August 25, 2023 • 27 mins
Ready to navigate the intriguing landscape of Merchant Cash Advances (MCAs)? We're thrilled to have lending veteran Jack Laudani on the show, sharing his rich insights from his six-year journey in the sector. In a world where alternative business financing is a game-changer, Jack's wealth of knowledge about MCAs is essential for any business owner looking for a rapid influx of capital.
Through an enlightening chat with Jack, we uncover the intricacies of MCAs. In this financing model, businesses receive an upfront cash amount in exchange for a cut of future debit or credit card sales. Particularly relevant to fledgling businesses and those with pressing payroll needs, MCAs can be a lifeline. But it doesn't stop there; listen in as Jack outlines the vital elements to consider before embarking on the MCA journey. From understanding varying terms and conditions to the strategic investment of funds and the nuts and bolts of nurturing a profitable relationship with your MCA lender, Jack's insights are worth their weight in gold.
Closing our discussion, we delve into the importance of due diligence and the power of a strong lender relationship when considering an MCA. Jack breaks down the common documents needed for an MCA application and the need to ask the right questions before signing on the dotted line. If you're keen to understand how MCAs could potentially be your business's financial lifeline, then join us for this insightful episode. For those wanting to explore further, we've got our contact information ready for you to reach out. Let's chart the course to financial success together.
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Episode Transcript
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Introduction (00:13):
Ready to get the inside scoop on equity funding?
Tune in to TDJ Equity FundingInsiders podcast for an in-depth
look at what it takes to accessfinancial capital and maximize
your investments here fromexperienced professionals,
including bankers, underwriters,loan officers and industry
(00:34):
experts, as they share theirunfiltered stories and valuable
lessons on securing funds.
Jacquelyn Jackson (00:47):
Hello everyone and welcome to today's
TDJ Equity Funding Insiderspodcast.
Today we have a special guestthat has come in.
It's on the lending side.
They are direct lenders, andtoday we're going to talk about
the MCAs, which is mostly excuseme Merchants Cash Advance.
So I guess today it's going tohelp us to understand how that
(01:09):
works.
We know in the loan business andthe loan brokers business,
there are all different types ofloans that you actually can do
for your business, but a lot oftimes, as business owners,
entrepreneurs, we don't knowwhat will work best for us.
So what we try to do on thisprogram is to actually show you
all the options that you haveout there.
It is so much options you haveout there.
(01:30):
Whether you have good credit,bad credit, low revenue, high
revenue, there is differentthings you can do to fund your
business.
Mcas, merchants Cash Advance isone.
So who we have today is anaccount manager.
We have Jack Ladone Ladone, I'msorry.
There we have Jack Ladone.
He's from Long Island, new York, and he has been in the field
(01:51):
for a while.
So he's coming to us today togive us his insight and
enlightenment of what we need todo and how do we go about
getting an MCA, so let's welcomeJack to our show.
Welcome to our show, jack.
Jack Laudani (02:07):
Thank you, Jackie, for having me, and I'm really
excited to be here.
Jacquelyn Jackson (02:10):
Okay, great.
So if you would, let's startoff one.
I do want you to tell us alittle bit about yourself and
then definitely explain to usthe MCAs as well.
Jack Laudani (02:21):
My name is Jack Ladone.
I am born and raised in LongIsland, new York, suffolk County
, and I have around six years oflending experience and recently
I did move to Austin, texas,working in the MCA and line of
credit field.
In regards to your questionabout MCAs, mcas are an
(02:43):
alternative type of businessfinancing.
It's not a traditional SBA typeof loan, which is from the
traditional bank.
With an MCA, a company givesyou an upfront sum of cash that
you can repay using a percentageof your future debit or credit
(03:03):
card sales and, again, a bigbenefit of this is the speed of
funds and how fast you get it.
Some of these MCA companies canfund in a day or even two days
If you need to make payroll.
This is also beneficial forcompanies that are around a year
or two in time and business aswell.
Jacquelyn Jackson (03:27):
Okay, they would have worked for okay.
So, basically, what we'resaying with the MCAs, you're
giving us an idea of what is,what it's about, how you can use
it and how it kind of works alittle bit, and I know
throughout the show we're gonnago in more detail with that.
So, with your experience withthe MCA, let's ask this, because
we've had our clients, you know, to call in and they've asked
some questions as well what typeof companies need to go after
(03:50):
MCAs for?
Jack Laudani (03:51):
as a lender, yeah, it's a great question.
Companies that typically cometo the table whether it's us or
another company Pretty much arein need of the capital very fast
.
They have to make payroll atthe end of the month to.
They want to expand theirbusiness and invest in materials
(04:14):
or just buy real estate with it.
They can honestly use it forwhatever they like, as long as
they're able to pay it backefficiently.
So it's kind of for whoeverneeds it and I'll talk about
more of this in the interview aswell.
But you know, I preach out in aplan when you do this and make
(04:34):
sure that you know exactly whatyou're gonna do with the funds
and and be comfortable paying itback.
Jacquelyn Jackson (04:39):
Exactly because the reason like you're
saying and and we know it's loanbrokers and we tell people as
well that come in and apply forMCA you have to understand
you're gonna probably have topay it back daily Minimal pulled
out of your account, or you maybe able to do it weekly.
Either way, you need to have areally good cash flow.
That's why I think MCAs arereally good if your credit score
(05:01):
is not where it needs to be butyou have a lot of revenue or
cash flow coming through yourbusiness.
That's where you guys will lookat the business income Mainly
and not focus as much on thecredit scores.
Like said, but I know we gotsomething to take it lowest 500,
550, whatever.
But the thing is you're moreinto let's see how much you're
making on a monthly basis, howmuch you don't have so many
(05:25):
insufficients because you knowYou're allowed to have one or
two and sometime more, dependingwhere we're gonna sit them,
depending what you guys areasking for.
And so we're find out that withwith the people to have an
understanding that the MCA thebig part about a MCA is being
able to repay it back, becauseif they give you 250,000, can
you deal with them pulling thatevery day amount out of your
(05:46):
account and let's say thisjacket.
You know what is the timelength compared to an MCA,
compared to a term loan?
What's the difference in theenforced terms with the MCA's?
