A hair salon in Pennsylvania was funded $33k in small business funding from MCC. This merchant has had numerous merchant cash advances
with MCC and plans on using the working capital to add new products to their line.
MCC provided $33,000 in small business financing
to a popular high end unisex hair salon in Pennsylvania. This is a merchant that has been with MCC
since May 2006, and has thus far taken out thirteen MCC merchant cash advances totaling up to just over $300,000. However, this is a deal with a tale,
as this is a business relationship that almost didn't happen. To start off, the merchant doesn’t have a history of strong personal credit.
In addition, upon initial funding, it turned out that they had a balance with another cash advance company, and had stopped repayment completely.
The merchant explained and insisted that it was an oversight, and the result of miscommunication. The MCC underwriter on this deal believed it was an
honest mistake that the merchant forgot about the balance, and a repayment plan was immediately worked out. The business and deal has been steady, sold,
and strong ever since; their performance demonstrating a strong ability to repay MCC. The merchant became owner six year ago, after having previously
worked at the salon for a lengthy period of time. The salon doesn’t experience seasonality, and monthly gross sales are consistent all year round.
As always, the working capital
will be used to add a new retail product line to offer to their customers, as well as contemporizing the interior design
of the salon. This will be their fourteenth advance with MCC.