Our bank statement loans programs will solve your short term business cash flow issues.
bank statement loans
With these diverse Bank Statement Loans programs, your business can get approved for working capital based on the current cash flow of the business and solve your cash flow needs. Just provide the most recent 3 months business checking account statements and a one page application. If approved, your business will receive funding within 72 hours.
No financial statements, collateral, or credit card statements. Scores below 500 are accepted. 3 Deposits or more per month and $5,000 per Month in deposits.
– Simple one page application.
– Tough credit accepted.
– $5,000 to $150,000.
– Flexible approval requirements.
– Quick Funding, 3 -5 business days.
– Customer has a line of credit available for use.
Businesses can use the financing as a line of credit. This bank statement loan financing program can be used repeatedly at the customer’s option. The customer draws against the line, repays, then can draw against the line again. We will increase the line size with satisfactory drawing and repayment. Lines that start out at $10,000 are often $20,000 or more within a year.
As an example, if a business is looking for a traditional loan for $50,000 for 48 months and is not able to obtain traditional financing at their local financial institution, even if they obtain a $25,000 approval through our cash flow program, they will receive far more in total funding. If the customer requests the 6 month term, and they renew every 6 months, even without limit increases, they can receive a total of $200,000, $25,000 X 8 (48 Months) = $200,000. With standard limit increases, they should be able to draw
a total of $250,000 to $300,000 over that time.
Lines are flexible and most businesses can qualify for them. If your business has sales, with a minimum average amount in monthly deposits of $10,000 or more and 5 deposits or more, it is pre qualified. Other factors that are looked at to increase the limits are the time in business, the average daily balance, the beginning monthly balance and the ending monthly balance.
Required to qualify or pre-qualify –
– Signed and dated application from 50% of ownership
– Last 3 months complete business bank statements from main business operating
– For amounts over $150,000: The most recent 6 months business bank statements
and first page of the most recent business tax return.
Required for Loan Contracts:
– Valid and clear driver’s license.
– Voided business check for approved account.
– Valid E-Mail address for owners.
– Federal Tax ID number, or TIN.
A simple calculator can be used to determine the daily repayment for the advance.
Customers can use the calculator to get an idea of what the repayment would be. These are advances against future receivables, so a loan rate would not apply.
January 12, 2016, Orlando, FL. Steven’s Tile opens $50,000 bank statement loan. Owner Tab Stevens told the Orlando business chronicle, “This line will be instrumental in helping us expand in the central Florida region. We will expand our market into the high end housing market. Our product line will increase to include high end bathrooms and outdoor tile. We will hire additional staffing and increase advertising. We will become a tile leader in the Orlando market. Medium term, we will expand into masonry and brickwork.”
Frequently asked questions:
Question: What do we need to provide to get approved for one of the bank statement loans?
Answer: All your company has to provide is a simple one page mini-app, and the most recent three months complete business checking account statements. If your business accepts master card or visa, then the most recent 3 months complete visa master card
merchant statements can be provided. This financing is not based on the visa master card arrangement and the terminals are not used. However, if a business receives a substantial portion of it’s sales from master card and visa terminal swipes, then including this information will allow us to determine how consistent it is. This often helps get a higher approval amount.
Question: My business is seasonal. We are a clothing store in a small town resort area in Tahoe City, CA 98523. Our biggest months are December and June, July and August. The spring and fall months are always significantly slower. Do we have a chance to be approved and how does our seasonal status affect the chances for approval.
Answer: We can approval seasonal businesses, however they are more difficult. How much more difficult depends upon just how seasonal they are. Some businesses are slightly seasonal and other businesses are very seasonal. For example, a clothing store in a tourist area will likely be seasonal, but not as seasonal as as an amusement park, which may be totally closed in the winter. If your business is only mildly seasonal it should not affect the approval and it would only affect the approval amount in a limited way.
Restricted Industries that can be funded:
Home based businesses, sole proprietorships, California businesses, construction, bail bonds, antiques, rental or sales agencies, collectibles and memorabilia, computer hardware sales, service and repair, educational materials, seminars, self help, internet businesses, lead lists, multi level marketing, modeling agencies, talent agencies, moving companies, online malls, online mail order event ticket sales, private investigators, public relations services, security and surveillance companies, travel agencies, web advertising companies.