Jack Laudani (05:57):
Yeah, mca versus a term is a big difference.
I would say, like in regards tolike, timing of funding.
Jacquelyn Jackson (06:05):
You're saying yeah, well, you know, like in,
like, like you know term loans,they give them like three, five
years to pay back.
You know Six years with you toMCA's they hired they, they are
done a little different thanthat, right, how are they done?
Jack Laudani (06:18):
Yes, yes, great question.
So MCA's are Obviously morehigh risk.
They are typically paid backAnywhere from four to six to
twelve months in that range,maybe a little more, I think.
I typically refer to it as likeit's a company that is in its
growth phase and they canqualify for a term.
Jacquelyn Jackson (06:40):
Right, if you're good for that.
Jack Laudani (06:42):
For term loans you need more experience, more time
.
And then term loans are, youknow, like Jackie said, three to
five years payback with a lowerrate.
So you know, our everyone'sgoal in this industry, hopefully
, is to, you know, go get to theterm loan phase and use Jackie
and and others to grow thebusiness Right.
(07:02):
To get that.
So let's say this.
Jacquelyn Jackson (07:04):
I know you mentioned something about high
risk.
Now, when you say high risk andI want my listeners to
understand we're saying thatit's a company, mca takes on
high risk lending that normallybanks and other ones won't do.
So we're not saying it's a highrisk, a chance you shouldn't
take it, or it's not somethingbad.
We're not saying that at all.
We're just saying it's meantfor those people that are
(07:26):
Typically the banks do not wantto deal with.
Like you said, if you're newbusiness and you only been in
business for six months,compared to two years, they
rather you be in business fortwo years before they start
giving you money.
So you can come to us to do anMCA and you can be in business
for six months and got sixmonths or three months of bank
statements and we can look atthat and see how much you would
(07:47):
probably pretty much qualify forright.
That's the information qualifyfor, that's basically what you
guys will be looking for, right.
Jack Laudani (07:54):
So yeah, we look at.
Jacquelyn Jackson (07:58):
Okay, so let me ask you this that's what I
was gonna ask what are youlooking for when you see those
bank statements?
What are we looking for?
Jack Laudani (08:05):
Yeah, so there's like a few things and it really
depends on which lender you areas well, but Credit score is a
big one.
Take a good credit score.
We look at the revenues, so howmuch revenue so, or deposits
that enter your business account.
What are those numbers lookingat, depending on the amount?
(08:25):
Typically, that's about theamount that a lender could
potentially give you so if youbring in 50k a month and lender
may take a chance and give you50 or more, depending on that.
They see that on a consistentbasis.
And lastly, affordability, Ithink is a big one too.
So if your account has negative, negative days where you didn't
(08:47):
make the payment or payroll wastaken out early, that's
typically a red flag for certaincompanies.
So we look at just making sureyou're maintaining a strong
daily balance usually above athousand dollars.
Every day, depending on thecompany, is everyone's different
, but that's the three things Iwould say that we look for.
(09:08):
And then the industry, and youknow how you're getting it
typically.
Sometimes we'll look at that aswell.
Jacquelyn Jackson (09:16):
Well, I'm, and, and also what I want to say
too, when you look at the, ifyou're according to your
business that I have seen itwork well with MCA and I know
it's a lot of differentindustries that you could use,
but you need to be a business.
Like you said, a thousanddollars a day is what we look
for, or some type of consistencyin the cash flow.
So when we say cash flow, we'retalking about those that get
(09:37):
money daily.
So someone like that would belike a gas station or bakery,
anything that's retail.
Pretty much those are daily,that you get a money daily, on a
daily thing, compared to ifyou're an interior decorator, it
may be two, three weeks beforeyou get yours, you know.
Or if you into, you know, aconstruction company, it may be
two, three weeks, but we stillcan work with you based on the
(09:59):
mass or the volume of money youhave coming in.
So that's something I think atMCAs, would you let people know
what industry works better?
So, with your experience, whenit comes to a borrower who wants
to consider the MCA for for asan option, what is the most
important factor you think theborrower needs to consider when
(10:20):
they're looking at an MCAfunding as an option, and why?
Jack Laudani (10:26):
Yeah, I think they have to.
I really stress this like, havea plan, make sure they're aware
of.
You know these funds are endingyour account but, like Jackie
said, certain companies willcharge you daily to pay back, or
weekly, depending on who you goto and what you qualify for.
So I think you know, before youeven get the cash injection
(10:47):
into your business, think aboutwhat am I going to do every day
with this?
How am I going to invest this?
What do I need to use this for?
right because hopefully you comeout on top of this and either
get more funding or eventuallygo to an SBA place, as Jackie
has as well.
So I think there's you want tohave a plan, you want to execute
(11:08):
it.
You don't want to just take themoney and buy a car with it.
You know, I think that shouldbe used with your own cash flow.
But you know, that's kind ofwhat I recommend just have a
plan and take action, executeright, because these, these MCAs
, are something that, again, weexplain.
Jacquelyn Jackson (11:25):
Because one thing about our agency, our
company when you come to us, welook at it.
What's best for you, where itmay be a term loan or SBA loan,
as you mentioned, or be an MCA,that's a good thing.
By coming to the broker we canlook and see what works for you.
So with that experience we'regoing to say, when it comes to
dealing with the MCAs, and welook at the use of funds, I tell
(11:48):
people MCA loan is not what youtake and go buy a car, like you
just said, or if you're goingto buy something that you are
flipping, meaning that I'm goingto use this money to hire this
salesperson that's going tobring in this much money, that I
need to use this money for that.
If you're going to use it forequipment that's going to make
the job go faster and get moremoney, then you want to do an
MCA.
If you're doing the payroll,that's great to use it for
(12:11):
payroll, but if you havesomething that's going to make
it bring money into the company,mcas are good for that.
Now, if you need something longterm, you're going to be, you
know, for a little while it'sgoing to take a minute to churn
it, then you might not want todo the MCAs because they're
anywhere from six and eight and12 months.
They want their money back.
So definitely, like what yousaid, know what you're going to
(12:32):
spend it on and get it spent andturned around and flip so you
can be able to not, you'll beable to continue to pay the
monthly or the weekly or thedaily, but you'll also have a
cash flow that's sustained youdoing more.
