How my business got a merchant cash advance loan from Credit Card sales

So, let me introduce myself. I am Altaf Durani from EON Retails LLP. Ours is a Limited Liability Partnership, and we are retailers of American footwear and athletic accessories brand Skechers. Two partners set up this business in 2014. Our efforts bore fruit when we set up our office at 44/g Adelphi Chambers 1st Floor, Ismalia housing society, Clare Road, near Byculla West, Christ Church, Mumbai – 400008.

Altaf Durani, a man who set high expectations for his business
Altaf Durani, a man who set high expectations for his business

Hard work by the Entrepreneurs reaped reward

For the last three years, we have put our blood and sweat into developing this business.  The footwear retail business in India is growing at an incredible pace. Since Skechers is looking to expand its activities in India, our company is also developing with it. We have renewed our efforts to grow our business by opening more retail stores. We were looking to expand and set up our retail stores across the state of Maharashtra.

With our quest for expansion came the need for more finance. We wanted to set up state of the art retail stores, and the funding required for this was large. We knew that after the stores were set up, based on our experience, we could quickly generate the cash to pay back any loans needed but just for the expansion, we needed a quick financing option.

Read how business owners, such as Altaf, managed to increased their customer base in practically no time

Difficulties in access to working capital in India

We applied to two state-run banks for a loan, but our credit application went unanswered. It was a bad time for us, while we wanted to focus on our business expansion; our days were getting spent on going to the bank and following up with officials with no respite in site. It was very demotivating, and when we asked around in our financial circle, we got to know a couple of other business owners who were facing the same issue. One of our friends told us that with the number of NPAs mounting in the Indian banking system, many small and medium-sized enterprises such as ours are facing huge issues in getting their borrowing needs met.

The business' HQ at Adelphi Chambers, Mumbai
The business’ HQ at Adelphi Chambers, Mumbai

We were losing hope and felt that we would have to put a hold on our expansion plans. We knew this would not bode well for our business since some other competitor could fill the gap by setting up their retail stores in the locations we had identified.  It was at this time that we were introduced to MarketFinance India by one of the CA firms we engaged with.

An online application process for business loans

We were advised to check their website. We were surprised to know that for our loan requirement we only needed to fill one single form and MarketFinance India would engage with various banks and angel investors on our behalf to get us a loan. This was entirely a new concept, and frankly, we were not very sure of how it would work. We filled a brief form without expecting much. We soon got a call from their representative. We obviously had a lot of queries, and the representative explained to us that by filling one single form they would help us gain access to about 15 banks that they partnered with, and we need not apply to individual banks separately. They also partner with various angel investors and financial companies.

Information security

All this sounded too good to be true, and we were very apprehensive. Our biggest apprehension was how safe would it be to share sensitive financial information and other documents with them. However, slowly the representatives cleared all our queries and doubts. On getting to know that all our documents would be shared through a secure online mechanism we got somewhat reassured. The representative gave us many references of other business owners like us who benefited from the services of MarketFinance India.


With our quest for expansion came the need for more finance. We wanted to set up state of the art retail stores, and the funding required for this was large. We knew that after the stores were set up, based on our experience, we could quickly generate the cash to pay back any loans needed but just for the expansion, we needed a quick financing option.


Merchant Cash Advance within days

We finally decided to take the help of their services to secure our loan. Our single application could be filed with interaction with their representatives quite smoothly. They helped us in successfully securing a Merchant Cash Advance Loan of 15 Lakhs at 17% interest for a duration of 9 months within 15 days and that too without the hassles of running around. A Merchant Cash Advance is a loan given to retailers who have payments made by customers using EDC machines (debit and credit card swipes). We received a loan based on the existing volume of payments which were being made on a monthly basis.


On getting to know that all our documents would be shared through a secure online mechanism we got somewhat reassured.


We feel thankful for having been introduced to the company. The seamless services that they offered and the ease with which all the formalities got completed gave us a complete peace of mind and allowed us to focus on our expansion plans.  The experience has given us the confidence to scale up our business further without undue worry. We have now recommended the services of MarketFinance India to two of our other friends who were in need of a business loan.

One of the Skechers retail stores set up by Altaf and his team
One of the Skechers retail stores set up by Altaf and his team

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