If you're researching funding for your medical practice, you may be wondering whether secured or unsecured funding is the better choice. Here’s teh short answer: If you do not have any collateral to secure a medical practice loan, then you'll need to apply for unsecured financing.

Unsecured medical practice loans do not require any type of collateral to secure the loan, such as property or equipment. Some traditional lenders offer unsecured funding, but most banks and SBA loan programs will require collateral in order to secure a medical practice loan. Alternative online lenders, on the other hand, primarily offer "unsecured" medical practice loans that do not require collateral.

In our latest post for Physician’s Practice, we take a closer look at 4 unsecured medical practice loan options, including:

Medical practices are one of many industries feeling the harsh effects of the "great resignation", including sudden staffing shortages, particularly in the field of nursing.

Though there are many things medical practices can do to not only hire new staff, but to retain them as well, overcoming staffing shortages often requires an investment of working capital. Merchant cash advances (MCAs) are an ideal source of medical practice funding for those looking to boost cash flow in order to hire and retain qualified staff.

In our latest post for Physician’s Practice, we take a closer look at how merchant cash advances can be used to attract new hires and retain existing staff, including:

Medical practices may need to upgrade their equipment for many reasons and at any time. Whether you are just starting your practice and are purchasing equipment for the first time, you’re an established practice looking to upgrade to the latest tech, or you are dealing with an unexpected breakdown and urgently need a replacement, you may need to secure third-party funding to help you finance the purchase of new equipment.

Small Business Administration (SBA) loans and loans from traditional lenders like banks are popular options for medical practices looking for equipment financing, but these loans have a long application process and extensive paperwork requirements. If your practice doesn't meet the requirements of the SBA or a bank or you need funding quickly, alternative lenders like Bluerock Options® may be a better option.

In our latest post for Physician’s Practice, we take a closer look at how alternative funding can help medical practices upgrade their equipment, including:

When you’re applying for a small business loan for your medical practice, the first thing you’ll ned to decide is which type of funding is right for you. There are two popular options: Small Business Administration (SBA) loans and alternative funding.

1. SBA loans are provided by SBA-approved lenders-including conventional banks or microlending institutions-and are guaranteed by the SBA up to a maximum amount (usually 80-90%). This means that if you default on your loan, the SBA will reimburse the lender for a portion of the total loan value.
2. "Alternative funding" refers to any lending that occurs outside of a traditional financial institution such as a bank or a credit union. It uses new technologies to support the underwriting process and provides a streamlined application with flexible approval requirements that are favorable to more medical practices.

Both types of funding offer advantages and disadvantages. In our latest post for Physician’s Practice, we compare SBA loans and alternative funding for medical practices to help you underestand the pros and cons and find the best funding for your practice. Keep reading to learn about:

As the Great Resignation continues in 2022, staffing shortages are a familiar challenge faced by small businesses in many industries. Transportation, manufacturing, and construction businesses are feeling the pinch the most-half of small employers in these industries reported "significant" staffing shortages, with half of businesses also reporting significant losses in sales opportunities as a result. Fifty-eight percent of small business owners in the construction industry reported significant or moderate lost sales opportunities due to staffing shortages, closely followed by 55% of manufacturing and mining businesses and services industries.

According to April's Small Business Economic Trends survey, 22% of all small business owners plan to increase employment to alleviate the staffing shortage. The industries hardest hit by the staff shortage are also the most likely to plan to hire-31% of owners of manufacturing businesses plan to hire, followed by 28% of transportation operators and 24% of construction business owners.

In March 2021, the U.S. Bureau of Labor Statistics reported an all-time high of 8.1 million job openings with a job openings rate of 5.3%-a 43% increase over March 2020, the month COVID shutdowns began. Despite their plans to hire, many industries are struggling to fill job openings-in the same year, the National Federation of Independent Business found that a record high of 42% of small business owners had jobs they couldn't fill. Forty-three percent of small businesses across all industries have current job openings they are unable to fill, and more than half of small business owners in construction (60%), transportation (56%), and manufacturing (50%) reported not being able to fill open positions.

Wondering how to deal with staff shortages when you're trying to hire but can't seem to find the right candidates? Many business owners are raising compensation in order to attract and retain employees-39% of manufacturing firms reported raising compensation in April 2022, as well as 27% of retail firms and 34% of construction and wholesale firms.

Raising compensation is one way to attract and retain talent, but there are many other strategies small businesses can employ to boost hiring. These strategies require an investment of working capital, and after two years of shutdowns and restrictions and major changes in consumer behavior, many small businesses may not have the funding they need to deal with staffing shortages.