Because one thing about MCA andyou can talk about the
relationship.
So once someone do somethingwith you, how does their
(12:52):
relationship helps them in thefuture by taking an MCA?
Jack Laudani (12:57):
yeah, yeah.
So typically companies you knowwant a higher amount, typically
right away.
They may not qualify for that,but we usually say, or other
others say in the industry youmake your payments on time,
you're consistent for six months, we can look at renewing and
adding additional capital foryou.
So I think there's a lot ofimportance in maintaining a
(13:18):
great relationship with your MCAlender because if you're on
their good side, they're givingyou more money, even at a lower
rate potentially, and get it toyou quicker and still get it to
you faster.
Jacquelyn Jackson (13:30):
And that's why it's important how you look
at the MCA relationships,because I've actually seen some
of my business that have arelationship with MCAs and they
use them.
Like I said, when they needthat money real quick, it's
there and they still have thelong term loans they may have.
But once in a while we all inbusiness realize sometimes
you're going to need moneyquickly.
Whether the boiler break down,oh the you know, the kitchen is
(13:52):
going to heck, you know, wedon't know if you're in the
bakery business that can affectyou.
You need quick money and we'renot saying the lenders are not
out here.
They are.
But I think our listeners needto be aware that there are some
lenders that move quicker andfaster than others and MCA is
definitely one that moves.
What like in a day or two areputting funds in your account.
(14:14):
Is that correct?
Jack Laudani (14:15):
yeah, it's super fast turnaround.
You know, if you want it, youcan certainly get it right away
from a lot of companies.
So I just think it's somethingthat you need to prepare for.
It's not like a month, monthand a half long process with the
SBA side.
So I think it's very seriousthrough money.
Just prepare well, talk to theright people like Jackie's in
(14:38):
your corner.
Having a broker to kind of lookaround as many options as you
can, I think, is also incrediblyimportant.
Jacquelyn Jackson (14:45):
Okay, so basically I think you kind of
answered.
The next question I had was arethere any funding opportunity
that you've seen has beenespecially successful for MC a
Borrow's?
And you kind of mentioned some,and I know one point.
You told me funding forequipment and expansion.
So when do you think it'simportant to use them?
So I know you mentioned thepayroll, but what other ways can
you give us an example that aMC a borrower Will have probably
(15:08):
benefit from the funding of itespecially?
You know?
So maybe yeah, or yeah, it's agreat question I.
Jack Laudani (15:14):
We recently Help fund a supplement friend and
they wanted to launch a minitype of supplement, you know,
for weight loss or whatever theywere doing.
So this money injection enabledthem to invest in more material
To be able to do this type of,to create some of the supplement
(15:35):
you know.
So that that was prettyinteresting, that they used it
to know, double their business,create another product so they
can sell it, which is veryfascinating and that's probably
gonna return them a lot of moneyand they've actually already
asked for more funding.
So it's pretty cool to see thatit worked out really well and
they're able to pay it backfaster as well.
Jacquelyn Jackson (15:58):
Okay, great.
So we and again I want toemphasize what you've said as
well MCA is more is a quickmoney injection and and this is
for our business owners you knowthat's an option you have
because you can go to the bankand, as business, you'll get
denied because a certaincriteria you hadn't met.
Mca has a lot less requiredrequired Quarter that you need
(16:19):
to have in order to get thatmoney and it's great for
injection and that's basicallywhat that is.
You need it now, you need it tohappen now.
You can flip it, turn it andyou can actually start paying on
it at the same time.
That's what this is meant for.
So definitely, like you said,look at the cash flow, what your
business is doing, and kind ofsee if that can match which.
If not, like said, wedefinitely help them find them
out.
You will, too, are seeing howit would.
(16:41):
You know, would you cash forenough for you can get an MCA.
So that is important.
So the next thing I want to askyou what would be you know,
jack your top funding tip forour listeners today?
What would be they, your topfunding tip for them, and why?
Jack Laudani (16:57):
Yeah, honestly, I think it's talking to somebody
like you.
I think you're your broker, youhave a ton of knowledge on what
else is out there.
So, I think, letting you knowJackie handle your situation,
let let her hear your situationand, you know, let her present
many options for you To takeaction and hopefully get for
(17:20):
your business.
And you know, I think an MCA, Ithink SPA, is a great ways to
start and to keep your businessgrowing without you taking your
own money out and having to bekind of.
You know you don't want to beUsing your own liquid cash when
you may have.
You may need it one day forsome life event, god forbid.
(17:41):
So utilize your resources,prepare well, plan well, talk to
the right people and feelcomfortable doing so.
And have some buyers side thatwill educate you and Explain
every cost, what's gonna happenand negatives, positives, etc.
Jacquelyn Jackson (17:57):
Right.
So actually just had adiscussion, because I tell
people a lot that your businesscan always raise more money than
you ever can personally.
Yeah you know, and the thing isthat's what this is show is
about.
Our podcast is about lettingowners, business owners, know
MCA is one of your options.
That's out there, you know, anda lot of them that come to us
(18:17):
they don't even know about itand to explain it to them.
But it's an option, so don'tsit there in.
You need money, you need help.
You went to your bank.
You've been turned down.
You don't know what else to do.
There are options out there.
That's what we're telling you.
Mca is one.
Like you, you don't have thegreatest credit and but you have
, like, a lot of money coming in, but you still need some more
(18:39):
money.
Mca will probably be the best.
We won a great choice for you,right, you know.
So that's why we're doing thisone.
We really wanted this podcast tobe about the MCA because people
don't understand how it worksand how it can really really
help you.
But I think it's great forsomeone to start and off in a
business and it's really, reallyit cash flows pretty good and
(19:01):
you need money.
You're starting out young.
Six months you've been inbusiness.
Then you may take that lowerten thousand or fifteen thousand
right now with an MCA, whichyou'll get it within like 24 to
48 hours, and then, after you'vepaid it down, halfway down, and
you're looking at where you canprobably get more like now 30
and 40 thousand and build it up.
Now you may not keep doingMCA's because you don't have to,
(19:22):
but You'll have thatrelationship that when you need
it and it will happen inbusiness jack you know I'm
telling the truth something'sgonna pop off and you gonna need
some money and that's why MCA'sare good to have that
relationship within yourbusiness relationship as well.
