Bitty Merchant Cash Advance Review 2023
Loan Amount
Factor Rate
Terms
Min Credit
Time to Fund
Company Profile
Bitty Advance has been dedicated to helping small businesses since 2018, providing funding amounts from $2,000-$35,000. The company believes in giving opportunities to small businesses to help them succeed. Bitty Advance is a leader in the Merchant Cash Advance (MCA) industry, providing capital to thousands of entrepreneurs across all 50 states.
The company's mission is to provide small businesses with the capital they need to grow, even if they have been turned down by traditional banks. They believe in the power of small businesses and strive to provide them with the resources they need to succeed. Bitty Advance is dedicated to providing excellent customer service and building long-term relationships with their clients.
Products & Services
Bitty Advance offers a variety of funding options to meet the unique needs of small businesses. Their main product is a small business advance, which is a type of funding that is based on a business's future sales. This type of funding is flexible and can be used for a variety of purposes, including inventory purchases, equipment upgrades, and expansion projects.
In addition to their small business cash advances, Bitty Advance also offers a line of credit product. This allows businesses to have access to a pool of funds that they can draw from as needed. This can be particularly useful for businesses that have fluctuating cash flow needs.
Pros and Cons
Pros:
1. Fast and easy application process.
2. Flexible funding options tailored to the needs of small businesses.
3. No collateral required for their small business advances.
4. They work with businesses in a variety of industries.
5. Excellent customer service and a commitment to building long-term relationships with clients.
Cons:
1. Their products may have higher costs compared to traditional bank loans.
2. Not all businesses will qualify for their products.
3. Their line of credit product may require a personal guarantee.
4. They do not offer long-term loans.
5. The amount of funding a business can receive is based on their sales, which may limit the amount of funding some businesses can receive.
Ideal Customer
The right type of customer for Bitty Advance is a small business owner who needs fast, flexible funding to grow their business. This could include businesses that need to purchase inventory, upgrade equipment, or undertake expansion projects. Bitty Advance is particularly well-suited to businesses that have been turned down by traditional banks, as they are willing to work with businesses that may not meet traditional lending criteria.
Required Documentation
The specific documentation required to get funding from Bitty Advance may vary depending on the specific product and the individual business's circumstances. However, in general, businesses will likely need to provide business financial statements, bank statements, and proof of sales.
Industries and Restrictions
Bitty Advance works with businesses in a variety of industries. However, the website does not provide specific information about any industry restrictions. It would be best to contact Bitty Advance directly for more information about any potential industry restrictions.
State of Operations
The website does not provide specific information about what states Bitty Advance does business in or if there are any state restrictions. It would be best to contact Bitty Advance directly for more information about their geographical operations and any potential restrictions.
Basic Qualifications
To get approved for funding, a business needs to have a business checking account, be in business for at least 6 months, have a monthly bank revenue of $5,000, and a credit score of 500 or more. Bitty Advance considers all industries for funding.
Collateral or Guarantees
For their small business advances, Bitty Advance does not require any collateral. However, for their line of credit product, a personal guarantee may be required.
Alternatives
There are many alternative options to Bitty Advance for small businesses seeking funding. These could include traditional bank loans, SBA loans, or other online lenders. The best option will depend on the specific needs and circumstances of the individual business.