How to Use Cash Advance to Corona-proof Your Restaurant

With the coronavirus pandemic impacting the world, restaurants in the US and also across the globe have seen an unprecedented economic crisis. Never before has the world witnessed such an economic slump due to a healthcare crisis. With lockdowns and shutdowns and thousands getting infected every day, restaurants face an uncertainty about running their businesses normally again. It is true that businesses across the globe will take time to get back to normal and restore this financial slump. However, on the bright side, as restaurants try to deal with the new ‘normal’ companies such as Cresthill Capital are here to help restaurants get back on their feet with timely financing. Here are some ways restaurants can use a cash advance to set their business back on track.

1. To Stay Up-To-Date With the Current Technology

Restaurants have had to make a lot of changes ever since Covid 19 struck the world. From contactless payments to touchless orders and many more, technology has been constantly changing. With a cash advance from Cresthill capital, your restaurant will be able to stay abreast with current technologies and a cash advance is also a great way to pay for much-needed top-of-the-line gadgets. For example, you can use tabletop devices such as a tablet to avoid waiters having to take the order to the kitchen. Investing in a technology upgrades can lead to higher customer satisfaction and can also increase your business.

2. To Help You Deal with Unexpected Repair Costs

A single mishap can bring your entire business to a standstill. If a refrigerator gives way, or if a delivery truck breaks down, it could cost a lot of dollars from the business budget to cover necessary repairs. Every minute counts and any delay could lead to a loss in revenue. With a cash advance, you would have enough finances to cover the extra costs. So far everyone who has used a cash advance have had no Cresthill capital complaints as funds were provided at the right time enabling their businesses to run more efficiently.

3. To Run Your Day To Day Operations

Restaurants require steady financing to meet the demands of their day to day operations. A cash advance would be an ideal way to pay suppliers, clear payroll or cover operating costs. It would provide the restaurant enough capital to keep the current licenses and other items that are in demand in stock. With additional funds you can clear your electricity, heating and other monthly bills.

4. Expanding or Renovating Your Business

One of the ways restaurants can attract customers is by revamping its look. Further, you can encourage customers to enter by ensuring high standards of safety and cleanliness. Remodeling or add-ons may go beyond your budget when you consider labor, materials and the downtime stemming from the construction period etc. Restaurants need to be updated from time to time in order to keep customers happy. With a cash advance from Cresthill Capital, you would find no room for any Crestill capital complaints as they will provide timely finance to cover all your expansion or renovation plans.

5. Marketing and Advertising

Advertising and promotions play an important role in any business. All your work would be in vain if there are not enough customers. It is important to get the word out through newspapers, social media, emails and billboards. A cash advance is a great way to meet these needs.

With a cash advance from Cresthill Capital, you can stop worrying about your finances and focus more on pleasing your guests and making your restaurant a more beautiful place that is loved by all.

Different Funding Options for a Liquor Store

If you are a business owner of a liquor store that has managed to survive this pandemic, you must be excited at the prospect of getting back to business as usual, albeit with a difference. You may be looking to make an investment to bring about a change in how you conduct your business while ensuring the health and safety of your employees and community. You can look at the following different options to finance your business ideas: 

Funding That's Just Right for You 

At Crest Hill Capital, if you have an idea, we have the fund for it. Merchant cash advances and unsecured cash advances are great when you think business is a bit unpredictable. You can simply agree to a percentage of your everyday credit card sales toward your repayment. You don't have to worry if you go through some days where transactions are low because the payment is relative to your incoming cash flow. However, if your business is doing well enough for you to commit to a fixed daily payment, then an unsecured business cash advance will be a better option. The advantage here would be that you will be able to close your payment in a shorter time period. 

 

If you are unsure of how business is going to be, you can choose to secure asset-based lending against collateral. You can use the equipment, automobile, property, etc., as collateral to secure your funds. 

 

For wholesalers looking for a cash advance, you can use the factoring cash advance where advances are based on your invoiced sales. Your repayment period can be between 30 to 60 days.  

 

Invest in Inventory 

 

Use the newly secured funding from Crest Hill Capital Limited to take advantage of the overstocked items at your distributors by stocking up on your inventory at a reduced rate. According to a recent report in the journal JAMA Network Open, American adults say their drinking has gone up by 14%. As they now have the opportunity to experiment with different types of liquor, it would make sense to stock up on more of the premium brands and fetch higher profit margins. As liquor items are by and large shelf-stable, you can safely go ahead and stock up on large quantities of popular brands during the holidays and festivals. With Christmas and New Year around the corner, it will be a great way to welcome your shoppers back into your store.  

