Even more options are available on how to get mca merchant cash advances and accounts receivables financing. Merchant cash advance information includes getting low rate cash advances, the best renewal terms, and how to get out of a merchant cash advance if they are causing your small business cash flow problems. Excellent options are available for business owners with a felony or misdemeanor in their background.
0:00 Less than 3 Months Bank Statements; 0:05 Eligibility; 0:15 Personal Checking Account; Video Description: MCA with less than 3 months business bank statements. This program matches well with newer businesses and companies that have been using a personal checking account to run their business and just opened a business account.
One Month’s Bank Statement MCA’s
For New businesses and More!
MCA option available with as little as one month’s bank statement and some funding options with
less than 3 months bank statements and time in business. Restrictions Apply, ask us how!
1.As little as 1 Month’s bank statement required.
2.New Businesses.
3. Businesses that have been using a Personal
Checking Account for their business and just recently opened a Business Account.
Apply above:
New Business: Loan program
New businesses can get approved with just the most recent month’s statement and the fast 15 second application. Don’t forget to be ready for the business checking account verification. Renew the loan and increase the approval amount as your sales increase.
This program is excellent for
New Businesses.
Companies that expect to have big swings in business revenue
Businesses that want to establish a relationship with a lender.
With this program, all the most recent 3 or 4 months bank statements may not be required.
Typical Existing Programs
Almost all current programs require the most recent three months bank statements and a month to date statement.
Why? Underwriting wants to see how the company’s cash flow has been over the most recent months. They take the average of those 3 months and issue an approval based on the average.
Example: A business provides statements for the last 90 days and has the following total deposits during that time.
July: $10,000
June: $15,000
May: $10,000
The average per month is calculated as follows:
$35,000 % 3 = $11,666 per month. In this example, the lender can make an offer knowing that the business brings in an average of $11,666 month.
Lenders cannot calculate an average with only the numbers for the last 30 days. If the business deposited $10,000 in July, then the lender will make an offer based just on that 30 day total.
An offer may be slightly lower, but the business has the opportunity to get a higher renewal offer quickly. As sales increase, the business can get a much higher renewal offer.
MCA Cash Advance: Less than 3 Months Bank Statements (Video Transcript: Click to Expand)
Need an mca cash advance with less than 3 months bank statements ? Even as little as 1 months statement? We have that program. If you have less than 3 months business bank statements, your business may
Qualify and be eligible for funding. You’ll find what you need here.
Eligibility
This is a unique option to help new businesses. It’s also for companies that have been running their business revenue through their personal checking account because they never opened an account in the name of the company when they started. We have even just added more funding options for these types of qualifying Businesses. We heard you loud and clear and we are delivering. Some Conditions and restrictions apply. Apply now or call us. Businesses are almost always turned down flat if they don’t have those 3 or 4 months business bank statements. But what if I don’t qualify for this option you ask? We have several Options to qualify just about all businesses. Click or Tap on the Apply Button or
Link in the description, or call us at 919-771-4177 or visit bankstatementloan.com.
FAQ on business loans with only 1 months bank statement.
Can we get a loan with just 1 month’s bank statement?
Yes. You only need to provide the first month’s statement as a brand new business. Businesses that had a strong month since the 1st of the current month can provide a month to date statement to get a higher offer.
What if our first month had low sales?
You may still be able to get a starter offer. As your sales grow, you will be offered higher amounts quickly. This is a relationship product that your business can use like a Line of Credit.
Can we get approved with only a few weeks in business?
You only need 4 weeks or more in business. If the business began the previous month, then provide information since the beginning of the new month. This can be a MTD Month to Date statement.
Conclusion
New businesses have limited or no funding options. This new program allows them to get capital after only 1 month.
Even better, a relationship is established with the lender. The borrower can get more working capital sooner and for larger amounts as the relationship is developed.
We are a leading funding source for all Small Businesses looking for the best alternatives to Banks.
Author Biography:Will Sanio, Owner of SCF Funding, dba bankstatementloan.com/, has a Bachelor of Science Degree in Business Administration with a concentration in Finance from the University of Tennessee, Knoxville.
Over 20 Years experience including 10 Years with Wells Fargo, formerly Wachovia Bank and First Atlanta Bank. Specializing in Traditional and Alternative lending.
Will Sanio: University of Tennessee Diploma – Bachelor of Science in Business Administration with concentration in Finance – Click or Tap to Enlarge Image.
Do you need to show proof of your business address and business location? In this article we will review specific documents that prove this. Learn which documents you can use, and how to get them.
6 Examples of Proof of Address you can use – Further below.
A company owner applies for a small business loan such as a bank statement loan and is approved.
Closing requirements require proof the business exists. For working capital, apply below now.
Accepted Documents
The following which will typically be accepted to confirm a company’s physical location.
1. Utility bills.
2. Commercial rental lease agreement.
3. Mortgage statement. If the real estate was purchased through a commercial real estate loan, then a current mortgage statement can be provided.
4. A current business license. Accepted for Addresses that have stayed the same since inception and when the original license was obtained. A sole proprietor can provide a license or a schedule C.
5. Articles of Incorporation. A partnership agreement that has the same address on it may also be accepted.
6. Business tax return. Often accepted if the address matches the listing on the loan application.
7. Pictures – Pictures can help, especially if there is a cross street or if your business is in a shopping center.
A copy of a utility bill, lease, mortgage statement, landlord verification, business license or articles of incorporation should work. See a complete list on this page.
What can I do if my proof is not accepted?
Ask for all the options they will accept as proof of a commercial location. They may accept more than what they list. Pictures and videos of your business may be accepted. A site inspection can work as a last resort.
Why is a P.O. Box not acceptable?
P.O. Boxes are not usually accepted. Addresses that do not have a building or structure, vacant lots and raw land are not accepted as proof of the address and location.
What is a site inspection of my business?
A site inspection is when someone comes in person to inspect your location. This is usually done for loans, vendor relationships and when large contracts are signed between companies. The goal is to confirm the company’s address and that the business is open and operating.
How to prove your company address and location
Step 1: When making any request or application in the name of your company, review in advance what may be required to prove your location.
Step 2: Tip: Gather information you have on your company address in advance. Have the items available or make a list to discuss.
Step 3: Apply with companies that will accept the proof of business address that you have, or can get.
Narrow down your list of lenders you apply with to those that accept the proof of business location you have.
Step 4: Make contact with funding programs and confirm your business address information will be enough.
Try to confirm ahead of time that the business address information will be satisfactory.
Step 5: Submit a request or application.
When satisfied you will meet the requirements, apply.
Step 6: If you receive an offer, first review the terms including the items required to prove the company location and address. If ready to complete an offer, submit the required items. Get final questions answered before closing. Finalize the transaction.
If you do not have the types of documentation for proof of address, contact us below. We can guide you, and give you tips on how you can get proof of your business location.
You don’t have any proof of business location and don’t know what to do and how to get it?
Sometimes the owner cannot prove their address which may be required to close a loan.
Are there other ways to verify it? What is the lender asking for? There are other options in addition to the ones listed above.
If you don’t have proof now, review your options and fixes below:
How you can fix the following problem:
I can’t prove my business location.
Get an updated business license showing that address. Your city or county can reprint or resend a copy of your permit to operate. If it shows a previous and outdated location, then submit a correction before requesting a reprint.
Review the address at the secretary of state to see the current information. If the current information is wrong, contact the secretary of state and update the articles of incorporation.
