Obtaining Capital For Your Nightlife VenueJanuary 14, 2014 By: Steve Lewis
The culture of nightlife is changing and these changes have opened the night up to more than the typical boy meets girl scenario. Today, nightlife destinations are used for meetings and to solidify business relationships providing greater longevity for successful and consistent operators.
The head honcho entertaining business folks at one of your tables may just be taking care of good, repeat customers or may be laying the groundwork for his next venture. As the nightlife business continues to stabilize, owners are likely to find their next investor inside the four walls. However, we still must not forget that the club business is a risky business. Payoff only comes with operating by the books consistently and accurately.
Capital is sometimes hard to come by in order to expand to a new location or redecorate. However, companies like Merchant Solutions Group are helping to expand the nightlife and hospitality sector. “We provide working capital to small - medium sized businesses across the United States,” states Merchant Solutions Group President, William Morrissey.
More than 100 restaurants and franchises from around the US turn to Merchant Solutions Group to secure more than $7,000,000 in cash advancements in 2013. Those needing a quick financial solution with the means to increase sales after the financial support shouldn’t rule out these alternatives.
“Merchant cash advances differ from traditional loans because there is no interest payment. Instead it’s a purchase for future credit card sales at a discounted rate, not a fixed amount,” explains Morrissey, and is based on prior credit card sales. To judge whether a business is worthy of financial support, they look at each business thoroughly and collect previous sales statistics.
Morrissey believes that “it is small businesses and the jobs they create that will bring us to full economic recovery, and we stand ready, willing and able to service them as they do.”