 

Invest in Technology 

 

Choose to invest in an efficient point of sale (POS) software that has detailed reporting features which will help you to get valuable insights into your inventory. It will keep you informed when certain products are moving more slowly than others so you can offer discounts to help boost their sales. The information provided will help you to make a decision on when to order the product again and whether to order at all. Several other features, such as supporting gift and loyalty programs, smart wallets, and wearable techs, will help you keep up-to-date with your customers' expectations. 

 

Invest in a New Location 

 

Even though liquor stores are back to business after months of lockdown, they have all been forced to make some adjustments or the other. As business picks up, more and more people will start crowding your store again. Since the fear of contracting the Covid-19 virus still lurks around the corner, curbside pickup works great for your business. If your store does not have one already, you could use your cash advance from Crest Hill Capital Limited to invest in a better location that has one. It is a great hit with shoppers as it cuts their exposure with other shoppers and speeds up their shopping as well.  

What are the Various Ways of Using Alt-Fin Services?

Funding is the secret of SME’s energy! Small and medium businesses often require additional funds to survive in the market. Also, these funds play a huge factor in their near future growth.

Besides, these funds help them to pounce on an expansion opportunity. However, getting this quintessential factor is the hardest thing for an SME. How? The Great Recession of 2007 created a burden on the world’s economy. As a result of that, the traditional channels tightened their terms and regulations.  

Due to that SMEs ended on the wrong side of that. Now, for funds, you need to boast a good credit score and show heavy collaterals. What if you don’t have either of them? Then you need to wait for days only to see your application rejected.

So, what should an SME holder do in such a situation? The answer is alternative funding. When it comes to easy to secure funding, less waiting period, and hassle-free paperwork, alternative financing is the best thing to opt for. These firms rarely care for your credit score and collaterals. All they care about is to help your venture grow. Firms like Cresthill Capital are working tirelessly to make sure that SMEs don’t struggle in a market which is very fickle.

Let’s understand how you can use alternative financing wisely to grow your business.

1.  Adding New Equipment:

If you are not looking for long term use then it is best to rent equipment. However, if you plan to do otherwise, it will be wise to opt for Equipment leasing. This service helps you to upgrade your service and enhance your productivity. Or you can use cash advance services of alt-fin firms like that of Cresthill Capital.

Besides, investing small amounts and using alternative financing can build your ROI. Also, reading blogs and sections like Cresthill Capital reviews will give you more information about this service.

2.  Build Your Digital Presence:

The future is online! This is a phrase that you must be listening to very often. This is the time you implement that. Your competitor is just a click away. This is the reason you need two things: one, bring your services online, and two, to build your online presence, you need to invest in professionals. In this way, you can leverage their marketing strategies on different social platforms, build an engaging website,  spend a bit on Adwords and run paid ads to see your audience and presence grow.

For this, you need to keep aside a substantial amount from your budget. However, it will be wise to opt for cash advance services from alt-fin services like that of Cresthill Capital. Also, you can visit a few blogs and alt-fin firms’ websites to know more about this service.

3.  Lessen Your Burden and Pay Your Debts:

This is the best way to achieve smoothness in your finances. Debts create an unnecessary burden on your firm’s finances. You can either use your hard-earned reserves for this or you can opt for alt-fin firms services that have flexible repayment structure to clear your debt. Considering a few cases, we would suggest that you should opt for the second option. The reason being, reserves are always for a fall-back situation. In no way, you would want to dry that base. Whereas, you can easily pay a part of your monthly or daily income to an alt-fin firm while keeping your savings intact. Reading sections like Cresthill Reviews will give you a better understanding of how to deal with the repayments and its negotiation.

Handholding you through the bylanes of Alternative Finance

Any big business starts with a small step: an idea. An idea that can help deliver products or services targeted to provide enhanced customer satisfaction or fill up the gap in the existing economic scenario. However, an idea cannot in itself make a dent unless and until it gets the support and cheer of the financing community.

However, post the financial debacle of 2008, most banks refuse to entertain credit applications from a business generating less than $2 million revenue and those which do are sadly unaligned with today's SME needs, which are profoundly affected by the slightest shifts in the economic environment, operate in risky waters and need quick funds at irregular intervals within the first year of business operation.

Banks need to adhere to stringent guidelines and take into account the creditworthiness of the company, which can show steady cash flow and offer assets as a guarantee against default and this does not augur well for the small business community.

Though the volume of Cash Advances to large businesses has steadily increased over the last few years, the funding extended to SMEs has shown a steady decline in the banks' balance sheets with less than one-fifth of the banking funds having been processed to this sector in the last few years.