Remember: Evidence of your company’s current address and will be required for funding. This prevents mail correspondences from being incorrectly sent and also helps prevent owners from making changes without the knowledge of the other owners.
Examples of what generally will not work for proof of address:
Virtual office
P.O. Box: post office box
Vacant lot
Raw land
Any location that does not have a building or structure on it
An out of state address. This happens when the business is located in one state but was originally located in another.
When the business address is in one state and the owners personal home is in another. This is an absentee or out of state owner.
There are exceptions to some out of state owner situations. If the business address is on the border of one state and the owner lives within a reasonable distance in a neighboring state.
An owner that lives less than 50 miles from their physical operations is usually acceptable. Examples is a company that is listed in Kansas City, KS, and the owner lives in Missouri.
Other examples are a company listed in Chicago, IL, and the owner’s home address is in northwest Indiana, less than 50 miles away.
Used car dealer loans are difficult to get. Traditional lenders such as banks are not a good option. Get money for your pre-owned vehicle lot, specialty car dealer business or any car lot
Step 1: Research companies that specialize in used car dealer loans. Decide which programs meet your dealership’s needs for the amount, credit, time since opening and what you need the money for.
Search online for used car dealer lenders
Prepare your documents
Step 2: Tip: Prep your information a few days before you need money. Amounts over $50,000 need more time to be approved and funded. Lots selling more than $15,000 per month have a better chance of getting an offer.
Get company information, bank statements and business licenses together days before they are needed.
Look at the cash flow in your bank statements. Explain low sales months, overdrafts, nsf’s and low balance periods upfront when you first apply. This can help get approvals, better offers and help avoid declines.
Settle on Top Companies
Step 3: Contact your preferred companies and ask about their approval criteria.
Tip: Ask if you can be prequalified. Some funders can either prequalify through an online application or a representative by calling in.
Contact the lender. What are their requirements? What are the most common reasons for denial?
Complete your application
Step 4: Apply with the programs the most aggressively solicit used car dealers while matching your needs. Complete an application for capital and provide all supporting documentation needed.
Apply with the best matching program.
Review Approvals
Step 5: After approval, review the terms and closing requirements. Get all of your closing documentation together and submit to complete the transaction.
If the closing terms are satisfactory, provide all remaining documents and close the transaction to receive funding.
The lender will usually make a final merchant call to you. They will verify that the owner completed the closing documents and is ready to start the transaction. Confirm this and receive the money into your account.
Loans to used car dealers are considered restricted loans by almost all lenders. We have programs for below 500 credit scores.
F.A.Q. Frequently asked questions
Can our pre-owned vehicle lot get fast funding the same day or next day?
Same day funding is possible for applications received by noon. After mid day, funding on approvals and closings is possible the next day.
How long does our used car lot have to be in business?
At least 3 months is needed. The most recent three months business checking account statements are then submitted to pre-qualify.
What types of used car dealer loans are available and for how long?
Programs are for dealers that specialize in buy here pay here, new and used cars, specialty, luxury, exotic, and short time since opening.
There is an option for small lots with low inventory of less than 10 cars. The longest term option is up to 10 years and available in most states. Other programs are short term bridge loans from 3 to 10 months.
How much does bad credit matter?
Low credit scores and bad credit will rarely be declined. Scores can be as low as 400. Cash flow and strong account balances are the most important approval requirements.
What are the rates?
Rates start in the low teens and depend mainly on cash flow, time in business and credit.
Can we use this financing to buy more cars for inventory?
The working capital can be used to buy cars at auction or anywhere your dealership buys.
It can also be used to buy lot space, repairs and improvements.
We are a leading funding source for all Companies looking for the best alternatives to Banks.
Author Biography:Will Sanio, Owner of SCF Funding, dba bankstatementloan.com/, has a Bachelor of Science Degree in Business Administration with a concentration in Finance from the University of Tennessee, Knoxville.
Over 20 Years experience including 10 Years with Wells Fargo, formerly Wachovia Bank and First Atlanta Bank. Specializing in Traditional and Alternative lending.
Will Sanio: University of Tennessee Diploma – Bachelor of Science in Business Administration with concentration in Finance – Click or Tap to Enlarge Image.
Use your business cash flow or assets to get a large business loan. How to search and contact lenders and learn how to get approved. Get up to $2,000,000 through these programs. Fast and easy process with 1 to 3 day closings may be available.
Very little documentation and financials in most cases. Business loans up to 2,000,000 available with either real estate or unsecured with strong monthly cash flow.
Search and contact lenders that offer a big business loan and review their approval criteria
If your business generates more than $50,000 per month in gross revenue, or your personal credit score is over 600, then your business has a good chance to be approved.
How to get a large business loan: How to steps, direction, and tips:
How to get a large business loan fast and easy
Estimated Cost: $0
Total Time: 1 Day<
Supplies Needed: Financia statements if available, Business bank statements, and Tax returns for requests over $100,000.
Time available. Tools needed: Internet connection, phone, computer
Step 1: Preparation
Research companies that offer big business loans. Search for programs that best match your business for the amount requested, your annual sales, credit, time in business and use of funds by your business.
Search for companies that offer specific programs that you are looking for.
Step 2: Have your business financial information ready to go.
Tip: Start the process a few weeks before needing business funding. Larger funding amounts over $100,000 often require more time for an approval. If your business generates more than $50,000 per mont hin gross revenue and your personal credit score is over 700, then your business has a better chance to be approved.
Review your business bank statements and financial information before providing. If there are any problems then write an explanation for those problems before applying. This can include slower business periods during the year, low net income on financial statements or any other reason.
Start weeks before you need the loan if possible. You may need that time to get documentation together.
Step 3: Settle on the top 2 or 3 programs that best matches your business for your profile and the reason you want the loan.
Contact qualifying companies and ask about their qualifying criteria
Try to find out if your business has a good chance to be approved. Some lenders may be able to prequalify your business over the phone.
Call and talk with a representative of the most qualifying programs. Tell them your company’s main characteristics such as amount requested, time in business, credit and ask if you will qualify.
Step 4: Submit an application
Go with the most likely program you have determined can get your business a big business loan based on your review and any conversations you had with the lender. Complete an application for funding and provide the supporting documentation requested to show business revenues such as bank statements or tax returns.
Is the program the best fit? Then apply!
Step 5: Review approval offers
Once approved, review all details of closing stipulations such as terms and conditions. Make sure you can provide required items. Complete transaction and receive funding.
Was your business declined? Contact the lender and try to find out why you were declined. Can you do anything to get the decision reversed? If not, then go back to other lenders you looked at during your initial search. Ask the other lenders if the reason you were declined will be an issue for them. If not, then consider applying with them.
Review approval terms. If you are satisfied, provide closing stipulations and get funding into your business checking account.
FAQ Frequently asked questions.
How can we qualify for a large business loan?
Time in business of 6 months and revenues over $25,000 per month are needed at a minimum. Higher credit scores over 600 will help get approvals and higher offers. Higher average bank balances also help.
Can we get a larger business loan with bad credit?
Your business can still get higher amounts with bad credit. Strong sales and time in business can overcome a lower credit score.
Can our start up get a bigger business loan?
Your start up will need about 6 months in business, strong sales and credit scores over 575 to have a chance at a higher approval amount.
Do we have to have collateral?
Your business does not need collateral to get a high offer. Strong sales are often enough. Time in business over 6 months and credit of 600 or higher can increase offers significantly.
Does the process take a lot longer?
The process often takes about the same amount of time. More documentation may be requested for amounts over $10000 and can take longer.
