Business Financing For Ohio Gas Stations
The sole reason that traditional banks and lenders are reluctant to offer business financing to gas stations is actually one of the top reasons your Ohio gas station is likely to get approved for business financing from Greenbox Capital. Income from gas stations is not predictable, and it is categorized as a cash business, thus banks shy away from granting loans to this industry. Generally speaking, for banks, gas stations are too risky unless the business has an excellent credit score, a long profitable operational history, and a lot of collateral. On the other hand, one of the chief reasons that Greenbox Capital offers business financing to this industry is because of the high amount of cash and credit card transactions. Strong cash flow, business stability, and potential for success are key factors we consider when approving small business funding. A low credit score and lack of collateral are not obstacles to a merchant cash advance.
Greenbox Capital financing solutions are built to fit the Ohio gas station business model. Cash funding is based future cash and credit card transactions of the business. Our requirements are few and simple; the business needs to have been in operation for at least 6 months, and an average revenue of $7,500 per month for the last three months. Businesses may then qualify for a cash advance equal to 70% or 100% of their monthly revenue.
Turn Future Sales into Instant Cash
Ohio based businesses with high credit card transaction volume can obtain as little as $5,000 or as much as $250,000 in as little as 24 hours depending on their needs. The funding product is Merchant Cash Adnavce1. This is also referred to as “credit card receivable funding”, this is because the funder purchases the borrower’s future sales. Payback is fully automated and most business owners say they don’t “feel” the repayments with each transaction. If your sales volume or credit card receipts are just not strong enough, ask Greenbox Capital’s advisors about our collateral (asset) backed financing. You may qualify for a cheaper rate!
As an alternative for traditional lending, we aim to help small businesses throughout the US, Puerto Rico and Canada succeed in growth; we have the expertise to provide affordable funding programs to gas stations. Our easy payback options are designed to fit into your business operations with very little to no administrative work on your end. Choose split-funding or Automated Clearing House (ACH) payback models. Fixed ACH payments are deducted from the businesses bank account daily or weekly, your choice. This is ideal for the business owner who keeps a close eye on cash flow. Always knowing how much is due helps business owners manage cash flow. Once you have paid back 50% of the cash advance, Greenbox Capital can renew the advance as well as increase the amount available to you. If your business qualifies for Business Line of Credit you may be able to renew without 50% paid back. This keeps cash ready for fast access when it is needed.
Along with a line of credit, different programs include an Early Pay-off at 30, 60, or even 90 days from the date you are funded to receive a discount. For every 30 days that the advance is paid early, the merchant can receive a factor rate reduction. Our Escrow Program enables merchants to receive funding prior to paying off existing cash advance with another lender. A 3 Stip Business Cash Advance only requires a voided check, driver’s license and bank account verification via decision logic or screen share. Businesses can receive up to $30,000. Visit 3 Stip Business Cash Advance for more details.
Growth Trends for Gas Stations
Ohio based gas stations are becoming increasingly profitable, but in order for survival, they must be able to quickly adapt to ever changing consumer demands. The most influential trend among gas stations, is the new transformation into quick stop convenient marts, as well as other services. Working capital financing can support your goals to grow your operation, purchase additional locations, or to even buy into a franchise. The opportunities are endless. However, along with motivations for growth, there are daily operational requirements of running a gas station. Not only must payroll be met and inventory purchased, but a commercial operation like this is vulnerable to environmental issues. Fast access to cash for your gas station can mean the difference between a massive setback, or just a minor slowdown in the event of an emergency.
Whether your plan is to grow right now or get your business in order before launching strategic initiatives, access to working capital is the way to achieve your business goals.
¹ Greenbox Capital Merchant Cash Advances may not be available in all regions of the United States or Canada.
For a free consultation, please complete our application or contact our Merchant Account Service Team.