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Video

Get an MCA Cash Advance After A Default

Get an MCA after a Default

00:42 Borrow after Default Business Profile 00:48 How Payoff or Settlement Letters Help 01:07 Does time since my loan default matter? 01:15 What if I defaulted on more than 1 MCA 01:29 What if I did not repay my MCA?

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Get an MCA Cash Advance After a Default (Video Transcript: Click to Expand)

Transcript

00:42 Borrow after Default Business Profile 00:48 How Payoff or Settlement Letters Help 01:07 Does time since my loan default matter? 01:15 What if I defaulted on more than 1 MCA 01:29 What if I did not repay my MCA?

You can get an MCA cash advance after a default? Yes, get an MCA Cash advance after a default. [ Man says Yeah! ] Get money if your business defaulted on an MCA and get started
Again. Start building a relationship as soon as possible, and gain access to the funding
You need now, and in the future. Whenever you need it. Call us at 919-771-4177. Don’t
Wait until you need a loan for your business and can’t get it. Apply Now. You’ll find what you need here. To apply, click on the apply button at the bottom right of this screen, or on the endscreen of this video, or call us at 919-771-4177 or go to smallbusinessloansdepot.com. Complete the application, send in the most recent 4 months checking account statements.These programs are for companies that have had defaulted accounts, payments, and also missed and delinquent payments. Make your request stronger and include any payoff or settlement letters if you have them. Are you making payments on previous
Advances now? Then add any documentation or information on your payments. Approvals, amounts and terms depend on how well your business has recovered, if you can repay now and also if any of the old debt was repaid.
Frequently asked questions:Do you look at how long it has been since my cash advance default?
There are no absolute minimum time requirements. The older, the better.Does it matter if I defaulted on more than 1 advance?
You may also be able to qualify if you defaulted on more than 1 previous advance. Approval terms consider whether you repaid any of the debt, settled, and how many MCA’s you had.
What if I did not repay any of the defaulted cash advance?
It is easier to get a new cash advance offer or stronger offer if you repaid or settled the old defaulted cash advance to show your business repaid what it could or reached a settlement on the debt. Click on the apply button at the bottom right of this screen, or on the endscreen of this video, or call us at 919-771-4177 or go to smallbusinessloansdepot.com.
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Video

A Loan Broker Lied To Me: Video

1:08 100% I guarantee it lie 1:52 Consolidate in 30 days lie 2:40 Offer is only available today lie 3:33 Debt Settlement lie Video Description: A Loan Broker Lied To Me! If this happened to you, call us at 919-771-4177. Common Deception Tactics and Red Flags to look out for.

A Loan Broker Lied to ME!

Don’t let this happen to you!  Apply with us.
Use the secure start now button below.

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Complete the Start button above
or Call us at 919-771-4177 to discuss.
For full information visit the Loan Broker Lied to Me Main Page.

For more info, visit our Small Business Loans Home Page.

A Broker Lied To Me (Video Transcript: Click to Expand)
01:08 100% I guarantee it Lie
01:52 Consolidate in 30 days Lie
02:40 Offer is only available today lie
03:33 Debt Settlement Lie
A broker lied to you? Let’s take a closer look. Welcome to smallbusinessloansdepot. A loan broker lied to me. He promised me a consolidation if I closed the loan and paid on time for 30 days. After 30 days I tried to get the consolidation and was declined.
Does this sound like what happened to your business? If you have been misled or told a lie while getting a business loan, mca cash advance, real estate loan, or any other loan, we have some tips on how to work with a loan Broker, or a lender.
Step 1: Provide details before applying.
Call and go over your Company details over the phone. Your type of business, annual or monthly revenues or deposits, time in business, and credit. Ask what is the criteria or basic qualifications. Try to figure out if you match the minimum requirements. Ask is there anything that you or your business will automatically be declined for? TIP: Many brokers will not pre-screen your file at all, or very little. The basic information you give them is usually more than they will review before submitting your file.
Step 2: Broker Red Flags. Review what you are told about the options.
Does it make sense?

100% I guarantee it lie

Red Flag # 1: You are told: You will be approved, or I can get that, no problem, 100%, guaranteed. They don’t know that.
Brokers and even direct lenders do not, and cannot know if you will definitely qualify before you apply. Why ? They don’t know the details of your cash flow and debts until they see your statements. They can’t check if you can afford it until they see your debt.
They don’t know about your credit until they look at your file and your score. They also don’t know if have you had previous defaults.
So they absolutely 100% do not know in advance if you will be approved.