Do you agree?
Jack Laudani (19:41):
Absolutely.
I think relationship buildingis most important.
I think skill if you're goingto be a business owner, I think
having people in your cornerlike Jackie and like others, the
lending facility that gives youthe money, create a good
relationship.
Them talk to their CEO I mean,you can certainly ask these,
these questions, buildingrelationship, building a rapport
(20:02):
, because they certainly want tofund you again or help you
again.
So I think, just likeestablishing great relationship,
asking the right questions whatis this be?
What does that be?
Why do I pay back in this time?
I think just having clarity andfeeling told the rule is the
biggest key in this process andEveryone is willing to help you.
Jacquelyn Jackson (20:24):
Right, that's gonna do it, so let's do this.
Let's leave this withoutwithout listeners.
What would they need to do toapply for MCA?
What type of documents do youneed?
Jack Laudani (20:34):
Yeah, so for an MCA, we typically Just to even
apply.
It's upfront, typically it'sthree months, bank statements
and an application.
Typically an application isfrom a broker like Jackie and
then she would submit it todifferent lending facilities.
So she again, she's a broker.
(20:55):
She's able to find alldifferent quotes and Approvals
from different places to bestfit your needs.
She will go over those with you.
I don't want to speak for her,but Okay, you're doing well,
we're good and and thenoccasionally, depending on the
lender, we will ask for maybecash return one year, tax return
(21:18):
, binational if you're lookingfor a significant cash injection
and whatnot, so that that'stypically where where it looks
like Jarvis license avoid checkother things like that
eventually but basic documentsthat everyone could probably Be
able to provide within a day ifthey need to right, and I will
(21:41):
say that too at this point.
Jacquelyn Jackson (21:43):
You're looking at MCA as a one-page
application, three months bankstatement, maybe tax return
based on the size of the loan orwhat you're looking for.
But compare that to the regularterm loans I mean we have, like
compared to the three that wesend you guys for MCA.
There people need my otherloans is in where from 13 to 22
documents, so it is more of alow document type loan, but you
(22:07):
know there's gonna be a higherpayback and, like I said, the
cost of money is what I telleverybody it is.
But it's like I said, you haveto think it out and what you
need to use it for, because thiswill benefit you, because it
has benefited a lot of companiesin the past.
So before you go, we would liketo know if you have a story of
someone that had actually youknow Another story that used the
(22:28):
MCA and use it properly andpaid it back, because I know
you've been dealing with a lotof people.
So do you have any stories likethat so we can they can get a
flow of how that works and howit should be done.
Jack Laudani (22:39):
Yeah, there are many people I've been lucky to
deal with so far.
Like I said, the supplementcompany was great.
I dealt with some on the otherday and for payroll they needed
it really badly and we got it tothem right away.
I would say there was aConstruction company looking to.
They needed more equipment andit was a pinch.
(23:02):
They were getting denied at alot of places.
They're able to provide us withthe right financials and other
things and we ended up buildinga good relationship.
Throughout the process andThrough all their persistence
and waiting and providing moredocumentation, we were able to
provide them the capital theyneeded to then build a new
building or have materials topay their people.
(23:23):
I thought it was a verygratifying experience.
You know, to hear their, theirlaughter and their excitement
knowing that, hey, we're gettingthis money and it's not coming
out of their pockets.
Jacquelyn Jackson (23:34):
Right, right, so it's doing so this is
something like I said.
It is a great industry productthat a lot of people are using
it and being successful andmaking a lot of money with it.
Again, you have to know how touse MCA.
If you would deal with a broker, a broker kind of guide you
through it, because we got ourclients do it, but that's and
(23:55):
then definitely with you guys asdirect lenders, you got the
clients to it too, and so weknow.
If you get this, please, likeyou said earlier, get a clear
understanding of what your costis, what they want you to pay.
You know, read those contractsand look at them and then you
can see definitely what you needto do so you can stay on point.
So I think that is somethingthat's definitely a good advice
(24:16):
to give with the MCA and learnand this is what I say learn for
yourself, don't just listen toeverybody else.
Find out more about MCAs andlearn about it and see how it
can work for your company.
Because one thing I've seenthere's no company that's the
same.
Everybody's situation isdifferent.
It's amazing how different, butthey are.
So you need to know what's outthere and what you need to do.
(24:39):
That will work for you.
So that would be great.
So let me ask you this Is itanything that you will, your
final words, excuse me, thewords that you would tell our
audience, any final word ofwisdom that you would like to
give them when it comes togetting funding?
Jack Laudani (24:58):
Yeah, I think I would just say like reach for
the stars, you know.
If you know there'sopportunities like this out
there and you're looking tobuild your business, work for
yourself, not for somebody else.
I think take the shot, go forit.
Get the right, you know, getthe right person in your corner.
And I think, shoot the stars andinvest and try.
(25:21):
At least you can live knowingthat you gave it your all,
instead of sitting back on thesidelines.
Work for someone else yourwhole life.
I think go for it.
You believe in it.
I think get funding and pairyourself with and equip yourself
with someone like Jackie toguide you through the entire
process to see if it can allwork out.
So I think, give it your all,have fun, enjoy and make sure
(25:42):
you feel comfortable, exactly,and I think that is.
Jacquelyn Jackson (25:45):
I totally agree and that is so true.
So we want to thank our guesttoday for Mr Jack coming in to
to speak and give us some of hiswisdom.
Thank you, and we definitelylike to have you back as well as
some time throughout the yearfor you to come back.
Thanks again for coming andthen I'm going to speak to our
audience in a little bit.
Thank you so much for coming,of course.
(26:05):
Thank you so much, jackie andTD.
Jack Laudani (26:07):
Jack, I appreciate it and I'll see you guys soon.
Ok, so we want to, like I said,we did enjoy.
Jacquelyn Jackson (26:12):
Jack coming in today.
So what I do want to say withthe MCAs is that they are meant
for revenue.
So if you have a revenueminimum of ten thousand dollars
a month and you don't have thecredit that you think you need,
but your company is generatingrevenue, think about the MCA
looking to him.
You welcome to call us andreach out to us, or you can
(26:32):
actually just Google and learnas about it as much as you can
as well too.
