FAQ Ownership

FAQ Ownership

We have three partners in the business and we are each 33.33% owners. Do all three of us need to apply and sign the closing paperwork, or can it be just one of us? Can we get approved just in the business name with none of the owners signing? For this loan, at least 51% […]

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FAQ Qualifying

Can we qualify? If your business has sales, it can qualify. The higher the sales, the more your business can qualify for. In general, the business should have at least $10,000 to $15,000 in deposits per month and make at least 5 deposits per month or gross an average of at least $120,000 a year. […]

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FAQ Credit Reporting

We have had some slow business credit reporting recently due some of our clients that have paid us late. How closely is the business credit looked at? The business credit is looked at, but it is only a small part of what is looked at that is considered. The business credit score can be somewhat […]

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FAQ Funding

How fast can we obtain the funding? In most cases, funding can be obtained within 4 weeks or less. Once you are given the stipulations from the underwriters and you can provide everything back in a timely manner than funding can take place in as quick as 7 to 10 business days.

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FAQ Treatment of Funds

Can we use the line again after it is paid down? Yes, your business can use the business bank statement loan over and over, just like a line of credit. In fact, once the line is paid down 60%, your business can draw the remaining credit line, and use it again for its working capital […]

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FAQ 6 Start-Up Business

What if my business is new, can I still get lines of credit? Absolutely. In fact, many of our clients are owners of new or start-up firms or investors who use the funds for investment purposes.

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FAQ Qualify for Larger Amounts

How likely can we qualify for larger line sizes later? Very likely. In most cases, line size limits are increased significantly just based on repayment. If your business has increased cash flow during the term of the repayment, line size increases can be dramatic, as much as 100% or more.

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FAQ Payoff

Is there an advantage to early payoff? Since this is short-term financing, to begin with, the vast majority of customers do not have the interest to pay off early since the repayment is 6 months or less in many cases. If early payoff does occur, early payoff advantages are limited since the repayment term is […]

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FAQ More Credit

Is there any way to get a larger line size? Yes, if your financial statements are strong, please provide your most recent year’s Profit and loss statement or the prior year’s business return. Strong financial statements are statements which have good Gross Sales and net income of $120,000 per year or higher. In addition, if […]

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FAQ Terms

What is the term of the financing? Terms vary, and in most cases are 2, 3, 6, 9, 12, and 18 months.

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