BS Meter 10 0ut of 10
Call us instead!!! At 919-771-4177. We will give you the honest truth and no misleading information.

Consolidate is 30 days lie

Red Flag # 2 You are told: Take this deal now, make on time payments for 30 days and we will consolidate you, Get you more money, and better terms. Or some version of that, such as make only a few payments and we will consolidate you, and get you more money after 30 days. This is a hard core 10 out of 10 on the BS Meter. It is not true. The broker does not know what will happen within 30 days, so they do not know what can be offered in 30 days.

Customers might run into cash flow problems during those 30 days or take out other loans that disqualify them for consolidation. What if your business has a very bad sales month? Paying for 30 days doesn’t prove much more to any lender than what they know already about you right now. If the lender has already really decided that you will qualify to refinance you in 30 days, why not just consolidate you or give you better terms right now? Its because they are lying so that you will take the deal on the table right now. And lastly,

Offer is only available Today Lie

Red Flag # 3: You are told this offer is only available if you close it today. Also known as Pressure tactics, or the take-away. Every Broker knows this one and many use it.
Step 3: Applying. If you are satisfied with what they are telling you makes sense, consider applying. Or call us at 919-771-4177 With over 20 years experience. If you are approved, review the terms closely.
Step 4: Closing: Ask questions about the exact closing process. Request the closing documents and review them as much as you can. Try to make sure the terms match what you were told verbally. Also Look for information in the documents that was not discussed.

TIP: Use the search feature on your document, command F or control F to look up critical keywords, Such as past due, default, fees, liens, ownership, arbitration, and debit. This may help you find any information on the most critical issues in
The event you run into difficulty repaying.

Debt Settlement Lie

Further TIP: many of our clients that have dealt with debt settlement companies have
Told us after the fact that They signed contracts, paid the debt settlement companies thousands of dollars, or more, but nothing happened for weeks or months. It was only after the customer paid for several
Weeks or months that the debt settlement companies sometimes began trying to negotiate with debtors. By then the lenders had already defaulted the customer.

IP: Get commitments on when the broker or lender will do something, not just what
They will do. Call us instead!!!

Learn how your business can increase sales.  Check out the
SBA’s  Marketing and Sales Tips.

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Video

Sale Leaseback On Equipment

0:31 Cost Comparison to MCA: Examples 0:58 Savings Per Month vs MCA 1:26 Qualifying Equipment 1:58 Apply; Video Description: Sale leaseback on Equipment: Get money against your free and clear equipment such as Trucks, construction equipment, and certain types of industrial equipment, machinery and factory equipment. Businesses that have a large warehouse, factory, industrial assets, significant medical equipment have options to qualify. Payments are monthly for up to 42 months for qualifying companies.

Sale Leaseback on Equipment

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Apply above or Call 919-771-4177

For all Sale Leaseback on Equipment Refinance program information, review the Sale Leaseback on Equipment Refinance main page.  Apply using the secure start now button below.
How can your business increase sales?  Check out the
SBA’s  Marketing and Sales Tips.

Get a Sale Leaseback on Equipment (Video Transcript: Click to Expand)

Transcript

0:31 Cost Comparison to MCA: Examples 0:58 Savings Per Month vs MCA 1:26 Qualifying Equipment 1:58 Apply

A Sale Leaseback on Equipment is an excellent way to raise funds for
Your business. Don’t like daily payments? Get a monthly, bi-weekly or weekly payments Instead! Welcome to SmallBusinessLoansDepot.

Use the equipment you already own to get the money your company needs.

Raise $25,000, $100,000, $250,000 or more, quickly. You’ll find
What you need here. 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.

Cost Comparison

For Example: Compare the monthly payment of a $25,000 sale leaseback to
What you pay monthly on an MCA Cash Advance.

Sales Leaseback: $25,000 at 36 months or 3 years = $902 a month. That
Would work out to $43 per business day if the payment were daily, but
It’s not.

MCA Cash Advance: $25,000 at 6 Months = $5,416 per month or
$258 per business day.

Savings Per Month

That is a cash flow savings of $4,514 per month, or $215 per day. Would an extra
$4,500 per month or $215 per day extra cash hep your business for every $25,000
You borrow?

If you own equipment outright, free and clear, you might already have
The money you are looking for.

In addition, you can get excellent tax write offs through a
Sale leaseback.

This is an alternative to a cash advance that gets rid of high
Daily payments.

Qualifying Equipment

What type of equipment qualifies? Businesses that have construction equipment,
vehicles, Trucks, rigs, certain kinds of manufacturing equipment and
Industrial equipment can take the money that is sitting in the asset and
Use it productively for cash flow.

