The new Minimum wage regulations may prove costly – and devastating –  for small business owners. What is your contingency plan?

Let Terry Lynch show you how to make improvements, update your website, ramp up your advertising to boost sales in advance of the new regulations using the Merchant Advance Capital loan.

Funding is one of today’s biggest problems facing entrepreneurs, a problem exacerbated in no small measure by the recent Government decision to foist on employers an eventual minimum wage guarantee of $15 per hour.

Big banks dislike small business and risk so typically insist on a minimum of 3 for 1 equity ratio to guarantee a loan. Meaning you must have at least $3 in security for every $1 you borrow – usually as an assignment on your receivables. Banks will also take a collateral mortgage on your home, security on your inventory and business assets, and your personal guarantee. Despite all their hype, big banks are really not small-biz friendly.

There are bank managers who’ll do their best to help. But not many. Despite the branch manager’s desire to help you, often it is outside of his/her purview to do so. A loan is a decision often made by some faceless official at head office; someone who has never met you and knows very little about your business. Banks always talk about the importance of relationships in their promotions, but that’s all it is – talk!

As someone who has ‘been there’, I have seen my business hanging by a thread while waiting for ‘head office’ approval. Often, businesses find they cannot get assistance from their financial institution. So paradoxically, in light of the above, the best time to put your credit lines in place is when you don’t need them!

Small businesses are the largest segment in this country with the least amount of assistance from banks or any level of government! According to Statistics Canada, Micro businesses (1-4 employees) 610,178 locations. Small Businesses (5-19 employees) 357,802, total number 967,980 in both manufacturing and service industries.

The main small business concern – funding.

So how does a small retail business/store/restaurant access funding? A Merchant Capital Advance.

If your business has been open for at least a year, with one year left on the lease of your premises and processes at least $5,000 per month in Credit/Debit transactions, you may be eligible for an advance of up to $350,000 per retail location!

Merchant advance programme takes your future cash flows and turns them into immediate cash that you can use for your business right away. The balance is paid off automatically through a portion of future debit/credit card sales, or through an automatic fixed daily payment in the event that your business does not accept much debit/credit. For more information, please contact Terry Lynch (416) 315-1787