Ok, we want to thank you forcoming and we wish you the best
and you all take care.
We hope you enjoyed thisepisode of TDJ equity funding
insiders podcast.
Introduction (26:52):
If you'd like to be a guest or get in touch with
us, please visit our website atTDJEquityLLCnet.
Forward slash podcast or emailus at podcast at
TDJEquityFundingInsidersnet.
Until next time.
Thank you so much for coming.
So, apart from every series inthe Baylor Dust sea, we would
really like you to get in touchwith us any time soon and
anytime.
So if you have any questions orif you'd like to mail us
(27:14):
comments, let us know.
Widows to the letter.
Vendor.
We're here to get you in touchwith the.
Ready to get the inside scoop on equity funding?
Tune in to TDJ Equity FundingInsiders podcast for an in-depth
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including bankers, underwriters,loan officers and industry
(00:34):
experts, as they share theirunfiltered stories and valuable
lessons on securing funds.
Jacquelyn Jackson (00:47):
Hello everyone and welcome to today's
TDJ Equity Funding Insiderspodcast.
Today we have a special guestthat has come in.
It's on the lending side.
They are direct lenders, andtoday we're going to talk about
the MCAs, which is mostly excuseme Merchants Cash Advance.
So I guess today it's going tohelp us to understand how that
(01:09):
works.
We know in the loan business andthe loan brokers business,
there are all different types ofloans that you actually can do
for your business, but a lot oftimes, as business owners,
entrepreneurs, we don't knowwhat will work best for us.
So what we try to do on thisprogram is to actually show you
all the options that you haveout there.
It is so much options you haveout there.
(01:30):
Whether you have good credit,bad credit, low revenue, high
revenue, there is differentthings you can do to fund your
business.
Mcas, merchants Cash Advance isone.
So who we have today is anaccount manager.
We have Jack Ladone Ladone, I'msorry.
There we have Jack Ladone.
He's from Long Island, new York, and he has been in the field
(01:51):
for a while.
So he's coming to us today togive us his insight and
enlightenment of what we need todo and how do we go about
getting an MCA, so let's welcomeJack to our show.
Welcome to our show, jack.
Jack Laudani (02:07):
Thank you, Jackie, for having me, and I'm really
excited to be here.
Jacquelyn Jackson (02:10):
Okay, great.
So if you would, let's startoff one.
I do want you to tell us alittle bit about yourself and
then definitely explain to usthe MCAs as well.
Jack Laudani (02:21):
My name is Jack Ladone.
I am born and raised in LongIsland, new York, suffolk County
, and I have around six years oflending experience and recently
I did move to Austin, texas,working in the MCA and line of
credit field.
In regards to your questionabout MCAs, mcas are an
(02:43):
alternative type of businessfinancing.
It's not a traditional SBA typeof loan, which is from the
traditional bank.
With an MCA, a company givesyou an upfront sum of cash that
you can repay using a percentageof your future debit or credit
(03:03):
card sales and, again, a bigbenefit of this is the speed of
funds and how fast you get it.
Some of these MCA companies canfund in a day or even two days
If you need to make payroll.
This is also beneficial forcompanies that are around a year
or two in time and business aswell.
Jacquelyn Jackson (03:27):
Okay, they would have worked for okay.
So, basically, what we'resaying with the MCAs, you're
giving us an idea of what is,what it's about, how you can use
it and how it kind of works alittle bit, and I know
throughout the show we're gonnago in more detail with that.
So, with your experience withthe MCA, let's ask this, because
we've had our clients, you know, to call in and they've asked
some questions as well what typeof companies need to go after
(03:50):
MCAs for?
Jack Laudani (03:51):
as a lender, yeah, it's a great question.
Companies that typically cometo the table whether it's us or
another company Pretty much arein need of the capital very fast
.
They have to make payroll atthe end of the month to.
They want to expand theirbusiness and invest in materials
(04:14):
or just buy real estate with it.
They can honestly use it forwhatever they like, as long as
they're able to pay it backefficiently.
So it's kind of for whoeverneeds it and I'll talk about
more of this in the interview aswell.
But you know, I preach out in aplan when you do this and make
(04:34):
sure that you know exactly whatyou're gonna do with the funds
and and be comfortable paying itback.
Jacquelyn Jackson (04:39):
Exactly because the reason like you're
saying and and we know it's loanbrokers and we tell people as
well that come in and apply forMCA you have to understand
you're gonna probably have topay it back daily Minimal pulled
out of your account, or you maybe able to do it weekly.
Either way, you need to have areally good cash flow.
That's why I think MCAs arereally good if your credit score
(05:01):
is not where it needs to be butyou have a lot of revenue or
cash flow coming through yourbusiness.
That's where you guys will lookat the business income Mainly
and not focus as much on thecredit scores.
Like said, but I know we gotsomething to take it lowest 500,
550, whatever.
But the thing is you're moreinto let's see how much you're
making on a monthly basis, howmuch you don't have so many
(05:25):
insufficients because you knowYou're allowed to have one or
two and sometime more, dependingwhere we're gonna sit them,
depending what you guys areasking for.
And so we're find out that withwith the people to have an
understanding that the MCA thebig part about a MCA is being
able to repay it back, becauseif they give you 250,000, can
you deal with them pulling thatevery day amount out of your
(05:46):
account and let's say thisjacket.
You know what is the timelength compared to an MCA,
compared to a term loan?
What's the difference in theenforced terms with the MCA's?
Jack Laudani (05:57):
Yeah, mca versus a term is a big difference.
I would say, like in regards tolike, timing of funding.
Jacquelyn Jackson (06:05):
You're saying yeah, well, you know, like in,
like, like you know term loans,they give them like three, five
years to pay back.
You know Six years with you toMCA's they hired they, they are
done a little different thanthat, right, how are they done?
Jack Laudani (06:18):
Yes, yes, great question.
So MCA's are Obviously morehigh risk.
They are typically paid backAnywhere from four to six to
twelve months in that range,maybe a little more, I think.
I typically refer to it as likeit's a company that is in its
growth phase and they canqualify for a term.
Jacquelyn Jackson (06:40):
Right, if you're good for that.