For other financing options, please review other alternate financing programs that may better match your business needs, below:
We are a leading funding source for all Small Businesses looking for the best alternatives to Banks.
Author Biography:Will Sanio, Owner of SCF Funding, dba bankstatementloan.com/, has a Bachelor of Science Degree in Business Administration with a concentration in Finance from the University of Tennessee, Knoxville.
Over 20 Years experience including 10 Years with Wells Fargo, formerly Wachovia Bank and First Atlanta Bank. Specializing in Traditional and Alternative lending.
Will Sanio: University of Tennessee Diploma – Bachelor of Science in Business Administration with concentration in Finance – Click or Tap to Enlarge Image.
This article shows how to handle your business loan if it is past due. Have you missed payments on a cash advance or business loan?
There are several fixes you can take when you are behind on payments. These steps and others can or make it much less severe. One step is to payoff the past due amount by refinancing.
Step 1 Contact the lender. Let them know you are having trouble paying the advance or loan. Be prepared to answer why you cannot pay it and how you will plan to catch up.
Step 2 Ask the lender to work with you. Ask for lowered or suspended payments. If they refuse ask them to offer you a plan you can handle. Determine in advance what you are able to pay. Tell the lender what you can pay and ask them to set up a payment plan for that. Ask if they can adjust your daily payments as a percentage of sales
Step 3 Follow through on your agreement.
Step 4 *How to Tip: If you will not be able to continue paying the cash advance or business loan, ask the lender for options. There are often options available just by asking for help or letting the letting know you cannot continue to make the payments.
I missed payments and am behind on my mca merchant cash advance and business loan. Here is how to fix it.
What if you cannot pay the cash advance or business loan and cannot catch it up?
If you cannot continue paying the cash advance or business loan, ask the lender what the options are. For missed mca payments, there are good options for past due borrowers.
If it is not a mortgage loan, the best solution is usually to try to work with the lenders. When that is not possible, other options include:
1. Pay a settlement on the mca merchant cash advance or business loan.
If you consider this option, negotiate hard with the lender on how this will be reported on your credit. You want to push for the best possible credit bureau reporting of this event. If the lender reports the tradeline as “settled for less than full balance”, this may be the best reporting.
2. Applying with another lender
This is another excellent option if you can qualify. Payoff the debts with a new loan. This works well if the balance you are past due on is low. If your current past due amounts has not damaged your credit too much yet, this option may work.
3. Another option is to ask your current lender to modify the loan.
For example:
Your current loan is $500 per month and was for 48 months. You have 10 months left. Ask the lender to modify the mca cash advance for a lower payment and more months. As a result, ask them to lower it to $200 to $300 per month for 20 and 25 months.
Tell them this benefits both of you because you will have a payment you can make and as a result, their loan will be paid. Some lenders do not want to modify. However, if you can show them you will be able to pay the past due amount by getting a lower payment, they are more likely agree to it.
Provide documentation to support your request
Prepare a quarterly or monthly profit & loss statement to show the lender that you cannot pay but you will if they lower it.
4. Take another hard look at all of your current expenses.
Can you easily reduce expenses somewhere else? Are there services that you are paying for that you really do not need and can cut? This can include business expenses and personal expenses.
How to fix your business past due loan. 1. Contact the lender. 2. Ask the lender to work with you by lowering or suspending payments. 3. Follow through on your agreement.
FAQ’s – Frequently asked questions and comments
Question: How can I fix missed payments on my cash advance?
Communicate with the advance company. One or two missed payments should not be a problem when you are in contact with them. Consider asking for a repayment plan or restructuring if you cannot pay at all.
Question: Will my credit be hurt if I miss payments on my mca cash advance?
A few missed payments should not hurt your business or personal credit. Your credit with that lender may be affected when several payments are missed. You may have trouble getting business funding again from that lender in the future.
Question: Will missed mca payments keep me from getting other business loans?
Defaults, lowered payments and other modifications may affect your ability in getting other business loans. Negotiate hard and you may be able to avoid being declared a default even if you have defaulted contractually.
Accounts receivables financing
Accounts receivables financing is another way to increase the cash flow you need to pay your current past due merchant cash advance or business loan. This can give you cash now which may be enough to pay the payments you missed and are behind on.
Consider an asset based loan
This includes a loan against equipment. Funding is between 24 and 42 months and includes a monthly payment. Earth moving equipment, Yellow Iron and “over the road” OTR rigs, semi-trucks are usually accepted.
We are a leading funding source for all Small Businesses looking for the best alternatives to Banks.
Author Biography:Will Sanio, Owner of SCF Funding, dba bankstatementloan.com/, has a Bachelor of Science Degree in Business Administration with a concentration in Finance from the University of Tennessee, Knoxville.
Over 20 Years experience including 10 Years with Wells Fargo, formerly Wachovia Bank and First Atlanta Bank. Specializing in Traditional and Alternative lending.
Will Sanio: University of Tennessee Diploma – Bachelor of Science in Business Administration with concentration in Finance – Click or Tap to Enlarge Image.
What are the different types of Business Licenses?
A Business License is a certificate issued by a City, County or State Government to a company. The license legally verifies it’s right to operate and proof of ownership. Lenders require a license to close a business loan. Many other types of transactions require a license as proof the business exists.
Apply below for commercial loan programs with flexible licensing requirements. APPLY NOW
Call 919-771-4177 for more info.
Ways to show a Copy of a Business License
F.A.Q.: Frequently asked questions on needing a copy of a business license
Is a license required to get a business loan?
A business license can be required by the lender. It legally proves that your company exists and verifies the exact legal name in which all contracts and documents are written.
What if we are a home based business?
A residential address is almost always accepted by counties, cities and states.
For any company that is home based and rents their location, the landlord’s signature may be required to show the approval of the property owner.
What do we need to have to get a business license?
A current driver’s license at minimum, valid business address and payment. The Tax Identification number may also be requested.
How fast can we get it?
A temporary license can be issued when applying and the hard copy is sent regular mail.
Businesses that interact with the general public must post their license immediately.
Where do we get a business license?
Business licenses are issued in the city or county for the address the company is located in.
How much does it cost?
Licenses are usually a flat rate for Corporations at the State level. City
and county charges are often a percentage of gross receipts. The higher the gross receipts, the higher the cost.
How long is it good for?
Most business licenses and articles of incorporation are good for 1 year. States may let companies purchase the license for several years in advance.
What if my state doesn’t require a business license?
Some States do not require one. However, it is in the interest of your business to get a license. Many other companies will request proof of the existence of your company for certain transactions such as contracts, leases and banking.
What is a dba?
DBA stands for doing business as. This is called a fictitious name and how the company is known to the public. As an example, Acme, Inc. dba all star tire.
Is there an inspection of my location before approval?
Inspections are rarely done if the business is not a retail location and does not
serve food and beverage.
Does the name of the owner have to be on the business license?
The name of the business owner does not legally have to be on it. Sole proprietorship licenses do show the owner’s name. Corporations have the names of the owners on the original articles of incorporation and ownership updates at the Secretary of State.
Copy of Business License
Examples:
Business Licenses fall into certain Categories.
– General City or County license.
– Professional Licenses.
Get a business license or articles of incorporation if you are new or start up company because you will need this to operate your business later and get financing. Professional licenses are often in addition to professional licenses.
For example, medical licenses such as a physician, dentist and chiropractors require additional licenses. Other types of Professional Licenses can include certain types of Construction, Engineering, Real Estate Agents and many more.
These types of Professional licenses are often in addition to a standard business license required by the city or state.
Did you know?
