Jersey Shore Federal Credit Union has partnered with Newtek, The Small Business Authority to bring you the best in class solutions for your business. As a nationwide leader in the small to medium sized business market, Newtek Business Services, Inc. understands what it takes to build and grow your business. With Merchant Cash Advance, we offer you a way to access cash now!
Newtek can provide your business with a cash advance against its merchant processing account of up to $150,000 per location. An alternative to a small business loan, these funds are typically available within 7 days or less based on all future credit card sales.
We know how difficult it is for small businesses to raise capital. We decided to make a difference, helping solid retail, restaurant and service businesses succeed. The result is a partnership of business and financial specialists who are actively involved in the day-to-day operation of your business. Our financing specialist are available to help provide you with the solutions you need to grow your business whether you need capital to renovate, advertise, secure inventory, or even open a new location. Newtek can help.
How it works:
Cash Advance is not a loan; it is the purchase of your future credit card sales at a discount. You sell a fixed dollar amount of your future credit and signature debit card sales at a discount. Through an automated process, we retrieve a fixed percentage from each sale as it is settled. The percentage we retrieve from each sale is fixed for the life of the funding—the advance is paid back when you get paid. You never have to worry about writing checks, making timely payments, or paying late fees. And, once you have paid down your advance to approximately 25% of its original balance, you can renew your advance to get additional capital. Renewal is easy and fast. In most cases, funds will deposit into your account the next business day.
1. Apply for funding: Complete a simple referral form and speak with a Business Services Specialist that will tailor a funding program to meet your needs
2. Approval Process: Within 24 hrs you will receive your pre-approval, and within 7 business days, your official approval.
3. Account Setup: If you are not already a Newtek Merchant Services client, our Business Services Specialist will work with you to ensure your credit card processing account is setup
4. Funding: Once you are processing with Newtek Merchant Services the funds will be deposited directly into your bank account and the automated payback begins.
Merchant Cash Advance is a perfect financing option for businesses that may be ineligible for a traditional loan, providing the capital you need to sustain, grow and develop your business.
- It’s uncollateralized – business owners are not required to put up their home or business as collateral
- Requires no personal guarantee
- Payback ebbs and varies with your processing volume
- When the store’s or restaurant’s volume is down, the amount deducted is less
- No application fee or closing costs
- Easy renewal process
- Funding is available much more quickly and requires a fraction of the paperwork
- Funding becomes part of your cost of doing business
- Advance can be combined with Newtek’s other financing programs; we can tailor a program to meet your comfort level and business needs
- Merchant can process their credit cards and receive their cash advance though one source: Newtek