The use of traditional scoring models to gauge SME requests and the lack of a quick and seamless process origination stand pitted against the requirements of this segment. Accessing cash advances once the business has just started off has been one of the biggest deterrents to SME operators in the last few years.

We, at CrestHill Capital, have been quick to ascertain this mounting gap and created our financial modules to synchronize our financing options with the emerging business models of SME.s.

1. Overriding The Need For A Lengthy Application Process:

We realize that SME owners need a working capital requirement of at least 3 to 6 months in hand to expand their customer base, promote their services and deliver what they are marketing. Therefore, unlike traditional financial options, no amount is too small for us to sanction and release. For more details, call up Crest Hill Complaints today.

2. Implementing New Age Models To Makes Cash Advances More Accessible:

New age analytics, psychometrics, social media behavior, and other dynamic factors help digital financers like us to originate more funding options at competitive rates and in quick turnaround time (often as less as 48 hours).

3. Tailoring The Funding Options With SME Requirements:

By virtue of Big Data, Business intelligence, and analytics, all of us in the Alt financing sector is redefining our entire financing structure, and the resulting outcome is a range of hybrid financial products with new and enhanced features, conducive to the interest of this entire growing segment.

4. Keeping Financing Options Cost And Time Effective:

The use of new-age modules like a single point working capital dashboard, which allows for seamless tracking right from funding application to disbursement on the digital platform, has allowed for maximum transparency and thus optimizing on time, money, and effort. Alt finance companies, like CrestHill Capital, keep their funding origination processes cost-effective and offer credit at more competitive rates than was earlier possible on this alternative platform.

5. Diversification of Cash Advance Options:

The traditional modules of availing funding are no longer applicable to this new digital platform. Today, in the Alt finance industry provide a range of Cash Advance options right from Invoice financing (against accrued invoices on account of non-payment by clients) to Merchant Advances (a lump sum advance to be repaid with an additional fee, in accordance with future sales) to Line of Credit (an open-ended credit based on mutual understanding between the lender and the borrower which makes capital available at scheduled, intervals to be repaid on convenient terms later) to Online funding (at never before rates amounting to as low as 6.5% and disbursed in as little as 24 hours to meet any financial exigency).

For further information, dial CrestHill Capital Finance today.

How Alt Lending Has Proved To Be A Game-Changer For SMEs?

The Small and Medium Scale enterprise sector is today the pivot of a booming economy, especially in a rapidly developing economy, like ours in the U.S, with a diverse population base, having a distinct set of needs.

Alternative financing is fast becoming the fulcrum in such a financial scenario, generating a transaction value of UD$33,513.5m in the year 2020 and slated to reflect an annual growth rate of 0.9% (CAGR 2020-2023), resulting in a grand total of US$34,399.9m by 2023.

Talking in terms of the U.S Alt Finance sector exclusively, Alt finance grossed a sum total of $34.5 billion in origination volumes in 2016, which marked an average of 22% jump year-over-year.

Why Traditional Banking Sector fell short of expectations?One of the strongest deterrents to the growth and expansion of the Small and Medium Scale Enterprises in the last few years of global expansion has been the lack of easy and quick access to traditional funding by the Banks. Both the Government and the Private banking sectors, were slow in their uptake to take advantage of this boom, which led to huge capital access gaps.

Limited collaterals, smaller asset size, and insufficient past financial record are few of the apparent factors cited by the traditional Banks, which had led to the SME sector become a less promising client base.

How Alt-Finance changed the game?
This is where Alt lending has stepped in and proved to be a game-changer of sorts in over-hauling and imparting fresh impetus to the SME sector. A not so distant, but maverick cousin of the conventional financial system, this technology driver, uber savvy, fast and easy method of financing has given SME sector in the U.S, the much-needed wind beneath their wings.

Alternative finance today refers to the entire gamut of financial channels, networks, and instruments that have mushroomed at an unprecedented rate in the last few years on the remote fringes of the traditional financial system. The sector is formulated with the specific objective to meet the needs of the “eager to aim bigger and fly higher” small and medium scale entrepreneur, who traditionally fall into the high-risk zone.

With the ease of availability of customized working capital loans and easy repayment options, small businesses never had a better financial ally.

Alternative lenders like Cresthill Capital in the U.S have revamped the entire SME sector with ease of Cash Advance facility, without correlation to past track records of the creditworthiness or collateral security. The facility of flexible cost structure allows for a range of convenient repayment options, which is easy on the pocket and business-friendly in its approach. Easy accessibility to Crest Hill complaints about detailed information and feedback, lends clarity and transparency to the entire process.

