1. How does my business qualify for funding?
Ideally, you will have owned and operated your business at the same location for 12 months or more. Your business needs to provide from 3 to 6 months of bank statements. Certain types of businesses such as the adult industry are ineligible. We make sure you have no outstanding bankruptcies or tax liens not on a payment plan, and we do not currently provide funding to businesses that are 100% Internet-based (no physical location).
2. How do you decide how much I can get?
The amount of funding available to your business is determined in part by time in business, industry and its monthly sales volume. Typically, an eligible customer qualifies for a Merchant Cash Advance that is around the same amount as its monthly credit and debit card sales. As an example, if your business processes an average of $200,000 in credit/debit transactions every month, the amount of funding available is typically about $200,000-$300,000.00.
3. How soon can I get the money?
If you complete all the paperwork promptly, we can usually offer funding in less than 2 or 3 business days. Once your business is an established customer, you can receive additional funding in as little as 24 hours.
4. What can I use the money for?
You decide how to spend the money whatever is best for your business. Previous customers have used this money for renovations/remodeling, marketing, and advertising plans, paying taxes, buying additional inventory, handling payroll, expansion, and other business needs as they arise.
5. Will my poor personal credit history keep us from getting funded?
Not necessarily. Since this funding builds on the strength of your business sales, your own personal credit history carries much less weight than it does in business loan decisions. Your business can qualify for a working capital even if you have been rejected for bank loans or other financing.