Merchant cash advances (MCAs) can be an ideal source of working capital for small businesses who are looking to boost cash flow in order to hire and continue to grow. With a streamlined online application, flexible approval requirements, and fast turnaround, small businesses in almost any industry can quickly access the funding they need to implement attractive new hiring policies.

Let's take a closer look at 8 ways you can use a merchant cash advance to deal with staffing shortages, including:

1. Offering overtime
2. Hiring more staff
3. Upskilling existing staff
4. Offering higher wages and better benefits
5. Providing flexibility to new and current employees
6. Investing in technology to help you automate and reduce staffing needs
7. Working with a staffing agency
8. Employee referral bonuses

Offering more hours to your existing staff may mean paying overtime, but this approach may be preferable to losing clients or compromising the quality of your services. Paying overtime also means you can avoid the higher costs of hiring and training new employees.

In 2022, small business owners can't afford to wait for potential employees to come to them-they must take a proactive approach to hiring in order to find the best candidates for the position. This can mean participating in job fairs, working with college training programs to create a hiring funnel, or developing paid internship programs. These strategies all require an investment of capital, but this investment could return dividends in the form of qualified staff who are interested in building a long-term career at your company.

Merchant cash advance funding can be used to offer new employees higher wages, better benefits, or more competitive salaries in order to attract top talent. You can also use MCA funding to cover onboarding expenses so that you can hire inexperienced staff that may require more training. Once your new staff member is on board and helping you earn more money, you'll be able to repay your cash advance faster.

For example:

• Law firms can hire bookkeepers, additional attorneys, paralegals, office managers, and reception staff so managers and partners can focus on higher-value work.
• Construction companies can expand their team or hire subcontractors so they can take on more projects, bid for larger projects, or offer more comprehensive services.
• Restaurants can hire more front-of-house staff so managers can focus on higher-value activities like reviewing reports, identifying opportunities to improve menus, and addressing supply chain challenges.

Use merchant cash advance funding to offer existing staff additional training so that they can provide more value to your business, work more efficiently, and help you earn more money. Skill-building programs can also be a strong retention incentive for your existing staff.

For example:

• Restaurants can offer the option of working from different kitchens to learn different menus.
• Manufacturers can cover tuition costs so employees can learn new skills.
• Any industry can offer leadership and training opportunities to entry-level staff to prepare them for future roles.

Paying median or above-average wages shows staff that they are valued, which can have a positive impact on job satisfaction. If your employees often work other jobs in addition to yours, a higher wage can incentivize them to take more hours at your business, or even quit their other jobs.

Offering higher wages or other perks, such as more paid time off, better health benefits and sick leave, or retirement savings plans, will also make your workplace more attractive to potential employees, and can minimize turnover.

By showing employees that they are valued, eliminating other demands on their time, and reducing stress during their off-hours, you can help your existing staff be more productive while they're on the clock. Merchant cash advance funding can provide the working capital you need to implement these changes without straining your cash flow.

Offering flexible work hours signals that you value work-life balance, which can give you a strong competitive edge over other businesses in your space. Flexible work hours can also make your business more appealing to different groups, such as parents and recent retirees who are looking for part-time work.

With a merchant cash advance, you can hire more part-time employees to enable flexible work schedules. You could also use your funding to invest in technology-like remote desktops or laptops-so your staff can work from home with a flexible schedule, or you can hire without borders and offer employees the option to work how they want. Investing in work from home tech is especially ideal for professional services firms like law firms, accountants, and other types of office work.

Investing in technology that replaces the need for some employees or helps employees do their work more efficiently is a great way to use merchant cash advance funding to deal with staff shortages. Automating time-consuming but simple tasks such as inventory or taking reservations can help your entire team work more efficiently so you can provide better service. Using technology to de-silo different functions using cloud-based software can also help you integrate your business processes more easily to make onboarding and flexible work arrangements easier to implement.

For example:

• Quick service restaurants can invest in self-ordering kiosks, or use new technologies to automate tasks like dishwashing.
• Construction companies can invest in building information modeling (BIM), telematics, and emerging tech like VR or AR, robots or drones, 3D printing, connected devices, or autonomous vehicles to improve communication, productivity, and safety.
• Retail outlets can add self-checkout and improve point of sale systems to enable online shopping and omnichannel approaches.

