Here are just some of the auto service and repair merchants MCC has provided unsecured business loans to:
Merchant: Car Wash and Auto Repair
MCA Amount: $75,000
Highlights: Merchant Cash and Capital is advancing $75,000 to a multi location car wash, freight and auto repair business located in Wisconsin. The company has been doing business for over thirty years, and averaged 4 million in sales in 2012. Its client base includes C.H. Robinson, and other various reputable shipping companies. The business has twenty drivers and the merchant owns all of the trucks in the business. Due to large daily bank deposits, this merchant qualified for MCC’s B2B Cash Advance program. This MCC merchant would like to use the funds for expansion and to hire additional operators as subcontractors. This will be the company’s first merchant cash advance with MCC.
Merchant: Auto Accessory Retailer
MCA Amount: $15,000
Highlights: Merchant Cash and Capital is providing an auto accessories retailer with its sixth MCC advance of $30,000. The business is located in Illinois, and has been in operation since 1997 and with MCC since 2009. The merchant processes an average of $15,000 in monthly credit card sales and an average of $30,000 in monthly gross sales. Since this merchant had better than average credit, it had no problem qualifying for MCC’s bad credit business loan alternative. Since the business is seasonal, the merchant plans on using the funds to purchase additional inventory in preparation.
Merchant: Auto Repair
MCA Amount: $175,000
Highlights: MCC is advanced $175,000 to an auto and truck repair company located in Florida. The company specializes in trucks, cars, and heavy machinery that operate on diesel fuel. The auto repair business offers services in towing, repairing, parts retailing, and more. This location has been in operation since 1994 and plans for opening up a second location are already in the works. The business has steady credit card processing, with an average of $80,000 in monthly credit card sales. This premium merchant will be using his MCC funds towards the opening of its newest location. This will be the businesses first cash advance with MCC.
Merchant: Tire Business
MCA Amount: $60,000
Highlights: Merchant Cash and Capital is advancing $60,000 to a multi-location tire business in Louisiana. The merchant sells old and used tires and offers auto repair services. The oldest location has been in business since 2007. With steady growth after five years in operation, this premium merchant qualified for a short MCC Gold program. The business generated $1.7 million in revenue last year and projects $2 million in sales for 2012. These tire locations have expanded with the owner’s personal funds and he would like to use his MCC merchant cash advance to purchase additional inventory for the units. This will be the tire business’s first business cash advance with MCC.
Merchant: Transmission and Repair Shop
MCA Amount: $35,000
Highlights: MCC advanced $35,000 to a transmission and repair shop in Washington. The business has been around since 2000, although the current owner purchased the business only six months ago. Such a short time of ownership normally raises a red flag for cash advance companies, but in this case, the operator served in the United States Army as a mechanic and has had experience in his trade in several countries. In the MCC underwriter’s view, this alleviated the short time of ownership. The owner purchased the business for $150,000, with the prior owner holding paper and allowing the buyer to make monthly payments. The owner had also secured an SBA loan in order to make renovations to the shop. With an improved location, the merchant was looking to MCC for funds for advertising. MCC was impressed with the merchant and his experience, and approved the $35,000 advance.
Merchant: Car Wash and Oil Change
MCA Amount: $50,000
Highlights: MCC advanced $50,000 to an oil change and car wash establishment in Florida. The merchant is looking to use the fast business funding to purchase additional equipment to get ready for the busy summer season. The merchant has been in business for six years, processes $46,000 per month and owns the property from which it operates. Ownership of business property is viewed as a positivie sign by underwriters, as most merchants will do all they can to avoid losing their real estate and any equity in it. The merchant has been approved for a six month, diamond program due to its financial stability, time in business and credit. He has previously received and already paid off a previous business cash advance from another MCA company, another positive underwriting factor.
Merchant: Auto Repair Center
MCA Amount: $50,000
Highlights: MCC advanced $50,000 to an auto repair center in South Carolina. The merchant had been in business for more than 16 years (time in business is an important factor in making an underwriting decision), and had successfully grown its revenues. The business owner was looking to acquire some property adjacent to his location to continue to this growth. The issue was that the business had performed poorly in 2010, losing money. However, the business performance appeared to have rebounded in December 2011, giving the MCC credit committee the confidence that although seasonality would cause the merchant’s pace to run slow for several months, the merchant would pay off in accordance with the contracted program.