an MCA is made against your future sales, you pay it back as you make those sales. If your sales dip lower than expected, then your payment falls too. If you make more, then you can pay your loan back faster.
If you find yourself in a pinch over payroll or other financial obligations, then you might wonder what choices you have to get the funding you need.A merchant cash advance is much faster than getting a traditional loan. That makes it the perfect stop-gap measure for a growing business. Whether an unexpected expense crops up or sales grew slower than you’d hoped, an MCA can help you make up the difference.
If your growing business needs a quick influx of cash right away, then it’s time to get in touch with a merchant cash advance provider. With their help, you can keep your business growing the right way.
You’ve done your research, and you’re convinced a merchant cash advance is a great opportunity for your business. You can get a flexible funding solution to help you cover essential business costs or even expansion. Better yet, you can quickly access the funds you need with flexible repayment terms.So, how do you get an MCA? Follow these steps and you’ll have the funding you need in no time.
Doing research should be your first step. There are plenty of lenders offering MCAs, but not all of them are created equal.Many of them do business online. This makes it easy to find information about where they operate and the kinds of businesses they support. Some specialize in working with small businesses, while others prefer working with large businesses. Some may have expertise in your industry.Always look for a provider who is upfront about their MCA program. Check customer reviews and testimonials. What do other business owners say about this lender?
Once you’ve decided on a provider, it’s time to prepare your MCA application. Always review the lender’s specific requirements. The more complete and accurate your application, the faster the lender can approve you.You’ll need to provide:
Your merchant ID number allows the lender to check on your merchant account, giving them accurate information on your monthly sales. Your recent bank statements can also provide this information, as well as crucial information about cash flows.You’ll also need to provide a bank account number for your business. The business bank account is where your merchant cash advance will be deposited.
The lender will approve your application within two business days. If your application is complete and accurate, the funds may arrive on within the same day.Always check what the lender will provide. Some lenders will offer up to 125 percent of your monthly sales.Next, they’ll send you an agreement. Read this over carefully, since it contains information about your repayment schedule, fees, and more.Some lenders post their general terms, including rates and fees, online. You can review them before you apply.If you’re unsure about the lender’s offer, don’t be afraid to contact them. For example, if you were hoping for more funds than they offered, you can discuss their rationale with them.Once you’re satisfied with the lender’s terms, your funds will be transferred to your bank account.
Your merchant cash advance provider should get in touch with your payments processor. They’ll set up direct deductions, which means repayment of your advance happens automatically. You can keep track of payments through your account with the provider.This makes the process perfectly transparent, and you’ll always know where you stand.
Ready to get a merchant cash advance for your business? You can get in touch with the experts for a free quote or apply now. The funds you need could be just a few clicks away.