If you're wondering how to deal with staff shortages, working with a professional staffing agency might be the right way for you to find talented candidates. Some qualified staff simply prefer temporary work, and working with a staffing agency can help connect you with these workers, as well as fill staffing gaps when permanent employees need time off. Staffing services can also help connect you with qualified candidates for long-term contracts, special events, or seasonal hiring, such as:

• Planned vacation time
• Sick leave or personal emergency leave
• Parental leave
• New system implementations
• Seasonal projects

Merchant cash advance funding can be used to cover agency service fees so you can continue focusing on operating your business rather than hiring and onboarding new employees. Staffing agencies will handle the entire process, from posting the job to vetting candidates, so all you have to focus on is welcoming new team members and growing your business.

Employee referral bonuses can help incentivize your current staff to share new job openings with others they know. If a staff member refers a candidate who gets hired and stays for a certain period of time, the referring employee could receive a cash bonus or other incentive.

Merchant cash advances can provide the working capital you need to fund such bonuses or implement other benefits for successful employee referrals.

Merchant cash advances are a fast form of alternative funding that is ideal for hiring new employees or creating employee retention programs. Because MCAs are repaid from a portion of your daily or weekly credit card sales, retaining staff or hiring new employees that will help grow your business can help you repay your funding faster than other forms of small business loans like SBA loans or term loans.

When issued by a reputable lender, merchant cash advances offer a number of advantages over financing options offered by traditional lending institutions, including:

• Simplified applications with less paperwork and less rigorous approval requirements.
• Faster processing and approvals, with funding sometimes available in as little as one business day.
• Greater flexibility and more room to negotiate terms.

With funding from as little as $3,000 up to $500,000, Bluerock Options® can help business owners access flexible merchant cash advance funding to help hire new staff, retain existing employees, and fuel the growth of their business.

1. “Small Business And The Staffing Shortage by Industry.” William Dunkelberg. Forbes. May 27, 2021.
2. “How to Overcome the Small Business Labor Shortage.” Nextdoor. June 21, 2021.

Applying for a loan requires lots of documentation about you and your business. The documentation you’re required to supply will depend on the type of lender and the type of funding you're applying for-traditional lenders like the Small Business Administration (SBA) and banks have strict and thorough documentation requirements, while alternative lenders typically ask for less paperwork and have a more streamlined process.

We joined Physician’s Practice to outline what you'll need to apply for a small business loan from any type of lender. Keep reading to learn about small business loan documentation requirements for:

Compared to inveterate lenders like SBA and banks, merchant cash advances are a relatively new form of funding that emerged out of the 2008 recession in response to a greater need for accessible small business funding. Thanks to their youth-and some shady tactics employed by disreputable cash advance lenders-many myths and misconceptions about merchant cash advances still persist in 2022, such as the perception that MCAs are inherently predatory and only for failing businesses.

In reality, there are many instances in which a merchant cash advance is the best funding option for a small business-for example, when you need funding quickly, need a smaller loan, can't supply collateral, or don't meet the strict approval requirements of lenders like the SBA or commercial banks.

Merchant cash advances are a safe and reputable form of funding; however, there are MCA lenders that will engage in disreputable tactics designed to make the lender money at the expense of the small business's long term health and growth. The most common tactic employed by such lenders is called "merchant cash advance stacking" or "loan stacking". It's important for small business owners to be on the lookout for such tactics, especially if they were just approved or are already repaying an existing merchant cash advance.

Offers to stack advances can be tempting, but merchant cash advance stacking can put small business owners in a tenuous position. In this post, we'll take a closer look at what MCA stacking is, why it's dangerous, why small businesses might be tempted to stack MCAs, and alternative funding options to stacking merchant cash advances.

Let's jump in.

Also known as "multiple positions", merchant cash advance stacking refers to the act of accepting multiple merchant cash advances at the same time, prior to an MCA (or possibly two or three MCAs) being paid in full.

When merchant cash advances are stacked, borrowers must make multiple daily payments to multiple lenders. Since MCA rates are typically higher than other forms of funding, doubling or even tripling the daily payment can put a serious strain on a small business's cash flow, resulting in a higher likelihood of default.

"Stacking" does not refer to business owners who take out a second loan to pay off the balance of an earlier loan in order to acquire more funds. In this case, the second lender can evaluate whether to approve the additional debt and the balance on the first loan will be completely repaid, so there is nothing to stack.

Sometimes, MCA stacking occurs when business owners seek multiple advances to finance growth or cover operating costs, including the costs of previous advances. Business owners can also stack advances on top of other loans, which sometimes occurs when a small business can't get the full amount they asked for from other lenders.