Some business legally operate without a License?
Some States do not require a business license to legally operate.
States may allow, but it can make operating much more difficult.
Larger Companies may require that a Company has a license to business with them and will not waive their requirement.
It will not matter to them if the State does not require it and will still require one. Get a license. If your Company is a Sole Proprietor, save all of the old licenses that you had.
How to get a large business loan Article. Video description: This Video includes options, programs, requirements, approval and the funding process. STEP 1: Call the Lender, STEP 2: Qualifying, STEP 3: When you Apply, Only Provide:, STEP 4: Closing
Steps to successfully get approved for and close large business loans
How to Supply: Cash Flow Statements
How to Tool: Desktop, laptop, tablet or phone
Step 1: Call the Lender
Call the lender that offers bigger loans and talk with someone that can make an assessment or a pre-approval. Tell them your specific details. Type of operation, annual or monthly revenues, deposits, how long open and credit.
Are there clear reasons they might deny you? This helps you know where you stands. Do you have a good chance? This avoids wasting time with unnecessary denials also.
VIDEO CLIP Below: Call the lender: Give them details : 10 Seconds – 35 Seconds in Clip below.
Call Lenders to match your company’s needs for a large business loan
Step 2: Qualifying
What is it going to take to get the amount you need? Generally it includes annual revenues. Getting amounts more than your annual gross revenue is hard to qualify for. An amount up to that is easier.
Review your time since generating revenue. Short time such as less than a year can be approved. The longer, the higher the amount.
Review your credit score. High amounts can be approved with a low credit score, even below 600. The higher the score, the more you have a chance to qualify for.
Also, amounts into the millions can be backed by real estate. Weekly, bi-weekly, daily or monthly payment options are available depending upon the program.
TIP: There are specialty
low rate programs
for preferred industries, like retail, restaurant, auto repair, beauty supply and spa, medical, dental, and chiropractors as well as hospitals and emergency care facilities, construction and manufacturing companies, factories, grocery and convenience stores, landscaping and landscape design companies.
Hospitality, hotels and motels, assisted living and nursing homes, golf courses and resorts, cannabis dispensaries.
TIP: Is your entity in an industry that is restricted and cannot easily get funding? Find out what options are available.
Used car dealers, real estate, trucking companies, collection agencies, non profits, attorneys, religious organizations, and many other hard to fund types of companies that have trouble finding options.
Larger amounts also include industries such as construction companies and contractors, cleaning and maintenance companies.
Also included are brokers, insurance, mortgage and financial brokers, staffing companies and temporary employment agencies and logistics and transportation companies.
VIDEO CLIP Below: Qualifying Clip:
36 Seconds -126 Seconds in Clip below.
How do I qualify?
Step 3: When you Apply.
Provide cash flow information that helps your request. Don’t send bank statements or other financial information that shows weak sales unless you are required to send it.
Avoid sending information that was not requested. It may be interpreted in negative ways you did not realize in advance.
VIDEO CLIP Below: Only provide: 127 Seconds -143 Seconds in Clip below.
Apply for Funding
Step 4: Closing
TIP: Should be an easy slam dunk? Many customers get declined between the approval offer and the closing for funding.
Examples include: Closing requirements also called stipulations that are reviewed as part of the closing process. They are low recent account balances, even overdrafts, NSF’s and overdrawn accounts.
This may happen in the current month that the lender does not know about and why they do a bank verification before closing. Proof of ownership or other financials such as information on other owners, or a tax return could be requested.
If you are declined, ask what are the reasons and if you can fix it now or in the short term so you can get approved and close. Sometimes you can satisfy the denial reasons, still close and get the money wired to your account.
Finally, a background check will be completed. This can pull up previous corporation the owner had in the past. They may have had a default or slow payment with with other lenders. We can help you deal with these issues and get you funded. Contact us at 919-771-4177.
TIP: Other big loan types and challenges companies face trying to get higher approval amounts to repair your Big Rig or Hot Shot truck, against your truck or vehicles, or against your trailer. Loans for hot shot and some hot shot start up options.
Get processed on weekends and in evening hours after 5. Have you ever been asked for a MTD month to date statement? We show you how to get it and also avoid being declined for problems with your current month such as the drop in deposits since the beginning of the month.
Are you afraid you will be declined and not want to apply maybe because your credit score is too low, or other reasons? Find out in advance the top 9 reasons why loans are declined and what types you can get approved for and close with a low score and other problems.
Articles on emergency money for payroll and product orders. Are your invoices being paid too slow? Learn how to speed up your invoice payments through factoring. Are you a new start up and you don’t have 3 months statements?
Many Corporations and Sole Proprietors have low or declining monthly deposits and low average balances.
Get funding for a current federal or state tax lien. Also learn what some States like California, Virginia, Florida, Utah, New York and others require four bank statements and the disclosures involved.
From unsecured cash flow loans like bank statement loans, line of credit style options, asset based loans on your equipment, trucks, big rigs, construction equipment.
To apply, click on the apply button at the bottom right of this screen, or on the end screen of this video, or call us at 919-771-4177 or go to bankstatementloan.com/. On YouTube, please subscribe, like and share.
VIDEO CLIP Below: Close: 144 Seconds – 300 Seconds in Clip below.
FAQ Frequently asked questions on large business loans. How can we qualify?
Revenues over $25000 per month and over 3 months may qualify for higher amounts. Higher deposit amounts and average balances per month qualify for bigger loans. For some programs higher credit scores or strong financials can increase approval amounts.
Do higher amounts take longer to close?
Closing within 24 hours or less in most cases. Certain longer term programs and amounts over $500,000 can take longer to approve.
What if we are new?
Strong sales in the first few months is enough.
Can we get funding from the same program again later?
Yes. Pay the balance down to 50% it can qualify for more funding right away. One program allows for new funds after 30 days of timely payments.
Will Real estate and other assets be required?
Real Estate is not required. Customers that offer real estate or other assets can get higher approval amounts. Close the maximum they qualify for without using real estate or any other assets.
Can we get a monthly repayment and a longer term?
Monthly and weekly repayments are available with longer terms of up to 60 months.
Many businesses need funding for over $500,000 or as high as $1,000,000 and higher.
Paying off a large Merchant Balance with a loan
You can take a merchant cash advance with a high or large balance and pay it off. Doing this can extend the term several months longer. A large merchant cash advance of over $100,000 or over $200,000 with less than 6 months left can be paid off and the term can be extended to 10 or 12 months. Terms up to 120 months may be available with same day and next day loans. Payoff your advance today!
Business owners say they have been declined because the amount they asked for was too high. They requested funding over $250,000 or more and were denied. Our programs are designed for higher dollar needs.
Callers call in and ask what they need to provide:
Use the following chart below to determine what you will need when submitting.
$50,000 to $100,000: Provide an application and last 3 months bank informa.
$100,000, $150,000 and $200,000: Provide an application and last 3 months checking account information.
$250,000 to $300,000: Submit an application, last 3 months checking account information and Year to date interim Profit and Loss (P & L)
$350,000, $400,000, $450,000 and $500,000: Submit an Application, last 4 Months checking account information, Year to date Profit and Loss and Balance Sheet.
$500,000, $600,000, $750,000, $1,000,000 and $1,500,000
$500,000, $750,000, and $1,000,000: Submit an application, last 6 months complete checking account statements. Provide the last 2 Years business Tax Returns.
$1,000,000, $2,000,000, $3,000,000, $4,000,000 and $5,000,000: Submit an application, last 12 months business checking account statements and last 3 years Tax returns.