Jack Laudani (06:42):
For term loans you need more experience, more time
.
And then term loans are, youknow, like Jackie said, three to
five years payback with a lowerrate.
So you know, our everyone'sgoal in this industry, hopefully
, is to, you know, go get to theterm loan phase and use Jackie
and and others to grow thebusiness Right.
(07:02):
To get that.
So let's say this.
Jacquelyn Jackson (07:04):
I know you mentioned something about high
risk.
Now, when you say high risk andI want my listeners to
understand we're saying thatit's a company, mca takes on
high risk lending that normallybanks and other ones won't do.
So we're not saying it's a highrisk, a chance you shouldn't
take it, or it's not somethingbad.
We're not saying that at all.
We're just saying it's meantfor those people that are
(07:26):
Typically the banks do not wantto deal with.
Like you said, if you're newbusiness and you only been in
business for six months,compared to two years, they
rather you be in business fortwo years before they start
giving you money.
So you can come to us to do anMCA and you can be in business
for six months and got sixmonths or three months of bank
statements and we can look atthat and see how much you would
(07:47):
probably pretty much qualify forright.
That's the information qualifyfor, that's basically what you
guys will be looking for, right.
Jack Laudani (07:54):
So yeah, we look at.
Jacquelyn Jackson (07:58):
Okay, so let me ask you this that's what I
was gonna ask what are youlooking for when you see those
bank statements?
What are we looking for?
Jack Laudani (08:05):
Yeah, so there's like a few things and it really
depends on which lender you areas well, but Credit score is a
big one.
Take a good credit score.
We look at the revenues, so howmuch revenue so, or deposits
that enter your business account.
What are those numbers lookingat, depending on the amount?
(08:25):
Typically, that's about theamount that a lender could
potentially give you so if youbring in 50k a month and lender
may take a chance and give you50 or more, depending on that.
They see that on a consistentbasis.
And lastly, affordability, Ithink is a big one too.
So if your account has negative, negative days where you didn't
(08:47):
make the payment or payroll wastaken out early, that's
typically a red flag for certaincompanies.
So we look at just making sureyou're maintaining a strong
daily balance usually above athousand dollars.
Every day, depending on thecompany, is everyone's different
, but that's the three things Iwould say that we look for.
(09:08):
And then the industry, and youknow how you're getting it
typically.
Sometimes we'll look at that aswell.
Jacquelyn Jackson (09:16):
Well, I'm, and, and also what I want to say
too, when you look at the, ifyou're according to your
business that I have seen itwork well with MCA and I know
it's a lot of differentindustries that you could use,
but you need to be a business.
Like you said, a thousanddollars a day is what we look
for, or some type of consistencyin the cash flow.
So when we say cash flow, we'retalking about those that get
(09:37):
money daily.
So someone like that would belike a gas station or bakery,
anything that's retail.
Pretty much those are daily,that you get a money daily, on a
daily thing, compared to ifyou're an interior decorator, it
may be two, three weeks beforeyou get yours, you know.
Or if you into, you know, aconstruction company, it may be
two, three weeks, but we stillcan work with you based on the
(09:59):
mass or the volume of money youhave coming in.
So that's something I think atMCAs, would you let people know
what industry works better?
So, with your experience, whenit comes to a borrower who wants
to consider the MCA for for asan option, what is the most
important factor you think theborrower needs to consider when
(10:20):
they're looking at an MCAfunding as an option, and why?
Jack Laudani (10:26):
Yeah, I think they have to.
I really stress this like, havea plan, make sure they're aware
of.
You know these funds are endingyour account but, like Jackie
said, certain companies willcharge you daily to pay back, or
weekly, depending on who you goto and what you qualify for.
So I think you know, before youeven get the cash injection
(10:47):
into your business, think aboutwhat am I going to do every day
with this?
How am I going to invest this?
What do I need to use this for?
right because hopefully you comeout on top of this and either
get more funding or eventuallygo to an SBA place, as Jackie
has as well.
So I think there's you want tohave a plan, you want to execute
(11:08):
it.
You don't want to just take themoney and buy a car with it.
You know, I think that shouldbe used with your own cash flow.
But you know, that's kind ofwhat I recommend just have a
plan and take action, executeright, because these, these MCAs
, are something that, again, weexplain.
Jacquelyn Jackson (11:25):
Because one thing about our agency, our
company when you come to us, welook at it.
What's best for you, where itmay be a term loan or SBA loan,
as you mentioned, or be an MCA,that's a good thing.
By coming to the broker we canlook and see what works for you.
So with that experience we'regoing to say, when it comes to
dealing with the MCAs, and welook at the use of funds, I tell
(11:48):
people MCA loan is not what youtake and go buy a car, like you
just said, or if you're goingto buy something that you are
flipping, meaning that I'm goingto use this money to hire this
salesperson that's going tobring in this much money, that I
need to use this money for that.
If you're going to use it forequipment that's going to make
the job go faster and get moremoney, then you want to do an
MCA.
If you're doing the payroll,that's great to use it for
(12:11):
payroll, but if you havesomething that's going to make
it bring money into the company,mcas are good for that.
Now, if you need something longterm, you're going to be, you
know, for a little while it'sgoing to take a minute to churn
it, then you might not want todo the MCAs because they're
anywhere from six and eight and12 months.
They want their money back.
So definitely, like what yousaid, know what you're going to
(12:32):
spend it on and get it spent andturned around and flip so you
can be able to not, you'll beable to continue to pay the
monthly or the weekly or thedaily, but you'll also have a
cash flow that's sustained youdoing more.
Because one thing about MCA andyou can talk about the
relationship.
So once someone do somethingwith you, how does their
(12:52):
relationship helps them in thefuture by taking an MCA?
Jack Laudani (12:57):
yeah, yeah.
So typically companies you knowwant a higher amount, typically
right away.
They may not qualify for that,but we usually say, or other
others say in the industry youmake your payments on time,
you're consistent for six months, we can look at renewing and
adding additional capital foryou.
So I think there's a lot ofimportance in maintaining a
(13:18):
great relationship with your MCAlender because if you're on
their good side, they're givingyou more money, even at a lower
rate potentially, and get it toyou quicker and still get it to
you faster.