There are also lenders whose entire business model is based on seeking out recently issued advances and contacting borrowers with offers of more funding. When a small business owner receives a merchant cash advance, the initial lender will make a UCC (Uniform Commercial Code) filing, or lien, that becomes part of the public record. A second, less reputable broker may see this and reach out to the business to offer more money. These offers can be very tempting, but accepting a stacked MCA under these circumstances can put the borrower in a tough spot and can also increase risk for the first lender.

Merchant cash advance stacking is especially dangerous under two circumstances:

1. When you accept additional capital just because someone offered it, not because you need it or have a plan for it. Reputable lenders know that your business's success increases the likelihood of you paying back your funding-if they loan you too much and you default on your loan, the lender loses money. Their underwriting processes help determine how much funding your business can reasonably handle and their funding offers will be tailored to the unique needs of your business. It pays to beware of "special offers" that are made shortly after you begin repaying an existing advance-often, these offers will come from brokers who are hoping to capitalize on the underwriting process and diligence of the first lender in order to increase their bottom line.
2. When you accept capital because you are having trouble making payments on other loans. Stacking MCAs or loans under these circumstances can be a slippery slope and many borrowers fall into a debt trap that is more likely to result in default.

Stacking merchant cash advances presents a number of dangers that can put small businesses in a precarious position. Here are 4 pitfalls of stacking merchant cash advances:

Merchant cash advance payments are automatically deducted from your daily or weekly credit and debit card sales. If your business takes out multiple merchant cash advances from different lenders, you'll need to make multiple repayments per day, which can seriously strain your cash flow.

A first advance will be granted based on what the lender reasonably thinks you can pay back, so taking on a second advance means you are likely taking on more debt than you can handle. Even if you can repay each advance, your cash flow will be severely constrained by the automatic daily or weekly repayments.

Sometimes, merchants will take out multiple MCAs to address immediate financing needs without considering how they will pay off their financing. Without a plan for how you'll repay an advance, it can be even more tempting to accept additional funding to cover your fees and repayments, which can increase your debt burden and make it easier to fall into a debt trap.

When you stack advances, your rates and fees may double (or more). The financial burden will only increase as repayments cut further into your daily sales and profit margins, especially on slower days, creating a slippery slope that can significantly increase your risk of default. This can lead to the filing of a UCC lien, the seizure of collateral assets, and other negative outcomes for your small business.

Some loans, including bank loans and SBA loans, may have provisions against taking out other financing such as merchant cash advances. If you accept an MCA when you've already received other funding, you may be in violation of the terms of your initial agreement and the lender may demand full, immediate repayment.

If you've already received a merchant cash advance and find yourself in need of additional funding, there are alternatives to stacking advances. Here are 4 options to consider:

If you already have an MCA and are in need of more funding, you may want to ask your lender about refinancing. Many MCA lenders will consider refinancing advances if business owners have shown they are able to repay their funding on time, especially if more than 50% of the existing advance has been repaid.

If your MCA lender agrees to refinance your existing advance, be aware of something called "double dipping". Double dipping refers to paying fees on top of fees, and occurs when you refinance an advance and your lender uses the funds from the new advance to pay off the existing balance. If both advances use factor rates and have pre-determined payback amounts, your offer may use a portion of the new funds to pay down the remaining unpaid fees in addition to the principal of the new loan, thus driving up the cost of the new loan so that you are essentially paying interest on interest.

A lender who doesn't double dip will waive the fees on the existing advance. A lender who does double dip will issue enough funding to cover the principal and fees in addition to the new loan amount. Always ask your lender for a detailed breakdown of costs-they should be able to tell you whether fees are waived on renewal; if not, consider looking for a different lender.

You may also be able to refinance merchant cash advance funding by acquiring a loan from a traditional lender, especially if your business is in a stronger position than it was when you first accepted the MCA.

Equipment and inventory financing are loans that are specifically issued to fund the purchase or repair of equipment or inventory. The equipment or inventory acts as collateral to secure the loan.

If you are seeking additional funding to finance the purchase or repair of equipment or inventory, this kind of financing may be a better option. Instead of automatic daily or weekly repayments, equipment and inventory financing is often repaid using set monthly payments, which may be easier for your small business to integrate into your cash flow and monthly bookkeeping.

If your business has a large number of outstanding invoices or you issue invoices for large amounts, invoice factoring can help you access the money you are already owed before your client pays.

With this form of financing, you essentially "sell" outstanding invoices to a lender, called a factor, in exchange for immediate cash. The lender will collect payment on the invoice from your client and will pay out the remaining amount to you (minus any fees). There are no repayments to worry about, which means there will be less strain on your cash flow.