Companies that have been denied by a lender because the amount of the request was too high will still try to get smaller amounts another way. Ask lenders upfront if they have a maximum loan amount and if they have different criteria for different dollar amounts. If so, what are they?
Because the lender has different lending criteria for higher loan requests, they may not provide you with the information. Ask these questions to help get approved and also avoid unnecessary denials.
Looking for alternatives to a cash flow option? Then watch our alternatives to an MCA here.
Show Video Transcript Details
In minutes and seconds.
0:00 Introduction
0:10 Step 1: Give the lender details
0:36 Step 2: Qualifying
0:47 Time in Business
0:54 Credit Score
1:06 Payment Terms: Weekly, Bi-weekly, Monthly, Daily
1:11 Preferred and Favored Companies
1:36 Restricted Industries
2:07 Step 3: Only Provide required info
2:24 Step 4: Closing: Problems and challenges
2:32 Closing Requirements: Stipulations
2:58 Declined? Do this
3:10 Background check
How to Get a Large Business Loan
Large business loans, big business loans, most lenders offer something small, or tell you no. [no] To apply, click on the apply button at the bottom right of this screen. So how to get a large business loan.
Step 1: Call the lender
that offers bigger loans and talk with someone that can make an assessment or a pre-approval. Tell them your company’s specific details. Type of business, annual or monthly revenues, deposits, time in business and credit. Are there clear reasons they might deny you? This helps you know where your business stands. Do you have a good chance? This avoids wasting time with unnecessary declines also.
Step 2: Qualifying:
What is it going to take to get the amount you need? Generally it includes annual revenues. Getting amounts more than your annual gross revenue is hard to qualify for. An amount up to that is easier.
Time in business. Short time in business such as less than a year can be approved. The longer the time in business the higher the amount. Credit score. High amounts can be approved with a low credit score, even below 600. The higher the score, the more you have a chance to qualify for.
Also, big business loans into the millions can be backed by real estate. Weekly, bi-weekly, daily or monthly payment options are available depending upon the program.
There are specialty low rate programs for preferred industries, like retail, restaurant, auto repair, beauty supply and spa, medical, dental, and chiropractors as well as hospitals and emergency care facilities, construction and manufacturing companies, factories, grocery and convenience stores, landscaping and landscape design companies. Hospitality, hotels and motels, assisted living and nursing homes, golf courses and resorts, cannabis dispensaries.
Is your business in an industry that is restricted and cannot easily get funding?
Find out what options are available for your business. Used car dealers, real estate, trucking companies, collection agencies, non profits, attorneys, religious organizations, and many other hard to fund types of businesses that have trouble finding options.
For larger bigger business loans, they also include construction companies and contractors, cleaning and maintenance companies, brokers, insurance, mortgage and financial brokers, staffing companies and temporary employment agencies, small and larger logistics and transportation companies.
Step 3:
when you apply only provide cash flow information that helps your request. Don’t send bank statements or other financial information that shows weak sales unless you are required to send it. Avoid sending information that was not requested. It may be interpreted in negative ways you did not realize in advance.
Step 4: Closing.
Should be an easy slam dunk? Lots of businesses get declined between the approval offer and the closing for funding. Examples include: Closing requirements also called stipulations that are reviewed as part of the closing process. They are low recent balances in the business, even overdrafts, NSF’s and overdrawn accounts.
This may happen in the current month that the lender does not know about and why they do a bank verification before closing. Proof of ownership or other financials such as information on other owners, more bank statements, or a tax return could be requested.
If your company is declined, ask what are the reasons and if you can fix it now or in the short term so you can get approved and close. Sometimes you can satisfy the denial reasons, still close and get the money wired to your account.
Finally, a background check will be completed. This can pull up previous businesses the owner had in the past. They may have had a default or slow payment with with other lenders. We can help you deal with these issues and get you funded.
Click or Tap on the apply button, or link in the description or
call us at 919-771-4177 or visit bankstatementloan.com.
We are a leading funding source for all Companies looking for the best alternatives to Banks.
Author Biography:Will Sanio, Owner of SCF Funding, dba bankstatementloan.com/, has a Bachelor of Science Degree in Finance from the University of Tennessee, Knoxville.
Over 20 Years experience including 10 Years with Wells Fargo, formerly Wachovia Bank and First Atlanta Bank. Specializing in Traditional and Alternative lending.
Will Sanio: University of Tennessee Diploma – Bachelor of Science in Business Administration with concentration in Finance – Click or Tap to Enlarge Image.
A business that has started operations and as much as 2 years time in business. Options for all new businesses include low credit scores, low revenues, collateral based and asset based options.
But some businesses are brand new and just started having sales.
Find out below which start up option your business qualifies for. Apply below now to get your best option.
Your time in business is the date on your business license. For Corporations, it is the Incorporation date listed with the Secretary of State. The state will not recognize the starting date of the business until you register with the state. So register your business as soon as possible because it will make sure your business will has the time in business needed to qualify. Take the time to pick a business name that you will keep. There are pros and cons to changing a business name.
Frequently asked Questions FAQ – How to get a start up business loan
How can I get financing to start a business?
Get a start up business loan through these programs that specialize in new businesses. Several options
are available for both limited funds and damaged credit situations. Do banks give loans to start a business?
Banks rarely give loans to start a business. They ask for several years of tax returns and financial statements. Revenues must be steady or increasing each year and the business needs to be an industry they prefer. Where can I get a start up business loan?
Alternative lenders provide start up loans rather than banks. Approvals for start ups are based most heavily on the sales of the business. Collateral and credit can make the difference also. Start up money will be difficult if the business has not yet opened or had sales. How can I get a business loan with no money?
Business loans with no money down are available when your business has sales. Other options are offering collateral to get
approved. Can I get the business loan in my personal name?
Business loans must be in a business name, not in your personal name. First get a business license for a sole proprietorship, or articles of incorporation for corporations. Open a business checking account with a financial institution.
Get business information, including information on start ups at Planet Money
We have loans available for flexible and restricted industries that most lenders do not want to work with.
They are for many industries that have difficulty with regular financing. Trouble getting financing? What are some Easy ways to get funding for your company? If you need business funding in Canada, get funding now.
Restricted Industries: Get Approvals!
How to Apply
Click on bankstatementloan.com/.
Call to Action
Complete the contact us form today.
Don’t spend your time with lenders who tell you that they think you are a restricted type of operation. Call us today for financing. Call us at 919-771-4177 or go to bankstatementloan.com/. On you tube, please subscribe, like and share.
It is when your operation type is considered risky and undesirable by finance companies such as a loans for used car dealers.
Other companies such as cannabis, adult or porn, attorneys, financial services such as check cashing are restricted from doing business with you, and investors do not even want to lend to you.
Work with a partner that values your relationship and does not see you as restricted!
Call 919-771-4177
Fast and easy programs. The highest approvals with best terms available, including new programs in trucking such as a truck repair loan to fix your vehicles. Also find out if you might be considered a HIGH RISK ?
Let others say no. We say YES! Apply Below now & get funding today!
Use the lists provided below to determine if your type may be considered restricted by others.
Identify investors and sources that will provide a restricted industry business loan to your sector.Contact them and ask for their qualifying criteria. Select the best match based on your needs and their approval criteria.
If approved, request and review closing stipulations and documents. Submit all required closing documentation. Complete merchant call if required.
Receive funds into your checking account.
Find a loan product here regardless of industry type.
Restricted industries or elevated scrutiny businesses – Types:
“Restricted Industry List”
Accountants, Accounting firms, Accounts Receivables Factoring.