Jacquelyn Jackson (13:30):
And that's why it's important how you look
at the MCA relationships,because I've actually seen some
of my business that have arelationship with MCAs and they
use them.
Like I said, when they needthat money real quick, it's
there and they still have thelong term loans they may have.
But once in a while we all inbusiness realize sometimes
you're going to need moneyquickly.
Whether the boiler break down,oh the you know, the kitchen is
(13:52):
going to heck, you know, wedon't know if you're in the
bakery business that can affectyou.
You need quick money and we'renot saying the lenders are not
out here.
They are.
But I think our listeners needto be aware that there are some
lenders that move quicker andfaster than others and MCA is
definitely one that moves.
What like in a day or two areputting funds in your account.
(14:14):
Is that correct?
Jack Laudani (14:15):
yeah, it's super fast turnaround.
You know, if you want it, youcan certainly get it right away
from a lot of companies.
So I just think it's somethingthat you need to prepare for.
It's not like a month, monthand a half long process with the
SBA side.
So I think it's very seriousthrough money.
Just prepare well, talk to theright people like Jackie's in
(14:38):
your corner.
Having a broker to kind of lookaround as many options as you
can, I think, is also incrediblyimportant.
Jacquelyn Jackson (14:45):
Okay, so basically I think you kind of
answered.
The next question I had was arethere any funding opportunity
that you've seen has beenespecially successful for MC a
Borrow's?
And you kind of mentioned some,and I know one point.
You told me funding forequipment and expansion.
So when do you think it'simportant to use them?
So I know you mentioned thepayroll, but what other ways can
you give us an example that aMC a borrower Will have probably
(15:08):
benefit from the funding of itespecially?
You know?
So maybe yeah, or yeah, it's agreat question I.
Jack Laudani (15:14):
We recently Help fund a supplement friend and
they wanted to launch a minitype of supplement, you know,
for weight loss or whatever theywere doing.
So this money injection enabledthem to invest in more material
To be able to do this type of,to create some of the supplement
(15:35):
you know.
So that that was prettyinteresting, that they used it
to know, double their business,create another product so they
can sell it, which is veryfascinating and that's probably
gonna return them a lot of moneyand they've actually already
asked for more funding.
So it's pretty cool to see thatit worked out really well and
they're able to pay it backfaster as well.
Jacquelyn Jackson (15:58):
Okay, great.
So we and again I want toemphasize what you've said as
well MCA is more is a quickmoney injection and and this is
for our business owners you knowthat's an option you have
because you can go to the bankand, as business, you'll get
denied because a certaincriteria you hadn't met.
Mca has a lot less requiredrequired Quarter that you need
(16:19):
to have in order to get thatmoney and it's great for
injection and that's basicallywhat that is.
You need it now, you need it tohappen now.
You can flip it, turn it andyou can actually start paying on
it at the same time.
That's what this is meant for.
So definitely, like you said,look at the cash flow, what your
business is doing, and kind ofsee if that can match which.
If not, like said, wedefinitely help them find them
out.
You will, too, are seeing howit would.
(16:41):
You know, would you cash forenough for you can get an MCA.
So that is important.
So the next thing I want to askyou what would be you know,
jack your top funding tip forour listeners today?
What would be they, your topfunding tip for them, and why?
Jack Laudani (16:57):
Yeah, honestly, I think it's talking to somebody
like you.
I think you're your broker, youhave a ton of knowledge on what
else is out there.
So, I think, letting you knowJackie handle your situation,
let let her hear your situationand, you know, let her present
many options for you To takeaction and hopefully get for
(17:20):
your business.
And you know, I think an MCA, Ithink SPA, is a great ways to
start and to keep your businessgrowing without you taking your
own money out and having to bekind of.
You know you don't want to beUsing your own liquid cash when
you may have.
You may need it one day forsome life event, god forbid.
(17:41):
So utilize your resources,prepare well, plan well, talk to
the right people and feelcomfortable doing so.
And have some buyers side thatwill educate you and Explain
every cost, what's gonna happenand negatives, positives, etc.
Jacquelyn Jackson (17:57):
Right.
So actually just had adiscussion, because I tell
people a lot that your businesscan always raise more money than
you ever can personally.
Yeah you know, and the thing isthat's what this is show is
about.
Our podcast is about lettingowners, business owners, know
MCA is one of your options.
That's out there, you know, anda lot of them that come to us
(18:17):
they don't even know about itand to explain it to them.
But it's an option, so don'tsit there in.
You need money, you need help.
You went to your bank.
You've been turned down.
You don't know what else to do.
There are options out there.
That's what we're telling you.
Mca is one.
Like you, you don't have thegreatest credit and but you have
, like, a lot of money coming in, but you still need some more
(18:39):
money.
Mca will probably be the best.
We won a great choice for you,right, you know.
So that's why we're doing thisone.
We really wanted this podcast tobe about the MCA because people
don't understand how it worksand how it can really really
help you.
But I think it's great forsomeone to start and off in a
business and it's really, reallyit cash flows pretty good and
(19:01):
you need money.
You're starting out young.
Six months you've been inbusiness.
Then you may take that lowerten thousand or fifteen thousand
right now with an MCA, whichyou'll get it within like 24 to
48 hours, and then, after you'vepaid it down, halfway down, and
you're looking at where you canprobably get more like now 30
and 40 thousand and build it up.
Now you may not keep doingMCA's because you don't have to,
(19:22):
but You'll have thatrelationship that when you need
it and it will happen inbusiness jack you know I'm
telling the truth something'sgonna pop off and you gonna need
some money and that's why MCA'sare good to have that
relationship within yourbusiness relationship as well.
Do you agree?
Jack Laudani (19:41):
Absolutely.
I think relationship buildingis most important.
I think skill if you're goingto be a business owner, I think
having people in your cornerlike Jackie and like others, the
lending facility that gives youthe money, create a good
relationship.
Them talk to their CEO I mean,you can certainly ask these,
these questions, buildingrelationship, building a rapport
(20:02):
, because they certainly want tofund you again or help you
again.
So I think, just likeestablishing great relationship,
asking the right questions whatis this be?
What does that be?
Why do I pay back in this time?
I think just having clarity andfeeling told the rule is the
biggest key in this process andEveryone is willing to help you.
