Posted March 13th, 2023

Micro loans play a crucial role in providing business funding for startups and small businesses that have limited access to traditional bank loans. They offer a viable alternative to help entrepreneurs start or expand their businesses and drive economic growth in their communities.

Micro loans are start up business loans typically given to small businesses or entrepreneurs who have limited access to traditional small business loans. The amount of micro loans can range from a few hundred dollars to tens of thousands of dollars, but they are generally much smaller than traditional business loans.

Micro loans are designed to help small businesses and entrepreneurs start or expand their businesses. They can be used for a variety of purposes, such as purchasing inventory, equipment, or supplies, paying for marketing and advertising expenses, or covering other short-term financial needs, such as booth rental for hairstylists or working capital.  

Micro loans often have more flexible repayment terms than traditional bank loans, and they may be easier to obtain. However, they typically have higher interest rates and fees than traditional bank loans, so it is important for borrowers to carefully evaluate the terms of the loan and determine whether they can afford to repay it. Additionally, some micro lenders may require borrowers to participate in business training or other support programs as a condition of the loan.

NOW WHAT YOU HAVE BEEN WAITING FOR!

MCS Capital is offering a micro funding product that allows small businesses to use their credit card processing equipment as collateral to access quick funding It is a new type of startup loan.

MCS will advance the funding without requiring businesses to change their credit card processor. To apply, businesses need to provide a voided check, a copy of their driver's license, and a signed agreement.

The funding can be deposited into the business's account within two business days, making it a convenient and fast solution for small businesses that need quick access to funds.