1. Does my business qualify for funding?
In order to qualify for business funding, you will have to meet some minimum requirements. You must have operated your business at the same location for 12 months or more and you must provide anywhere from 3 to 6 months of bank statements. You may not have any outstanding bankruptcies or tax liens that are not on a payment plan. Your business must also have a physical location and be 100% internet based. Certain types of industries are also ineligible.
2. What determines how much business funding I can get?
There are many factors that go into how much business funding you can receive. Some of those factors include time in business, industry, and monthly sales volume. Most of the time an eligible customer qualifies for a Merchant Cash Advance that is on par with its monthly credit and debit card sales. So, for example, if you run $500,000 in credit/debit transactions every month, the amount of funding available typically falls between $500,000 and $700,000.
3. How long does it take for me to get the business funding?
Funding can happen in less that 2 or 3 business days, if the paperwork is completed properly and promptly. If you are an established US Business Funding customer than you can receive additional funding in as little as 24 hours.
4. How can I use the business funding?
You can decide what is best to do with the funding for your business. Things that previous customers have used the financing for include, but are not limited to: renovations/remodeling, advertising, marketing, buying more inventory, taxes, payroll, or other business needs as they arise.
5. If I have poor credit history, can I still get funded?
Yes, possibly. The funding build on the strength of your business and less on your own credit history. You can still qualify for a business loan even if you have been rejected for other types of loans or financing.