Medical practice owner with debt relief specialist

Funding Options for Medical Practices

Long-term loans such as bank loans may not be the best option for medical practices. Today, more and more medical professionals are considering short-term funding options, such as lines of credit, invoice factoring, and merchant cash advances. Let’s look at the benefits and risks of each funding option. Business Lines of Credit Lines of credit […]

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Debt Relief Specialist shaking hands with client

Merchant Cash Providers Hit With Class-Action Lawsuit

A proposed class-action lawsuit has been filed against Penn Capital Funding, MapCap Funding, and other merchant cash advance (MCA) companies that used a loophole in Connecticut law to collect unlawful debts and otherwise fraudulently obtain money.  According to the complaint, filed in Manhattan Federal Court, a loophole in Connecticut law allows MCA providers to freeze […]

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Merchant Cash Advance attorney and client

FTC Bans Merchant Cash Provider For Deceptive Practices

The Federal Trade Commission (FTC) recently obtained a court order permanently banning RCG Advances, LLC and its owner from the merchant cash advance industry. The FTC filed lawsuits against RCG and other merchant cash providers in 2021 for deceiving small business owners about the terms and fees for financing and threatening violence when they did […]

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Client signing merchant cash advance document

What To Do If Your Business Is Hit With An MCA Lawsuit

Small businesses that face cash flow challenges often take a merchant cash advance (MCA) to cover their expenses. Businesses that get behind on payments may face an MCA lawsuit alleging a breach of contract. Merchant cash advance lawsuits are often filed in New York because the state’s laws are more favorable for MCA providers. These […]

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business partners looking over merchant cash advances

In Focus: Merchant Cash Advance Requirements

Small businesses that run into cash flow problems can obtain a line of credit with a major bank, provided they meet the credit criteria. For those that don’t, one alternative source of funding is a merchant cash advance (MCA).  While the requirements for an MCA are not as strict as a traditional bank loan, there […]

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Attorney meeting with client

States Take Aim At Merchant Cash Advances

Following the lead of California and New York, Utah and Virginia have passed disclosure requirements for commercial lending transactions, including merchant cash advances. While the New York and California requirements have not yet taken effect due to regulatory delays, more states are moving toward regulating revenue-based financing providers. Utah’s New Disclosure Requirements For Commercial Lending […]

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