Use the equipment to help your business and use the value of your equipment
To help your cash flow.

Call or contact us to see if your equipment qualifies and how much
You can get!

If you have a low balance on your equipment we have options to payoff
That small balance so you can use assets for a business loan.

Apply

Get started today. 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 smallbusinessloansdepot.com.

How can your business increase sales?  Check out the
SBA’s  Marketing and Sales Tips.

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Video

Less than 10,000 a Month in Deposits: Video

0:37 Eligibility 1:03 transfers 1:27 Paypal 1:42 Alternatives. Video Description: Less than $10,000 per month in deposits? Loans for businesses that deposit as little as $4,000 per month. Lenders will decline companies that have low monthly sales.

Less than 10,000 Per Month in Deposits: Video

For Full information, review the Less than $10,000 a Month in Deposits main page.  Apply using the secure start now button below.

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Complete the Start button above
or Call us at 919-771-4177

Get an MCA with under 10,000 a Month in Deposits (Video Transcript: Click to Expand)

Transcript

0:37 Eligibility 1:03 transfers 1:27 Paypal 1:42 Alternatives

Under 10000 per month in sales for your business? [ city street sounds ] Welcome to Smallbusinessloansdepot.com. You’ve heard it before, we need at least $10,000 per month in deposits. Need a Business loan or mca cash advance with less than 10,000 per Month in Sales ? Even as little as 4,000 Per Month? Or Funding with Even Less?
We have options. If you have less than 10000 per month in Sales, your business may qualify and be eligible for funding. You’ll find what you need here. 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 smallbusinessloansdepot.com.

Eligibility

These are programs that help businesses with low sales and new businesses. It’s also for companies that need more options or alternatives for funding because their sales are not high enough. We have just added more funding options for your type of business. Some Conditions and restrictions apply. Apply now or call us. Businesses are almost always turned down if they do not have at least the minimum monthly sales. Also, the $10000 per month you hear about is business revenue. Transfers, refunds, deposits from other loans or anything besides business revenue does not count and will be deducted from your monthly sales. Do you have transfers from other business accounts? None of your accounts have enough deposits per month to get you approved or approved for as much as you need?

TIP:

Send the most recent statements from these other accounts also and the revenue from those other accounts you are transferring from, may be counted. PayPal statements do not qualify. If you are running your business revenue through PayPal, even a business PayPal revenue account, it will not be counted as revenue for business funding. Open a business checking account and start running your money and deposits through that account. Don’t qualify for any cash flow funding options? We have several other choices.

Alternatives:

. They include money against your equipment or Vehicles. Another good option is getting money now against your accounts receivables. This is excellent for newer businesses that need cash in early stages. If your deposit totals are less than $5,000 per month in one of the last several months, that is not necessarily a decline. If one of the other months is higher, the average may be accepted.

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 smallbusinessloansdepot.com.

How can your business increase sales?  Check out the
SBA’s  Marketing and Sales Tips.

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Video

MCA Cash Advance: Less than 3 Months Bank Statements

0:29 Eligibility 1:01 Less than 3 Months Statements Options 2:28 Alternatives 3:49 Apply; 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.

MCA’s: Less than 3 Months Statements

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For Full information, review the MCA less than 3 months statements

Complete the Start button above
or Call us at 919-771-4177

MCA Cash Advance: Less than 3 Months Bank Statements (Video Transcript: Click to Expand)

Transcript

0:29 Eligibility
1:01 Less than 3 Months Statements Options
2:28 Alternatives
3:49 Apply

[ city street sounds ] Welcome to Smallbusinessloansdepot [ woman says Ooh! ] Need an mca cash advance with less than 3 months bank statements ? Even as little as 1 month 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. 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 smallbusinessloansdepot.com.

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.

Program Options

From Unsecured Cash Flow Loans like Bank Statement Loans, Business LOC style options, Asset Based Loans on your Equipment, Trucks, Big Rigs, Construction Equipment, and how to get a large Business Loan Through smallbusinessloansdepot.com. Click on the apply button at the bottom right of this screen. Weekly, bi-weekly, daily, or Monthly payments options are available, depending on the program. There are specialty low rate programs for preferred industries like Retail, restaurant, auto repair, beauty supply and spa, medical, Dental, and Chiropractors. 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 type of businesses That have trouble finding options. Get a business loan when the owner, has a Misdemeanor or felony conviction on your background record. How to get an mca cash advance. What are the Qualifications for example, to get your first cash advance. Calculating affordability: Can I afford the payments? What to do if you need more money. Should I get a 2nd or even a 3rd Cash Advance? There are ways to get more money through your existing advance that are better than getting multiple advances from different companies. Articles on getting the lowest rate MCA if you need a longer term than the Standard 6 to 9 months on cash advances. And when it’s time for a renewal, get the lowest rate on your renewal.

