Second Position Merchant Cash Advance in Hoffman Estates, IL
Already repaying an advance? A second position lets a Hoffman Estates business add capital before the first is finished. We shop the file to funding partners that take second positions.
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How is a second position advance set up?
Funders look at how much room the first debit leaves in your bank deposits: the business has to carry both payments on an ordinary day.
What do funders check?
Room in the bank deposits after the first debit, a clean payment record on the first advance, and permission in the first contract.
Which funders take second positions?
Only those that place behind an existing advance, and we send the file to them alone. They read the first funder's withdrawal, $677 a day in the example, next to your bank deposits.
Which local businesses does it suit?
Hoffman Estates' 1,409 employer companies include the trades below, each shown with its local count. The city's employers are mostly small: 893 have fewer than five employees.
| Trade | Businesses in Hoffman Estates | Per 10,000 residents | U.S. per 10,000 |
|---|---|---|---|
| Trucking companies | 110 | 21.6 | 3.3 |
| Restaurants | 87 | 17.1 | 15.4 |
| Residential remodelers | 52 | 10.2 | 3.9 |
What makes trucking companies a fit?
First advance spent on fuel, repairs, insurance and driver pay? A trucking company can still fund an added truck or a new lane with a second position. The city counts 110, at 6.5x the U.S. density.
Is a second position right for restaurants?
Mid-term growth for a restaurant means a patio build-out or a second location; a second position pays for it. Hoffman Estates counts 87 of them, 6.2% of local employers.
How do residential remodelers in Hoffman Estates use it?
Second positions let a remodeling company keep materials, subcontractors and crew payroll covered and still fund a larger remodel contract. That trade has 52 locations here (10.2 per 10,000 residents).
What would a second position merchant cash advance cost a Hoffman Estates trucking company?
Sized for a trucking company: monthly deposits $153,000, first debit $677, second advance $46,000 at 1.38, combined debit $1,180 a day.
| Worked example | Value |
|---|---|
| Monthly deposits (example) | $153,000 |
| First advance, daily debit | $677 |
| Second advance | $46,000 |
| Second advance factor rate | 1.38 |
| Second advance, daily debit | $504 |
| Combined daily debit | $1,180 |
| Percent of daily deposits | 16% |
What sets the cost?
The 1.38 factor in the example reflects second-position risk. More room after the first withdrawal, and a first advance that is mostly paid back, bring it down. Check other amounts with the stacked payment calculator.
Free to apply. You never pay us a fee. We call back, usually the same business day.
How does Hoffman Estates compare with Cook County?
The city accounts for 1% of employers in Cook County. By size, 199 city firms employ 5 to 9 people, compared with 20,124 across the county.
| Employees | Hoffman Estates | Cook County |
|---|---|---|
| Under 5 | 893 | 80,058 |
| 5 to 9 | 199 | 20,124 |
| 10 to 19 | 124 | 14,689 |
| 20 to 49 | 113 | 11,463 |
Where do Hoffman Estates owners apply for a 2nd position MCA?
- Send the application and the details of your first advance, such as a withdrawal of $677 a day.
- We call to go over the first contract and what the account can carry.
- You choose the offer whose combined debit your deposits can carry, then sign.
When is another option better?
If revenue swings, revenue-based financing after the first advance ends can fit better. Skip it when the first withdrawal already takes a heavy share of bank deposits. Consolidating first, or waiting until the first advance is mostly repaid, leaves more room.
Do we work with businesses near Hoffman Estates?
Streamwood sits 3 miles from Hoffman Estates. Schaumburg counts 3,990 employer businesses, the most within 50 miles.
| City | Distance | Employers |
|---|---|---|
| Streamwood, IL | 3 miles | 800 |
| Schaumburg, IL | 4 miles | 3,990 |
| Hanover Park, IL | 6 miles | 436 |
| Rolling Meadows, IL | 6 miles | 1,060 |
What should I ask before signing a second MCA?
What is the daily payment with two merchant cash advances?
Add the two withdrawals together. In the worked example, the account carries $1,180 a day until the first advance ends.
How much more does a 2nd position MCA cost?
The factor rate sits above first-position pricing; the example uses 1.38. The exact number depends on the room left after the first debit.
Are residential remodelers in Hoffman Estates eligible for a second position merchant cash advance?
Many are, because they run on homeowner deposits and draw payments. Funders still decide each file on deposits and time in business.
Ready to see what a second advance costs your Hoffman Estates business?
Applying is free, and you never pay us a fee. Call 877-FUND-654 with any question. We call back, usually the same business day, and we talk with you before your file goes to any funder.