Canada Small Business Financing Program loans are often the preferred small business loan for law firms. Although they typically offer lower interest rates, longer terms, and larger loan limits, the downside is that CSBFP and bank loans can take weeks (or even months) to be approved, and they’re usually reserved for businesses that have collateral and extremely strong credit.
So where do you turn if your law firm needs fast funding or you don’t meet the strict requirements of the CSBFP or other commercial lenders?
With a simple online application, more flexible approval requirements, and shorter turnaround times, alternative lenders like Greenbox Capital® may be able to provide the right small business loan for your law firm.
Merchant cash advances are among the most popular funding options offered by alternative lenders. Because they’re relatively new and easy to access, and because of the sometimes secretive tactics used by disreputable lenders, there are many myths and misconceptions about MCAs. In reality, MCAs are a practical source of funding that law firms have been using to grow small practices for more than a decade.
There are no restrictions on how merchant cash advance funding can be used, so law firms can use MCAs however they see fit. In this post, we’ll explore 7 ways law firms can use merchant cash advance funding to fuel their growth, including:
- Meet the increasing demand for legal services
- Invest in your staff
- Update law firm technology and/or software
- Offer new services
- Purchase real estate
- Acquire another practice
- Boost marketing efforts