Working Capital Funding for Funeral Home Directors
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Working Capital Funding for Funeral Home Directors

As a funeral director and owner, you have an extremely important job at hand. You are preparing families with the realization that a loved one has passed on. Making them as comfortable as possible is essential. Sure, at the end of the day, it is a business, but it is a sensitive one, and one most of us experience working with at some time in our life. Having said all of that, you should be focusing on the tasks at hand and not stressing over how to acquire working capital when needed. Maybe you need to update your equipment, make improvements to the funeral home, hire staff, purchase inventory, facilitate expansions, or conduct partner buy-outs. All of these things require working capital.

Unfortunately, obtaining financing through a traditional lender can prove to be a lengthy process, tiresome, and often times, impossible. Just take a look at our recent blog, 3 Reasons Why Business Loan Applications Get Declined By Traditional Lenders and Alternative Financing Solutions and you will see why. But there is hope! Here is a wide array of alternative funding solutions available to funeral home owners.

Merchant Cash Advance: Short-term financing transactions that are collected through a set percentage of your Visa and MasterCard sales that are accepted at your place of business. Probably the most common term used in the industry. These do not have a set repayment schedule and are based on the volume of your businesses credit card processing sales. These are usually only guaranteed by the future sales of your business.
Invoice Factoring: Invoice Factoring is used to finance businesses with short-term cash flow issues – especially when your business doesn’t qualify for a traditional bank loan or any other alternative solution. Your lender will factor your business’ customers’ invoices to match your working capital needs.
Equipment Financing: Equipment Financing is a loan product used to help business owners purchase any type of equipment needed to run the business. The loan amount is dependent upon the type of equipment needed, as the repayment term is usually as long as the expected life of the piece of equipment and if it is used or new.
ACH Loan: These loans may need personal guarantees, and have a fixed repayment schedule that is paid either daily, weekly or monthly. These products are catered to industries that do not accept credit cards and need a fixed payment.
Term Loans: A loan that is backed by a bank for an exact amount that has a specified repayment timetable and interest rate that are adjusted accordingly. Terms mature between 1 and 10 years.
Business Lines of Credit: A rotating loan that gives business owners access to a fixed amount of money, which they can use day-to-day according to their need for cash. Interest is only paid on the amount of the advance actually used.

As mentioned, acquiring working capital to improve your business should be the least of your worries! At Excel Capital Management, we can get your funeral home funded in less than 3 business days regardless of your credit score and without any personal guarantees or collateral. APPLY NOW to learn what you qualify for!

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