Learn more about invoice factoring

A business line of credit is a flexible form of financing that allows business owners to draw and repay money as often as needed, only ever paying interest on the amount borrowed. Lines of credit are ideal for shoring up cash flow, covering unexpected expenses, or financing growth. With a monthly repayment schedule, this form of financing may be easier to manage compared to multiple or large daily automatic withdrawals.

Reputable lenders will not engage in predatory practices like merchant cash advance stacking. When issued by a reputable lender, merchant cash advances offer a number of advantages over financing options offered by traditional lending institutions, including:

• Simplified applications with less paperwork and less rigorous approval requirements.
• Faster processing and approvals, with funding sometimes available in as little as one business day.
• Greater flexibility and more room to negotiate terms.

With funding from as little as $3,000 up to $500,000, Bluerock Options® can help business owners access flexible merchant cash advance funding to fuel the growth of their business.

Even though small businesses are considered the backbone of the American economy, accounting for 48% of all jobs in the country, they still face an uphill battle when it comes to securing traditional funding from banks and other financial institutions. The COVID-19 pandemic also created a great deal of uncertainty for small businesses, many of which have had to pivot and reevaluate their entire business model to stay open and continue to grow.

By utilizing effective digital marketing ideas for small business, business owners in any industry can navigate these challenges more easily by reaching new customers, building relationships, and ultimately increasing sales.

As a small business owner, you know that marketing is essential to your success. But what if you don’t have the capital to invest in marketing your business to attract new customers or you can't get the funding you need from the SBA or a bank? That’s where alternative funding options like merchant cash advances come in. With a merchant cash advance, you can quickly access the money you need to invest in marketing and grow your business.

With a streamlined online application, shorter turnaround, and more flexible approval requirements, merchant cash advances are often ideal for financing your marketing efforts, especially if you need funding quickly or don't meet the strict approval requirements of other lenders. Because MCAs are repaid with a percentage of your future credit card sales, they can be an excellent option for businesses that need money for marketing but don’t have the collateral or the time to qualify for a traditional bank loan.

In this post, we will discuss some of the benefits of using a merchant cash advance and how this type of funding can be used to jumpstart digital marketing for small businesses:

1. Creating a dedicated marketing budget
2. Investing in paid online advertising
3. Hiring a social media manager
4. Updating or launching a website
5. Investing in content marketing
6. Managing your online reputation
7. Email marketing

Having a marketing budget is essential for any business that wants to be successful because it allows you to track your spending and ensure that you’re getting the most bang for your marketing buck.

The first step to developing a marketing budget is to set goals. What are you trying to achieve with your marketing efforts? Do you want to increase brand awareness? Drive more traffic to your website? Generate more leads? Convert more customers? Once you know your goals, you can start to allocate your marketing budget accordingly. An MCA will provide you with the capital needed to create a marketing budget and implement your plans without putting an additional strain on your bottom line.

Paid online advertising such as search engine ads or social media ads will help you reach potential customers who are actively searching for products or services like yours. By increasing awareness of your brand, paid ads are an effective way to attract people who have never heard of your business before, which may lead to increased sales. Paid advertising also allows you to track your results and ROI more effectively than other marketing channels, which can help you to further refine your targeting and ensure that your campaigns are as effective as possible.

Merchant cash advance funding gives you an opportunity to try out different advertising strategies and see which ones work best for your business. This can help you save money in the long run by only using the most effective methods. If you only advertise online sporadically, your results may be inconsistent, but an MCA will help ensure that you’re generating a steady stream of traffic and leads.

Hiring a social media manager can be one of the best investments you make for your business, especially if you're just learning how to market your business online. Here are 4 reasons why:

• Time management: If you’re like most business owners, you don’t have a lot of extra time to spend on managing your social media profiles. A social media manager can take care of all the posting and engagement for you so you can focus on running your business.
• Grow your reach: Social media managers know how to reach new audiences and grow your following. They are also able to create targeted campaigns that will help you reach your specific goals, such as increasing brand awareness, generating leads, promoting new products and/or services, encouraging more purchases, and more.
• Create engaging content: A social media manager can help you create social media content that is engaging and relevant to your audience. They can also help you repurpose existing content such as blog posts or videos so that it’s more effective on social media.
• Stay up-to-date on the latest trends: Social media managers will keep up with the latest trends in social media and digital marketing for small businesses. They’ll be able to adapt your strategies so that you’re always ahead of the curve.

