Bizniz Cash Advance FAQs
Q1. How can a Bizniz Cash Advance help my business?
A. We provide an innovative way of raising working capital for your business, a real alternative to a traditional bank loan.
Thousands of small & medium UK businesses have now used a Bizniz Cash Advance to refurbish, expand, buy equipment or simply to improve their cash-flow.
Q2. How do I qualify for a Bizniz Cash Advance?
A. There are two key questions that need to be answered.
- Have you been in business for at least 6 months?
- Do you process, on average, £5,000 in debit & credit card sales per month?
If you have answered YES to the above two questions, you are well on your way to qualifying.
Q3. What paperwork do I need to supply?
A. Documentation is kept to a minimum. Usually all we need is a completed application form, proof of I.D. and your last few merchant statements. For advances of £50k + we may ask you for further supporting documents.
We think you’ll agree that’s a lot, lot less than your bank would ask you for! We do NOT need 3 years annual accounts, business plans or cash-flow projections.
Q4. How easy is it to get approved for a Bizniz Cash Advance?
A. Over 90% of applicants who meet our basic criteria and successfully supply the necessary documents, will be approved.
We will guide you through the process, helping you from start to finish to ensure you get the funding you require.
Q5. Can I use my funds for any purpose?
A. Yes. For example, we have found that our top 5 uses for a Bizniz Cash Advance are
- Buying new machinery.
It’s easier and cheaper than applying for asset finance or leasing and you will own the machinery from day 1.
- Buying a lease / additional outlet
A lease might become available for a place you’ve been looking at and you can’t wait 6 or 8 weeks for the bank to make a decision. With a Bizniz Cash Advance, you could have the cash in your bank to buy the lease and maybe do the refurb in 7 to 10 working days.
- Expansion & refurbishment
Use the money to refit your restaurant with new chairs, tables, flooring, bar area etc. Use it to refit your beauty salon with new work stations, massage tables or equipment.
- Paying bills / expensive credit facilities
Small businesses often struggle to meet VAT demands. They may also have credit cards or loans that are linked to their credit score. A Bizniz Cash Advance is unsecured and is basically ‘pay as you go’. Your repayments will only ever be a % of what you take so it could really help if you have an unusually quiet month.
- Website design & development
More and more of our customers see the benefits of good website design and professional online marketing. This can be expensive and is not something you can normally borrow for but could have a major impact on your business.
Q6. How much does it cost for a Bizniz Cash Advance?
A. As soon as we receive your completed application we will contact you, confirm the amount we are prepared to advance and give you a couple of quotes based on taking approx 6 or 9 months to repay. You choose which is most suitable and affordable for you.
Q7. How long does it take?
A. It’s a quick process. From receipt of a completed application form and the documents we ask you for, it can be very quick indeed. 35% of our customers get funds in their account within 48 hours! It’s unusual to take more than 7 days for a straightforward application.
Q8. How much will my business qualify for?
A. With a Bizniz Cash Advance you can borrow the equivalent of one months average card sales. E.g. if you take £25k per months in card sales, we can usually advance up to £25k. If you have been trading for two years or more, we may be able to increase that to 150% of monthly card takings.
Q9. Can I still get an advance if I already have a bank loan?
A. Yes. A Bizniz Cash Advance can be taken regardless of your other facilities. Most importantly, the product does not appear on your credit report so other lenders will not be able to see that you have taken the advance.
Q10. We only take £10,000 per month on cards but need £20,000
A. Our funders will average your monthly card takings over a 12 month period and will usually advance you that figure. If this works out to be £10,000 and you want more than that, the best thing may be to take the £10k now, start investing this and repaying and when you get to the 5 month point, the funders are usually happy to top up the funds again.
If you have been trading for more than two years, it may be possible to fund up to 150% of turnover, in this case up to £15,000.
Q11. I’ve never heard of this product or Bizniz Cash
A. The business cash advance has been around in the US for over 10 years and is a multi billion dollar industry there. In the UK, it has been around since 2006 and has been growing steadily.
The failure of banks to lend to small businesses in the current recession (8 out of 10 small firms were refused credit in 2012) has encouraged growth steadily and is now an increasingly popular way for UK funding.
Bizniz Cash work with funding houses that have been established in the UK for over 30 years and we will place your deal with the funding house that best suits your needs and you will be welcome to speak to them direct and ask any questions you wish after applying.