Industry: Flower Retail
City: Vancouver, BC
Advance Amount: $10,000
This client came to us over a year ago looking for a merchant cash advance in order to expand her inventory. With stock that dies, you can see why her ongoing need for fresh flowers was crucial to her business. Obvious, I know! She was approved and her business was getting busier and busier.
I received a call one morning explaining that there had been a huge accident in her store and so much damage, she was unable to operate! Major repairs were needed and for the month or two they’d be doing them, the business would have to be closed. This client nervously wanted to know what that meant for her merchant cash advance with us. With that phone call and photos of the chaos her store was in, we told her to take the time she needed to repair her shop and keep us in the loop as to the progress. After she got over the initial shock, she thanked us again and again and got back to renovating.
It’s true that while a merchant cash advance is more expensive than more traditional small business loans, it’s also a lot more flexible. If this client had large monthly loan payments to make, she never would have made it. Not only was she not generating any income, she also had renovation costs to pay for while waiting for her insurance to kick in.
The shop has since re-opened, looks better than ever and her advance is almost paid in full!