An MCA can provide the funds you need to hire a social media manager who can determine which platforms are most likely to result in conversions, devote their time to creating social media content that resonates with your audience, and ultimately increase your revenue.

Having a website is one of the most important tools in your marketing arsenal. It’s how you get prospective customers to look at what you offer, and it’s also how you keep them coming back for more. Not only does a website give your business credibility, but it also helps with search engine optimization (SEO), which makes it easier for potential customers to find you online.

Merchant cash advances can provide the funds you need to build a new site or redesign and optimize your existing website, whether that means making the changes on your own, hiring a freelancer, or contracting a digital marketing agency.

There are many factors that go into SEO, but one of the most important is website content. By creating keyword-rich content such as blog posts and resource guides, you can improve your site’s ranking and visibility and make it easier for potential customers to find you online. In addition, fresh, original content helps to keep visitors engaged, which can lead to more sales and conversions for your business.

Merchant cash advances can provide the funds you need to hire a content manager or a freelance writer to help you develop a strong content strategy, create high-quality content for your website, measure your results, and make necessary adjustments along the way.

It’s no secret that online reviews and customer feedback can make or break a business. Creating trust is one of the most important aspects of running a successful business, but it’s not just something that customers need to feel safe or secure-it’s also how they will understand whether or not they should continue doing business with you.

One way to manage your online reputation is to monitor online reviews and customer feedback on platforms like Trustpilot or Google My Business. These platforms allow customers to leave reviews and rate their experiences with your business, which can be extremely valuable for potential new customers who are researching your company. In addition, online review sites often rank higher on search engine results pages, so having a strong presence on these platforms can help you attract even more attention from prospective customers.

If you want to make sure that you’re getting the best possible ROI out of your customer relationships, using a merchant cash advance to manage your reputation might be the best option. A merchant cash advance can help you keep your customers happy by ensuring that they’re getting the products and services they need in a timely fashion, as well as by providing you with the funds you need to resolve any issues that may arise.

Email marketing allows you to stay in touch with your customers on a regular basis, keeps them updated on what’s going on with your business, and gives them special offers and discounts that they can’t find anywhere else.

There are a number of software programs that can automate email marketing and make it easier for you to manage your email list, track your results, and more. Merchant cash advances can provide the funding you need to invest in software programs that will help you reach your target audience while still having funds for other business expenses.

Although digital marketing for small businesses is an effective way to reach new customers and grow your business, it can also be a costly investment. Here are some of the benefits of using alternative funding to market your business online:

1. You can get the funding you need quickly, which can be crucial when you are facing time-sensitive needs.
2. The repayment process is flexible, which can be helpful if your sales fluctuate.
3. You can use the funds for a variety of online marketing initiatives, including building a website, paid search engine and social media ads, content marketing, email marketing, and more.
4. Merchant cash advances have more flexible approval requirements, making them ideal for businesses with low credit or no collateral.
5. There are typically no restrictions on how you use the funds from a merchant cash advance.

Whether you decide to invest in a digital marketing agency or take matters into your own hands, with the right planning and preparation, you can use a merchant cash advance to successfully market your small business.

The digital world has changed the way people spend money, and it’s changed the way businesses are able to market themselves. A merchant cash advance can help you invest in new digital marketing ideas for small business so you can take advantage of new opportunities to grow.

Sometimes, small businesses need funding to help fuel new marketing strategies. Traditional lenders like the SBA and banks have the lowest rates and longest terms, but they are the most difficult and time-consuming to secure. Additionally, due to their strict requirements, many applicants are rejected. Alternative lenders have more flexible requirements, allowing them to approve more small businesses faster, with funds deposited in as little as 24 hours.

Several kinds of small business funding are available from alternative lenders like Bluerock Options®, including merchant cash advances, online invoice factoring, alternative business credit, collateral business loans, and term loans, with funding from as low as $3,000 and up to $500,000 with no restrictions on how funds are used.

Whether you are a new doctor preparing to open your own practice or you're an established medical professional with many years under your belt and a robust patient roster, even the best businesses may need to borrow money at some point in order to keep things operating smoothly and continue growing.

If you don't need to borrow a huge sum, lines of credit are a flexible, less-strict borrowing option that may suit your needs better than a long- or short-term loan like and SBA loan.

We joined Physician’s Practice to share our expert advice for how medical practices can use lines of credit to grow their practice. Read the full article to learn:

Small Business Administration loans are often considered to be the most ideal form of small business loans for attorneys. However, despite typically having lower rates, longer terms, and larger loan limits, SBA and bank loans aren't always the best loans for law firms-SBA and bank small business loans for attorneys can take weeks or months to come through, and typically only businesses with collateral and extremely strong credit are approved.