Adult Entertainment, Escort Services, Gentleman's Club, and adult industries.
National and Regional Airlines.
Attorneys
ATV Dealers, ATV Sellers and RV Dealers.
Auto and Home Supply Stores.
New Auto Dealerships and used car lots and dealerships.
Auction Houses.
Bitcoin.
Bus Companies.
Construction.
Cemeteries and Funeral Homes.
Consignment Stores, Child Day Care, and Churches.
Collection Agencies, Check Cashing, and Bail Bonds.
Credit Reporting, Protection and Restoration.
Consulting.
Collection Agencies, currency exchanges, and Wire Transfer.
Criminal conviction, arrests by owner. This may include past
misdemeanors or a felony offense.
Dating and Escort Services.
Debt Consolidation.
More Examples:
Direct Mail.
E-businesses and Commerce.
Educational, Colleges and Schools.
Factoring, Financial Institutions, Financial Transactions Firearms sales, weapon sales
Financial services and lending
Financial Transaction Processing, Financial Advisors and Freight Forwarding Forwarders.
Fitness and Recreational Facilities.
Fraternities and Sororities.
Freight Brokers.
Gambling and Gaming Establishments.
Gas Stations.
Holding Companies, Insurance Agencies, and Investments.
Home Building, construction, and housing related.
Home based.
Horoscope and Fortune Telling.
Import and Export.
Income tax return and preparation.
Insurance Agents and insurance brokers.
Internet and online
Insurance Agencies, and Investment Opportunities.
Lawyers.
Lotteries and raffles
Further Examples:
Kiosks. Lawyer and lawyers. Attorney and Attorneys. Legal practice and Legal Practices. Marinas. Mining and Quarrying. Magazine Subscriptions, Mail Order Coin Sales, Mobile Home Dealers, Mobile Phone Dealers, Wireless Stores and Cellular Stores. Mortgage Lenders and Mortgage Reduction. Motorcycle, Scooter, Motor Home and Camper Dealerships. Night Clubs. Non Profit and Grant Writers. Non Bank Cash Advance. Oil Pipelines and Gas fields. Online Stores, Online Retail Stores, Online Merchants, and Online sales. Payroll advance, Pawn Shops, Thrift Stores and Consignment Stores. Personal Trainers. Precious Metal Sales and Coin Sales. Printing and Printers. Real Estate Management, Investment, and Brokers. Recreational Vehicle Sales.
Restricted types continued:
Schools.
Sports Events Advice, Sports Instruction and Recreation Instruction.
State Agencies and Government Agencies.
Taxi and limousine service.
Ticket Brokers, Time Share Investments and Tour Guides.
Travel Agencies and discount clubs.
Tobacco and Electronic Cigarettes, Firearms and Gun Stores.
Trucking, Transportation, Logistics, and Sea Transportation.
Used Car dealers, Auto Dealers, new car dealers and Truck Dealers.
Used Furniture Stores and Furniture Retailers.
Vehicle Inspection.
Virtual Auction Houses.
Vitamin Retailers.
Wholesale Clothing.
Wireless phone and accessories.
Elevated Scrutiny Industries
Other sectors are included in "elevated scrutiny".
Home health care.
Web development, Credit and debt counseling. Financial advisors and consultants.
Elevated Scrutiny often includes:
Annual Membership Clubs.
Appraisal Services.
Auction Houses.
Benefit Packages.
Boat Sales.
Buyers Club and Coupon Books.
Detective and Private Investigation.
Donation. Door to Door Sales.
Employment Agencies.
More elevated scrutiny industries:
Financial Aid Services.
Flooring, Tile, Blinds and Windows.
Formal wear.
Fortune Tellers, Psychics, Astrologers and Spiritual advisors.
Furniture Stores, Homeopathic Remedies and drugs insurance.
Modeling Agencies and Beauty Pageant Organizations.
Mortgage Lender or Mortgage lenders
Multilevel Marketing and Pyramid Sales.
Online Electronic, High Ticket Electronics, Prepaid Phone Card and seminars.
Sports Memorabilia.
Telemarketing, Ticket Agencies, Time Share.
Web Design and Hosting.
Utilities.
Seasonal and challenged industries
Challenged industries are similar to those that get elevated scrutiny. Underwriting will consider them, but under a tougher approval process because of what they do.
Construction Companies:
Lenders often have many restrictions and high scrutiny for construction. They are either automatically declined or are offered lower amounts with shorter terms.
Insurance Companies and others:
Insurance is hard to get funding for because they receive commissions for policies sold but then the have to pay agents who sold the policy.
Another example is a travel agency which also keeps a small percentage of what they receive and pays out the rest.
Convenience stores that sell gasoline often have to immediately pay back out a high percent of those sales. As a result, most of the revenue they show coming into their account goes right back out.
Lenders have to make a decision and approval amounts based on their net income.
Seasonal Companies
What is a Seasonal Business?
Any company that has peak sales and operations during the same months every year.
The rest of the year they are either slow or closed.
Lenders ask for more documentation.
Examples of Seasonal include:
Accountants and Tax Preparation Services.
Bridal Wear, Catering Halls and Floral.
Moving and relocation.
Jewelry, Shipping, Golf Courses and Ski Resorts. Other seasonal operations are nurseries, ice cream shops and amusement parks.
Used Car sales are almost restricted and we are able to assist them.
Getting funding in a restricted category
Businesses that have been denied for the type of operations they have must find a reliable partner. Ask upfront if they work with you and consider a loan.
Preferred Merchant List
Also known as Favored Industries.
If the investor has categories like this, they usually don’t want to tell you. Ask what type of loans they like to do. These questions will point you in the right direction and avoid unnecessary declines!
FAQ Frequently asked questions.
How do I know if my business is considered restricted by lenders or not?
Ask before applying if they have programs available for your type of operation, because sometimes they don’t want to tell you. Our loan programs lend to all sectors.
What does restricted industry mean?
A business whose type of operation has much stricter rules for approval.
Other lenders stay out of it because they see it as a higher risk for delinquency, defaults and losses. Sometimes they just don’t have expertise in that field.
What do challenged and prohibited industries mean?
These are industries lenders will scrutinize much more and require a longer time in business, higher credit scores and revenues.
Used car lots, construction, and trucking are examples. Ask if they have any limitations on lending based on your type of company.
Are new companies restricted by lenders?
Many loan companies do not loan to start ups. Our programs work with 3 months in operation and longer.
We are a leading funding source for all Small Businesses looking for the best alternatives to Banks.
Author Biography:Will Sanio, Owner of SCF Funding, dba bankstatementloan.com/, has a Bachelor of Science Degree in Business Administration with a concentration in Finance from the University of Tennessee, Knoxville.
Over 20 Years experience including 10 Years with Wells Fargo, formerly Wachovia Bank headquartered in Winston-Salem, North Carolina, and First Atlanta Bank in Atlanta, GA. Specializing in Traditional and Alternative lending.
Will Sanio: University of Tennessee Diploma – Bachelor of Science in Business Administration with concentration in Finance – Click or Tap to Enlarge Image.
In most cases, a business line of credit is the most difficult type of financing to get. Business owners should look at the terms. This includes interest rates, number of months, total amount of the repay, and early payoff considerations.
FAQ Frequently asked questions on how to get a business line of credit
How can I get a business line of credit?
Time in business of two to three years is often required. Other requirements include a 680 or higher credit bureau score, full financials and industry requirements.
