First American Merchant has proudly announced that their merchant cash advance services are now available to Latino-owned businesses and startups.
FOR IMMEDIATE RELEASE
Los Angeles, California - First American Merchant (FAM) specializes in working with business types and industries that struggle to find business funding solutions. These merchants are typically considered to be “high risk” by traditional lenders and are turned away. Latino-owned businesses are among the unfortunate group of merchants that find it difficult to find financing options that suit their specific needs.
According to FAM, Latino entrepreneurs submitted 18 percent more applications for small business loans in 2015. However, these business owners struggle to secure financing because they are behind when it comes to factors like credit scores, annual revenue, operating expenses and age of business. For example, according to FAM’s team of experts, the average credit score of a Latino-owned business applying for a loan was 603, while the average for other businesses was 614. The fact that Latino-owned business are also concentrated in more risky industries - like construction and landscaping - also make them more high risk in the eyes of traditional lenders.
Latino-owned business or startups and business owners located in Puerto Rico can take advantage of FAM’s merchant cash advantage – a business funding solution specifically tailored to a business’ unique and ever-growing needs. Unlike working with a traditional lender, FAM requires minimal documentation, and perfect credit is not a requirement. Approval is based on the business’ performance, rather than personal credit, time in business or financials.
In addition, there are no application fees to apply, and no hidden or late fees. Instead of a large monthly bill, collections are simply a percentage of the merchant’s daily sales; this ensures that these businesses are always able to afford the payments. To further simplify the collections process, these payments are automatically withheld from credit card transactions. According to FAM’s team of experts, “FAM gets paid when you get paid.”
“We've built a large network to ensure you have the best options available to you, and we're still growing…business is changing, and we're thinking of new and interesting ways in which we can help put you at the forefront of that change.”
Located in Los Angeles, CA, First American Merchant Funding (FAM) boasts a large network of agents and numerous payment gateway options. Focused on “financing the American dream”, FAM is proud to offer the services of a full support staff and robust financing options to a broad range of industries. FAM has one of the best approval rates in the business, and specializes in working with businesses considered to be “high risk”.