What if your law firm needs fast funding or doesn't meet the strict requirements of the SBA or other commercial lenders?

With a streamlined online application, shorter turnaround, and more flexible approval requirements, alternative online lenders like Bluerock Options® can approve more attorney funding, often in as little as one business day.

Merchant cash advances are one of the most popular funding options offered by alternative lenders, but thanks to their relative youth, ease of access, and the sometimes secretive tactics used by disreputable lenders, many myths and misconceptions exist about merchant cash advances. In reality, MCAs are a regulated, practical source of funding that small businesses have been using to achieve their goals for over a decade.

With no restrictions on how MCA funds can be used, merchant cash advance funding provide law firms with the flexibility to use their funding however they see fit, whether they plan to finance growth initiatives or need funding to help meet the challenges of their industry. In this post, we'll explore 10 ways law firms can use merchant cash advance funding to fuel their growth, including:

1. Meeting increasing demand for legal services
2. Updating technology and software
3. Hiring staff
4. Shifting to remote work
5. Offering new services
6. Purchasing real estate
7. Acquiring another practice
8. Building a client-focused firm
9. Investing in continuing education
10. Boosting your law firm's marketing

We'll also take a look at how MCAs can help attorneys respond to challenges like longer billing cycles, protecting client data, covering licensing and registration fees, and navigating COVID-19.

Let's get started.

Though there are no restrictions on how MCA funds can be used, they are typically best used for financing growth initiatives that will increase your law firm's revenue-the more you earn, the faster you will repay your merchant cash advance.

Here are 10 ways MCAs can help you grow your firm and your revenue:

Demand for legal services hit record year-over-year levels in the third quarter of 2021, with corporate clients in particular increasingly seeking external expertise to help navigate the COVID-19 pandemic and regulatory uncertainty. Corporate law departments are spending more on outside counsel than ever before-35% higher than in 2016, with 4 in 10 corporate clients anticipating an increase in legal spending.

As this trend continues and litigation backlogs caused by the COVID-19 pandemic ease, demand for legal services will continue to increase for both corporate and non-corporate law firms. MCAs can provide the funding you need to meet this increased demand, whether you hire new staff, upgrade your technology, offer new services, or increase your marketing to attract new clients.

Old devices and outdated software can hinder your firm's productivity and your ability to advocate for your clients. Other new technologies, such as electronic discovery, have also shifted the legal profession by increasing complexity and operating costs.

Updated technology can also have a direct impact on your revenue. According to the 2020 Legal Trends Report, firms that used online credit card payments, client portals, and client intake solutions together consistently earned more than 20% more revenue per lawyer each month compared to firms that hadn't adopted these technologies.

Merchant cash advance funding can be used to purchase new tech and software that will boost your productivity and revenue, such as:

• Secure laptops so employees can work remotely or in the field
• New devices so people don't have to struggle with sluggish systems
• Sophisticated client management systems
• New legal practice management software
• Improved timekeeping and billing software
• Effective document management
• Online payment processing software

Improved technology can also help you automate processes so you and your team can focus on higher-value work rather than time wasting processes and admin.

It's best to hire new staff before your firm is too busy and your existing team is overworked-hiring proactively rather than reactively ensures that your team is ready to take on more work without leading to burnout and lost time. If you wait till your team is already burning out to take on a new hire, you'll end up with more work on your plate while you onboard the new team member.

Increasing your workforce can enable your firm to take on more cases and provide the highest level of care. Merchant cash advances can provide the working capital you need to hire and onboard qualified staff before they start earning your firm money, such as:

• Bookkeepers
• Additional attorneys
• Paralegals
• Office managers
• Reception staff
• Business development specialists to help your firm grow.

You can also use merchant cash advances to hire experts or additional support staff to help with a particular case, such as outsourcing document review, scanning, and other tasks.

Employees are demanding more flexibility in their work arrangements in 2022. Offering remote work options can help you attract and retain the best talent while also potentially reducing overhead and office expenses. Merchant cash advances can help you purchase the technology you need to enable remote work and onboard new remote staff regardless of where they live.

Clients are demanding more of their law firms in 2022, including extra expertise in areas specific to their industry, as well as data privacy and security, financial expertise, and regulatory or compliance expertise. For law firms who work with corporate clients, proactive risk mitigation and cost control are the most common challenges, and firms that can offer coordinated, innovative solutions and strategic advising will better meet the changing needs of these clients.