Full financials means 3 years business and personal tax returns, a personal financial statement and interim financials. Interim financials are a year to date profit and loss statement and balance sheet.
Why are business lines of credit so difficult to get?
A business line of credit is hard to get because it is set up to be available indefinitely to the borrower and does not have a limited term.
Lenders consider this long term exposure to be high risk and require a longer history of business success with increasing gross and net income. If the business shows low net income and flat revenues, they are unlikely to be approved for a business line of credit.
Can my lender require me to suddenly payoff my business line of credit?
An annual payout provision and the lender being able to call the loan and require payoff at anytime is legal and enforceable when it is written into the contract. These provisions are extremely risky for borrowers.
Lenders sometimes call loans because they decide to lower their risk models, or when they are being acquired by another lender. They may call loans even if the borrower has a clean payment history. Borrowers do not know in advance their loan is going to be called and often cannot pay it off immediately.
Their business could fail because lenders may be able to seize their accounts receivables, real estate or any other collateral attached to the line of credit. Some lenders put conditions on a line of credit that negates all of the other advantages of the financing.
Lenders may require the borrower to put up their home as collateral. Borrowers should realize this becomes a home equity line of credit. Borrowers are then giving their home and business assets as collateral. Why not not consider a home equity line of credit then? Borrowers may be better off looking for other financing first. Attempt to negotiate the terms of the approval with the lender when your business is using real estate as collateral.
Businesses can get a business bank statement loan based on their deposits. Since almost all businesses have sales, almost all businesses pre qualify. The funds can be used for any reason, including marketing, advertising, inventory, expansion, additional employees, cash flow, new product lines, or taxes. How to get this financing . Steps and tips on what to look for as well as getting approved and closing.
Businesses provide their last 3 months business checking account statements and a simple one page application. If the Gross sales figure is significant, the approved amount will often be higher. Repayment terms for this product are 2 to 18 months.
How can my business get a loan using bank statements?
Features and Benefits:
– Only 4 to 5 Deposits per month are needed in most cases.
– Monthly deposit totals as low as under $10,000 a month may qualify.
– No Site inspection for most clients.
– Renewals often possible once balance is 40% to 50% paid off.
What is needed for approval?
– Most recent 3 months complete business checking account statements
– Signed and dated within last 30 days application.
What is needed for closing?
– Completed closing docs.
– Copy of driver’s license
– Copy of voided check. Specifically, this is a copy of a voided business check.
– Other requirements may apply.
Funding amounts of up to $500,000 can be obtained. Up to 125% of the total dollar amount of monthly deposits can be approved. For example, if the customer deposits $50,000 per month, a maximum of $62,500 can be approved. Approval time is 24 to 72 hours. In most cases, businesses are approved for 25% up to 100% of their total average deposits of the last 3 months. As an example, if a business deposits and average of $40,000 per month, they will most often be approved between $15,000 to $40,000.
Approvals can be higher with a higher average daily business checking balance. If the customer has more than one business account, then both account statement can be provided. 2 lines may be approved. If your business is seasonal, then the last 12 months account statements can be provided. This will strengthen the request.
For example, a construction business is often a seasonal business with at least 2 or 3 months in the winter being low volume months. Rather than receiving a lower approval amount due to this, simply provide the last 12 months, which will include the higher volume months.
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
account.
– 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.
Other requirements may apply on a case by case basis.
Other benefits:
– Renewal options may start at 40% pay down of balance.
– No standard site inspection in most cases.
– Tax Liens up to $100,000 may be accepted.
– Bankruptcies 6 months or more O.K.
– Only 50% ownership required in many cases.
A Dental practice in Lakeland Florida needed some expansion capital. Due to the recent time in business and some past credit issues, the company wished to use their strong Gross Sales.
The company provided their most recent 3 months business checking account statements. A one page application was submitted. Within 24 hours, they were approved for a $40,000 business bank statement loan. They chose a repayment term and original documents were E-Mailed. The customer returned the completed documents.
A simple verbal verification was completed with the customer. Following the verbal, the funds were wired directly into the customers account within 24 hours. The customer had access to the funds and was able to pay a contractor to begin expansion and remodeling of a section of their practice immediately.
Features of this business bank statement loan product include:
Low credit score acceptable. Credit scores as low as 400 may be accepted.
No application fees or advance payment fees.
Unsecured transaction. No collateral is required.
There are no restrictions on how the funds are used.
Fast and Easy application process.
The entire process takes approximately 5 business days.
Difficult transactions handled routinely.
What are common decline reasons that you may be able to approve?
– 5 or more overdrafts or NSF’s per month.
– Less than $7,500 per month in revenues.
– Less than 2 Months in business
What are the primary factors that are looked at for this business bank statement loan?
Average daily balance. The average daily balance is considered. Lines begin with an average daily balance starting at $3,000. The higher the average daily balance, the higher the approved amount will tend to be.
Number and dollar amount of Monthly deposits. A minimum average of 5 deposits per month are requested. The higher the dollar amount of the average monthly deposit, the higher the approved amount. Approvals are up to 125% of the average monthly deposits.
Beginning bank balances. The balance at the beginning of the month is reviewed for each of the six months. The amount of the beginning balance is not critical. Many businesses have some of their largest monthly expenses at the end of the month. These include monthly business office rental payments, business mortgage payments and other payments. After payments such as these, the beginning balance at the first of the month may be lower.
Additional Factors
Ending bank balances – The balance at the end of the month is also reviewed. For reasons similar to the reasons above for reviewing the beginning bank balances, the ending balance is assessed. Many businesses have large expenses at the end of the month, including many automatic debit payments.
Insufficient funds and overdrafts. The statements are reviewed for the total number of overdrafts and insufficient funds per month. A company can have some insufficient funds and overdraft events per month. The statements are reviewed to make sure that the numbers are not excessive per month.A customer wishes to obtain a higher approval amount. What can they do? Provide strong Financials. What are strong financials?
Gross income. Gross income figures should be increasing from any one year to the next. This includes Profit and Loss statements. If the Gross income figure decreases from one year to the next, this is considered a negative and will hurt the request.
Net income. The Net income figures should be flat or increasing from year to year. Net income figures should be $25,000 or higher. Lenders will question the ability to repay if net income figures are too low.
Thank your for visiting our resource page!
The SBA offers assistance with business plans and putting together financial statements.
Get a chiropractor practice business loan that almost all practices can qualify for. Programs include loans based on your practice’s gross sales, total deposits, practice assets, or equity in real estate.
Chiropractor practice business loan with many term options
Loan for a chiropractic practice benefits
Credit scores below 500 are considered.
Approvals as low as $2,600 and up to $1,000,000 or more with no restrictions on the use of funds.
Use the funding like an loc line of credit. Your practice can borrow, repay and borrow again in many cases when there is a need.
Limited paperwork. Just a one page application and most recent (3) months bank statements. Same day closings available.
Use the funds to increase revenues of the practice such as hiring more employees, advertising, expansion, increasing office space, and any other reason.
No upfront processing fees or upfront application fees.
How to get a chiropractor practice loan
Step 1 Search for lenders that offer chiropractor practice loans. Review program options and consider how the program can help your practice.
Step 2 Tip Practices that have operated for more than one year can qualify for better terms.
Step 3 Review your chiropractor practice profile to the funding programs available. Select a short list of programs that will do the most for your chiropractic practice.
chiropractor practice loan
Step 4 Contact the lenders to determine as best as possible whether your chiropractic practice will be approved if you apply. Also confirm the advertised program benefits.