Alternative

Several Articles are dedicated to how to get an Alternative to a Cash Advance. Also learn what some states like California, Virginia, Florida, Utah, New York and others require for bank statements and the disclosures involved. Solutions for closing requirements that you cannot meet that often cause last minute declines just Before closing. How to pass a bank verification such as DecisionLogic that is required before your business is funded. Find articles on specialty business loans to repair your Truck, against your truck Or vehicles, or against your trailer. Have you ever been asked for an MTD Month to Date statement? We show you how to get it Step by Step and also avoid being declined For problems with your current month such a 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 Business Loans are declined and what Business loans you can get approved For and close with a low score and other problems. Emergency business money for Payroll and Product Orders. Is your business is a new start up and you do not have 3 months Statements or time in business? Read about the options. Many businesses have low or declining monthly deposits and low Average balances. Find out where and how your business can get Funding with these issues.

Apply

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 smallbusinessloansdepot.com. On YouTube, please subscribe, like and Share.

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Video

Get Out of an MCA Cash Advance: Video

Video Description: Get out of an mca. Several options for businesses that cannot handle their current cash advance payments. Refinance and extend the term. Options to lower the payment 25% to 50% without being reported as late or defaulting. Avoids, and is not the debt settlement option that still defaults customers after they pay thousands and very little or nothing is done.

Get out of a merchant cash advance

For Full information, review the Get out of a Merchant Cash Advance Apply using the secure start now button below.

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Complete the Start button above
or Call us at 919-771-4177

Get out of a Merchant Cash Advance (Video Transcript: Click to Expand)
[ city street noises ] welcome to smallbusinessloansdepot. [ young woman says Ooh! ] Do you have a merchant cash advance that is
causing your business a monthly cash flow situation that is far more difficult than you anticipated?

Get out of MCA: Options

We have several flexible programs and are specialists in either retiring or extending the term from your current 3, 6, 9, or 12 month merchant cash advance term, and terming it out, 12, 24, 36, or 48 months. Start the process by clicking on the application or website link in the description below. Please like, subscribe and share.

Not a debt settlement option

This is not a debt settlement option or company where you are made to pay thousands of dollars, wait months while the debt settlement company [ woman says no ] does very little or nothing and you still default on your cash advances and debt anyway and your business gets reported to the default databases. Contact us today direct at 919-771-4177 and we will take this merchant cash advance and term it out and retire it and get you out of the difficult cash flow situation.

Examples: Payment Reduction

We have taken business, many, that have $4,000 a month and lowered it to $750 a month. Take $3,000, lower it to $600 a month. Take the cash flow. Free the monthly cash flow and use it for other critical needs you have today that you have to address with your business. We are specialists in this program. Let us retire and get you out of the merchant cash advance syndrome. Call us at Tel: 919-771-4177 or go to smallbusinessloansdepot.com. On YouTube, please subscribe, like and share.

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Video

Small Business Loans

Video Description: Small Business Loans ranging from Qualifications for Large Business Loans, LOC Line of Credit style options, monthly payment loans, how to get an MCA Cash Advance, alternatives to a Cash Advance, loans on your equipment, and 2nd and 3rd position cash advances. Calculating affordability is reviewed and what to do about missed payments, defaults and how to get funding after a default. Also included are business loan options if you have a misdemeanor or felony on your background record, which comes up during a background check. Also, specialty loans against your work Truck and money to repair your Truck. How to get funding when you have a State or Federal Tax Lien. Call us at Tel: 919-771-4177.

Small Business loans

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Questions? Call 919-771-4177

For the full Article, visit Small Business Loans For general business help visit the sba.

Video Transcript

Show Video Transcript
In minutes and seconds. 0:00 Introduction

0:20 Apply

0:23 Weekly

Monthly, Daily, Bi-Weekly Payments

0:28 Preferred Industry Rates and Terms

0:38 Restricted Industries Business Loans

0:56 Business Loan with Felony or Misdemeanor

1:02 MCA calculating affordability

1:13 Getting another 2nd or 3rd Cash Advance

1:25 Lowest Rate MCA

1:31 Lowest Rate MCA renewals

1:35 Real Estate backed MCA Cash Advance

1:40 Alternatives to a Cash Advance MCA

1:45 California, Florida, New York, Virginia Info

1:59 Missed Payments, OD Overdrafts, NSF’s

2:05 Cash Advance Defaults: Loans after Defaults

2:30 MCA Cash Advance Debt Restructuring

2:53 Closing Requirements

3:01 Pass Bank Verification

3:07 Truck loan, repair

3:20 Month to Date Statement

3:34 Bad credit: Options

4:16 Money for Federal or State Tax Lien

[ city street sounds ][ introduction sound effect ]Welcome to SmallBusinessLoansDepot.