Jacquelyn Jackson (20:24):
Right, that's gonna do it, so let's do this.
Let's leave this withoutwithout listeners.
What would they need to do toapply for MCA?
What type of documents do youneed?
Jack Laudani (20:34):
Yeah, so for an MCA, we typically Just to even
apply.
It's upfront, typically it'sthree months, bank statements
and an application.
Typically an application isfrom a broker like Jackie and
then she would submit it todifferent lending facilities.
So she again, she's a broker.
(20:55):
She's able to find alldifferent quotes and Approvals
from different places to bestfit your needs.
She will go over those with you.
I don't want to speak for her,but Okay, you're doing well,
we're good and and thenoccasionally, depending on the
lender, we will ask for maybecash return one year, tax return
(21:18):
, binational if you're lookingfor a significant cash injection
and whatnot, so that that'stypically where where it looks
like Jarvis license avoid checkother things like that
eventually but basic documentsthat everyone could probably Be
able to provide within a day ifthey need to right, and I will
(21:41):
say that too at this point.
Jacquelyn Jackson (21:43):
You're looking at MCA as a one-page
application, three months bankstatement, maybe tax return
based on the size of the loan orwhat you're looking for.
But compare that to the regularterm loans I mean we have, like
compared to the three that wesend you guys for MCA.
There people need my otherloans is in where from 13 to 22
documents, so it is more of alow document type loan, but you
(22:07):
know there's gonna be a higherpayback and, like I said, the
cost of money is what I telleverybody it is.
But it's like I said, you haveto think it out and what you
need to use it for, because thiswill benefit you, because it
has benefited a lot of companiesin the past.
So before you go, we would liketo know if you have a story of
someone that had actually youknow Another story that used the
(22:28):
MCA and use it properly andpaid it back, because I know
you've been dealing with a lotof people.
So do you have any stories likethat so we can they can get a
flow of how that works and howit should be done.
Jack Laudani (22:39):
Yeah, there are many people I've been lucky to
deal with so far.
Like I said, the supplementcompany was great.
I dealt with some on the otherday and for payroll they needed
it really badly and we got it tothem right away.
I would say there was aConstruction company looking to.
They needed more equipment andit was a pinch.
(23:02):
They were getting denied at alot of places.
They're able to provide us withthe right financials and other
things and we ended up buildinga good relationship.
Throughout the process andThrough all their persistence
and waiting and providing moredocumentation, we were able to
provide them the capital theyneeded to then build a new
building or have materials topay their people.
(23:23):
I thought it was a verygratifying experience.
You know, to hear their, theirlaughter and their excitement
knowing that, hey, we're gettingthis money and it's not coming
out of their pockets.
Jacquelyn Jackson (23:34):
Right, right, so it's doing so this is
something like I said.
It is a great industry productthat a lot of people are using
it and being successful andmaking a lot of money with it.
Again, you have to know how touse MCA.
If you would deal with a broker, a broker kind of guide you
through it, because we got ourclients do it, but that's and
(23:55):
then definitely with you guys asdirect lenders, you got the
clients to it too, and so weknow.
If you get this, please, likeyou said earlier, get a clear
understanding of what your costis, what they want you to pay.
You know, read those contractsand look at them and then you
can see definitely what you needto do so you can stay on point.
So I think that is somethingthat's definitely a good advice
(24:16):
to give with the MCA and learnand this is what I say learn for
yourself, don't just listen toeverybody else.
Find out more about MCAs andlearn about it and see how it
can work for your company.
Because one thing I've seenthere's no company that's the
same.
Everybody's situation isdifferent.
It's amazing how different, butthey are.
So you need to know what's outthere and what you need to do.
(24:39):
That will work for you.
So that would be great.
So let me ask you this Is itanything that you will, your
final words, excuse me, thewords that you would tell our
audience, any final word ofwisdom that you would like to
give them when it comes togetting funding?
Jack Laudani (24:58):
Yeah, I think I would just say like reach for
the stars, you know.
If you know there'sopportunities like this out
there and you're looking tobuild your business, work for
yourself, not for somebody else.
I think take the shot, go forit.
Get the right, you know, getthe right person in your corner.
And I think, shoot the stars andinvest and try.
(25:21):
At least you can live knowingthat you gave it your all,
instead of sitting back on thesidelines.
Work for someone else yourwhole life.
I think go for it.
You believe in it.
I think get funding and pairyourself with and equip yourself
with someone like Jackie toguide you through the entire
process to see if it can allwork out.
So I think, give it your all,have fun, enjoy and make sure
(25:42):
you feel comfortable, exactly,and I think that is.
Jacquelyn Jackson (25:45):
I totally agree and that is so true.
So we want to thank our guesttoday for Mr Jack coming in to
to speak and give us some of hiswisdom.
Thank you, and we definitelylike to have you back as well as
some time throughout the yearfor you to come back.
Thanks again for coming andthen I'm going to speak to our
audience in a little bit.
Thank you so much for coming,of course.
(26:05):
Thank you so much, jackie andTD.
Jack Laudani (26:07):
Jack, I appreciate it and I'll see you guys soon.
Ok, so we want to, like I said,we did enjoy.
Jacquelyn Jackson (26:12):
Jack coming in today.
So what I do want to say withthe MCAs is that they are meant
for revenue.
So if you have a revenueminimum of ten thousand dollars
a month and you don't have thecredit that you think you need,
but your company is generatingrevenue, think about the MCA
looking to him.
You welcome to call us andreach out to us, or you can
(26:32):
actually just Google and learnas about it as much as you can
as well too.
Ok, we want to thank you forcoming and we wish you the best
and you all take care.
We hope you enjoyed thisepisode of TDJ equity funding
insiders podcast.
Introduction (26:52):
If you'd like to be a guest or get in touch with
us, please visit our website atTDJEquityLLCnet.
Forward slash podcast or emailus at podcast at
TDJEquityFundingInsidersnet.
Until next time.
Thank you so much for coming.
So, apart from every series inthe Baylor Dust sea, we would
really like you to get in touchwith us any time soon and
anytime.
So if you have any questions orif you'd like to mail us
(27:14):
comments, let us know.
Widows to the letter.
Vendor.
We're here to get you in touchwith the.
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