The expeditious processing time (as less as 4 hours to maximum 3 business days) and the absence of lengthy and cumbersome documentation makes Alternative lenders, like Cresthill Capital today, the first and most obvious choice for budding entrepreneurs and innovators who wish to accelerate the process of growth and expansion of their business. Additionally, the easy access Crest Hill complaints section helps in further streamlining the entire process.

How has Alt Finance actually revamped the dynamics of the SME sector?Small scale sector entrepreneurs struggle to access capital to thrive and grow. Alt Finance has come to the aid of many businesses based on their fiscal responsibility assessment more than their credit ratings. Determination of the growth potential of start-ups and the level of competition they bring to the business, along with the necessary skill guidance boost from experienced investor groups, are some of the key highlights of this alternative financing sector.

It is then no surprise that where big Banks have been responsible for allowing funding of only 27.3% of all small business requests in 2019, Alt finance has approved the lion’s share at a whopping 51.3% of SMB loan application requests.

So, if you require that extra dough to meet expense during payroll times or are facing a cash crunch to meet urgent tax requirements or need some cash in hand to override a lean business phase or looking to over-reach your business range and exposure, we, at CrestHill Capital offer you a range of cash advance options at an enviable rate of interest. You are our priority since we firmly believe that one of the critical elements of a growing economy is financial inclusion.

The Path Ahead For The Alternative Lending Industry - Trends And Predictions For 2020.

How will the alternative lending industry fare in the new decade? A vital question that I will attempt to answer in this article.

Unlike a few years ago, when people ask this question now, they are not questioning the stability or the legitimacy of the industry. The undeniable growth of lending platforms and the sheer amount of money they deal with have cemented its position in the financial world. Alternative finance is no longer an upstart, new kid on the block; it is a mainstream sector that is now challenging established banks.

This year will see it grow stronger and become more stable. Here are some trends that could determine the evolution of the alt-fin industry in the coming few years.

Technology

Fintech has always played a pivotal role in the growth (even the very existence) of the alternative financing industry. Till now, the focus of technology integrations has been internal — it has been leveraged more for compliance, risk assessment, cybersecurity, and so on. Now the focus shifts outwards towards customer experience and long-term planning.

I see a clear trend towards more investment in new technology such as Artificial Intelligence and Machine Learning, and for the development of end-to-end, secure platforms for alt-lending companies like Cresthill Capital.

Banks try to catch up

Even though banks make more money from larger corporations, SMEs are still extremely attractive to them. They are aping the ways of the alt-lending sector and integrating fintech in the hopes of replicating some of the alt-fin features small business owners love. It’s an uphill battle because financing companies like Crest Hill Capital don’t just do well because of technology; they give their clients awesome customer engagement, competitive funding offers, and fast service.

Lack of Cresthill Capital complaints and their excellent reputation attests to the fact that great fintech must be supplemented with other factors for success. Banks might be able to pass on some benefits to their customers, but I doubt they will become as flexible or fast as alt-lenders.

Asset management and associated financial services

With so much money and SME customers flowing through alt-lending channels, the next logical step is for alternative lending platforms and agencies to make their considerable financial knowledge available to clients as add-on services.

Already lenders like Cresthill Capital help their clients with an enormous amount of financial advice related to credit options, debt restructuring, managing cash flow, checking the viability of expansion plans, etc. This informal guidance will morph into structured bundled services.

Niche marketing or credit segmentation

As the sector grows and new alt-lending companies enter the fray, they will bring in more industry-specific credit offerings. Newer members who can’t compete with established alt-lenders will try to work only in specific segments and attract customers by offering more value and personalization. With time the entire industry will become more customer-centric.

For example, lenders like the New York-based Cresthill Capital are already offering tailored funding deals for a variety of small businesses in different industries such as medical stores, liquor stores, auto repair workshops, transportation and trucking businesses, nightclubs, retail, restaurants and more. This trend will grow, and funding deals will become even more segmented.

Compliance and growing regulation

As the industry grows, so will the regulations around it. Currently, alt-lenders don’t face the same levels of scrutiny as traditional banking institutions and credit unions. As they are mostly funded via private investors, they have the flexibility to set their own terms and business models, and the industry is largely self-regulated. However, there is a growing demand to set up some framework to standardize best practices. What form these new regulations take will determine how the industry develops in the coming decade.

The Bottom Line

The alt-lending sector in the US is predicted to touch US$34,399.9m by 2023. With so much money passing through it, the industry is impacting the lives and businesses of millions across the country. Of course, alternative lending will evolve and mature with time, but as long as it remains true to its original mission of helping small business owners, it will keep attracting new customers and keep expanding.