MCAs can provide the working capital your firm needs to keep up with these demands and set yourself apart from the competition in your area.

Purchasing your office space can help lower your firm's fixed costs by ensuring your payments don't increase over time. When you own your space, you also have the freedom to customize your office space to suit your unique needs, and if you have extra space, you can also rent it out and create a second revenue stream.

SBA loans and bank loans are often the most recommended type of loan for purchasing real estate, but MCAs can also be used for this purpose and may be ideal if you don't have time to navigate the drawn out process of applying for funding from the SBA or a bank.

Acquiring another practice is an effective way to grow your firm without launching a new office from scratch.

Again, SBA and bank loans are the most often recommended type of loan for this purpose. However, MCAs can also be used for this purpose, and are often ideal for firms that need funding quickly to take advantage of a short-lived opportunity.

From offering a seamless, stress-free on-boarding experience to capturing client feedback after a case is closed, the best thing you can do to support your business's growth is build a culture that focuses on client satisfaction first. There are a number of ways you can do this, such as:

• Creating a communication system that works for clients, such as using client-friendly language
• Designing rates and fees based on client needs
• Creating documented systems and procedures to reduce mistakes, better manage your team, and maintain productivity

Implementing these tactics may require an investment of capital. MCAs can provide the capital you need to execute these and other changes that will help you put your clients first.

Merchant cash advance funding can help you cover tuition and other fees so that you can invest in continuing education and training to keep your staff on the cutting edge, or even offer new services to meet changing client needs.

Boosting your firm's marketing often requires an investment of capital. Merchant cash advances can provide the working capital you need to invest in your marketing strategies to help draw in new clients, such as:

• Launching a website or updating your current website
• Search engine or social media advertising
• Traditional advertising such as direct mail, billboards, and other local ads
• Review and reputation management
• Sponsoring local teams or events
• Creating a referral program, such as offering discounts to clients who send you referrals

Merchant cash advance funding is typically best used to finance growth initiatives, but it can also be used to help meet some of the challenges of running a law firm. Here are 4 common obstacles MCAs can help you overcome:

Law firms typically have longer accounts receivable periods, as well as unique billing structures and revenue streams such as retainers or contingency payments. These factors can make it difficult for law firms to maintain consistent cash flow, which in turn can make it difficult to grow your business or respond to unexpected challenges.

Merchant cash advances can help fill in cash flow gaps so that you can keep providing top quality service without delaying your plans to grow.

In addition to consistently following data privacy best practices, law firms face the additional challenge of maintaining up-to-date data security. Regardless of size, all firms must have a secure, ideally cloud-based client record management system with backups and disaster recovery systems in place.

These expenses are unavoidable and upgrades can be costly. Merchant cash advances can provide the funding you need to maintain top-notch data security, especially if you are pivoting to a hybrid or remote work model.

Whether you're a solo practice, a boutique law firm, or a large practice, bar registrations, association dues, and other licensing and registration fees must be kept up to date for all practicing lawyers at your firm. The cost of these fees can create cash flow shortages that may impact your ability to grow. Merchant cash advances can help cover these costs so you can maintain operations and stick to your growth plans.

An essentials-only economy temporarily reduced the need for some legal services, particularly direct-to-consumer services. Courthouse closures especially impacted plaintiff-side litigators, who tend to take more cases on contingency and have less predictable cash flow.

Backlogs clearing these cases as pandemic restrictions ease can lead to further cash flow shortages. Meanwhile, pent-up demand for some services can be tough to meet without additional funding to hire new staff, upgrade technology, or improve services.

Merchant cash advances can help bolster your firm's cash flow so you can invest in tech, qualified staff, and other initiatives that will help you meet demand without compromising cash flow.

Initiatives that will help grow your firm and increase your revenue in the long-term may require a financial investment that you may not have on hand when you're ready to get started. Merchant cash advances are a fast way to access the working capital you need to kickstart your firm's growth.

If hiring a new attorney, for example, will help you bring in more business in the long run, but you don't have cash on hand to cover their salary till they bring in that business, an MCA can help you access the working capital you need to fill in the gaps till business picks up. Merchant cash advances can also kickstart your marketing, enable you to invest in technology to help your team work smarter and increase billable hours, or help you grow into a larger space to support your future growth.

With a streamlined online application, faster turnaround, and flexible approval requirements, Bluerock Options can provide you with up to $500,000 in merchant cash advance funding in less than one business day.