Chiropractor practice loan
Step 5 Pick one or more programs and submit an application for financing. Provide any documentation that strengthens your request even if it is not required. This can include financial statements, tax returns, or other information.
Chiropractor practice loan
Step 6 When you receive an offer, review all the terms and conditions. If you are ready to close, provide all documentation required for closing. Check if there is a right of recision period.
Frequently asked Questions:
Question: What if we need more medical financing than we are approved for?
Answer: A second additional funding can be considered. If the practice has the cash flow for more funding, then more funding can be approved. A practice that qualifies for $50,000 can close the 1st transaction, then get a 2nd position for $25,000 for a total of $75,000.
*TIP: A second part or second transaction is often called a “2nd position”.
Question: Our chiropractic practice does not have assets and revenues are only about $225,000 per year. Can we get an offer?
Answer: A practice with little assets and sales of $225,000 per year may still qualify for up to $25,000 based on the cash flow and customer profile.
What ownership percentage is required for a chiropractor practice business loan?
a minimum 50% ownership is required. When there are 2 owners at 50% ownership, the stronger credit of the two 50% owners should be listed 1st. the weaker credit should be the co-applicant.
If one of the owners has very weak credit then only the strong credit applicant should be on the application.
Are financials required?
Financials are not required for transactions under $250,000. No tax returns, personal financial statements, or interim statements are requested in almost all requests under $150,000. For requests over $250,000, the practice may want to provide financials to strengthen the chance for approval and the approval amount.
Learn how to get funding for your practice with any problems. Apply today and get funding the same day or the next day.
Video Description: Use Business equipment to get money for your business. Construction Equipment such as Yellow Iron, Trucks Rigs, Vehicles, and Trailers. Low credit scores OK.
Get a Loan against your Equipment. Construction Equipment as well as Trucks, Rigs and Trailers can qualify. Monthly and Bi-weekly payments are available. You can use Trucks and Trailers to get a loan to repair your Truck, even if it is in the shop!
We are a leading funding source for all Small Businesses looking for the best alternatives to Banks.
Author Biography:Will Sanio, Owner of SCF Funding, dba bankstatementloan.com/, has a Bachelor of Science Degree in Business Administration with a concentration in Finance from the University of Tennessee, Knoxville.
Over 20 Years experience including 10 Years with Wells Fargo, formerly Wachovia Bank and First Atlanta Bank. Specializing in Traditional and Alternative lending.
Will Sanio: University of Tennessee Diploma – Bachelor of Science in Business Administration with concentration in Finance – Click or Tap to Enlarge Image.
Show Video Transcript
Loan against Equipment
Video Transcript: In minutes and seconds
0:00 Introduction
0:02 Make a List of Your Free and Clear Equipment
0:14 Provide Cash Flow Information
0:17 Match with a Lender that Offers Loans on Equipment
0:22 Apply
0:26 Gather required Documents and Close Transaction
[ desert wind whistling ] How to Get a Loan Against Equipment.
[ engine running ] Make a List of your Free and Clear Paid Equipment.
Get Pictures and Info on [ engine idling ] Vehicles,
[ engine revving ] Rigs and Semi’s, [ revving continues ] Pick Up Trucks,
[ pressure releasing ] Construction Equipment,
[ duck quacks ] Trailers and Other Equipment.
[ counting money ] The Lender may pay off valuable pieces with a low balance.
Provide your Last Few Months Bank Statements to show Cash Flow.
Match with a Lender that Offers Loans Against Equipment.
[ desert wind blowing ] Call and ask about Amounts and Terms.
Apply and Get Your Best chance for Approval by working closely with a Rep.
[ race car engines ] Close the transaction and Gather all Closing Items.
Proof of Ownership, Titles, Pictures or More.
[ water bubbling ] Low Credit Scores OK.
Finish by signing the Contracts and getting Funded.
Need more money than your Assets can get ? Get extra funds without putting up your equipment here using a bank statement loans option. Or just visit the bank statement loan video page here.
Qualifying equipment includes many types of construction and industrial equipment, business and commercial business vehicles. This includes tractor trailers, big rigs, commercial vehicles and semi -trucks. Is your truck down? Find out more about a truck repair loan here, or just watch the Truck Repair loan Video here. You can even get a loan on a trailer! Low credit scores down to 500 and below may qualify.
Call 919-771-4177 for more info.
FAQ Frequently asked questions on a loan against equipment or vehicles.
What is a loan against equipment?
A loan on equipment lets businesses use the equipment or vehicles they own outright to qualify for a business loan. Borrowers can get a loan against construction equipment as well as tractor trailers and semi-trucks. Other qualifying assets include business vehicles and some types of machinery. The approval process is usually one or two days and the collateral stays on your property.
How much can I get?
You can get up to 60% against the current retail value of qualifying pieces. A loan against Construction Equipment tends to bring the most money. Provide documentation to prove the value from upgrades or customization.
How do put a value on the pieces?
Asset value data is used for each equipment type. The prices of comparable pieces on sale through industry leading vendors and suppliers may be used.
How old can my assets be?
Most trucks can be up to 8 years old. More than 8 years can still be funded with reduced approvals. Construction pieces and machinery can be older depending on the type, manufacturer, model and age.
Do I need to have proof of ownership?
Proof of ownership will be needed. Title, registration or bill of sale can be used for proof of ownership. Proof of purchase may also be needed and can be a paid invoice, loan or lease payoff letter, or bank proof of payment.
Can you take trucks or cars as collateral?
Free and clear trucks or cars including big rigs, semi trucks, OTR over the road tractor trailers, dump trucks, and vans may be used as security. Standard trailers such as big tex and gooseneck can be pledged. Cars, trucks and passenger vehicles may qualify if they are used partially for business.
Cnc milling machines, 18-wheelers, rigs, tractor trailers qualify. Machine tools may also bring significant working capital.
Construction equipment such as front end loaders, bobcats, skid steers, bulldozers, ditch witches, woodworking equipment, semi trucks, 18 wheelers, tractor trailers may also qualify.
Your business makes money by using equipment rather than owning it. Get the unused cash in your equipment and use it for cash flow in your business.
Business loan programs are open, approving and funding small business loans on construction equipment, some large machinery, commercial vehicles, big rigs, semi trucks, Over the road tractor trailers OTR, vans, dump trucks, and even trailers such as gooseneck trailers.
Submit the one page loan against equipment application and also the equipment list . Decisions are usually made in 1 day. Funding happens within five business days. $150,000 total funding is available.
Tell us the type of loan you are looking for. Callers ask for different types of loans, including a loan against construction equipment. Others ask for a loan on equipment using their construction assets. Some callers request a loan on machinery.
Underwriting reviews the age and condition of the equipment. Complete the equipment list. Use the most valuable and newest equipment on hand. Older equipment may qualify. This includes trucks and tractors. Through this loan against equipment, loans against a tractor-trailer is approved. It is also called a loan against an 18 wheeler as well as a loan against semi-trailer truck. Other products are a loan against a big rig, and loan against a semi truck.
Top 7 vehicles to get a business loan against:
1 Commercial Vehicles
2 OTR Over the road trailers
3 Big Rigs
4 Semi Trucks
5 Dump Trucks
6 Trailers
7 Vans
The following are examples of equipment and vehicles that can qualify under the program!
1. Cat 314ELCR
2. Cat TL943
3. Doosan DX 300LL-5
4. Ford F250XL and Ford F350XL
5. Ford F450
6. John Deere 225DLC
7. Kenworth T370
Thank you for visiting our loan against equipment resource page.
