Food Retailers Turn to Merchant Cash Advances for Quick Growth
Food retailers are increasingly turning to cash app advances to boost their businesses, with a significant rise in approvals and average loan sizes. These short-term funding solutions can be secured swiftly, even by businesses that have already benefited from government schemes.
The trend is evident in the numbers. In 2020 alone, there was an 18% year-on-year increase in food retailers seeking out cash app advances. This surge in popularity can be attributed to the quick approval process, with funds often made available within 24 hours. The average loan size for food retailers has also grown, reaching £20,000 - a 22% increase over the last 12 months.
Food retailers are utilising these cash app advances for a variety of purposes. Many are investing in additional stock to meet increased demand, while others are using the funds to manage cash flow or refurbish their premises. This flexibility has made cash app advances an attractive option for businesses looking to adapt and grow in challenging economic conditions.
The hospitality and retail sectors, including food retailers, have been among the most frequent recipients of cash app advances, particularly during the pandemic. With an average annual increase in applications of around 20-30% between 2019 and 2020, it's clear that these short-term funding solutions are playing an increasingly important role in supporting businesses through uncertain times.
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