Small Business loans

from Unsecured Cash Flow Loans like Bank Statement Loans, business LOC style options, Asset Based Loans on your equipment, Trucks, Big Rigs, Construction Equipment, and how to get a Large Business Loan through SmallBusinessLoansDepot.com.

You will find what you need here. Click on the apply button at the bottom right of this screen. Weekly, bi-weekly, daily or monthly payment options are available, depending on the program.

There are specialty low rate programs for preferred industries like retail, restaurant, auto repair, beauty supply and spa, medical, dental, and Chiropractors.

Is your business 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 type of businesses that have trouble finding options.

Learn how to get a business loan when the owner has a misdemeanor or felony conviction on your background record.

Topics include how to get an mca cash advance. What are the qualifications, for Example: To get your first cash advance.

Articles on calculating affordability:

Can I afford the payments? What to do if you need more money.

Should I get a 2nd or even a 3rd Cash Advance? There are ways to get more money through your existing advance that are better than getting multiple advances from different companies.

Articles on getting the lowest rate MCA if you need a longer term than the standard 6 to 9 months on cash advances.

And when it’s time for a renewal, get the lowest rate on your renewal. There are even Cash Advance MCA’s for higher amounts that are backed by real estate. Several articles are dedicated to how to get an alternative to a Cash Advance.

Also learn what some states

like California, Virginia, Florida, Utah, New York and others require for bank statements and the disclosures involved.

Articles cover situations when you have several advances and all the daily payments are too high. Learn how to fix missed payments, or if you have OD’s, NSF’s, or are even overdrawn right now.

How to avoid and handle a default.

What to do after a default,

including questions about getting your daily payments reduced or stopped without creating legal problems for yourself and your company.

How to get a cash advance mca after a default. Closing your business checking account and the consequences are discussed such as being accused of an intentional default by closing your business checking account.

You will find options for restructuring your debt without defaulting on the existing advances. How to avoid debt restructuring companies that claim they will negotiate a settlement but you have to pay thousands of dollars before they negotiate it and you still end up defaulting on your existing advances because it took too long and get reported to Datamerch, the default database company.

Solutions for closing requirements

that you cannot meet that often cause last minute declines just before closing are discussed. How to pass a bank verification such as DecisionLogic that is required before your business is funded.

Find articles on specialty business loans to repair your truck, against your truck or vehicles or against your trailer. Where to get business loans processed on weekends and in evening hours after 5.

Have you ever been asked for an MTD Month to Date statement? We show you how to get it step by step 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 Business Loans are declined and what Business loans you can get approved for and close with a low score and other problems.

Articles on emergency business money

for payroll and product orders.

Are your invoices being paid too slow? Learn how to speed up your invoice payments through factoring. Is your business a new start-up and you don’t have 3 months statements or time in business? Read about the options. Many businesses have low or declining monthly deposits and low average balances.

Find out where and how your business can get funding with these issues. Resources on what to do if your business needs funding and has a current federal or State tax lien. How businesses with more than own owner can get funding when a business partner has bad credit.

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 a 919-771-4117 or go to smallbusinessloansdepot.com. On YouTube please subscribe, like, and share.
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Video

Atlanta Business Loans: Video

Video Description: Small Business Loans for your business in the metro Atlanta area, Marietta, Sandy Springs, Roswell, and other markets.

Atlanta GA Business Loans

For Full information, review the Atlanta, GA Small Business Loans Apply using the secure start now button above.

START NOW

Complete the Start button above
or Call us at 919-771-4177

Atlanta Business Loans (Video Transcript: Click to Expand)
00:00 atlanta small business loans
00:10 Business loan types
00:25 Weekly, Monthly, daily payments
00:30 Markets in georgia cities
00:44 apply
00:47 low rate programs
00:57 hard to fund Georgia businesses
01:17 Specialty loan programs
01:23 Background problems
01:28 getting a cash advance: qualifications
01:40 Need more money? Do this
02:07 Alternatives to a cash advance
02:45 Debt Restructuring
03:16 Bank Account Verification: DecisionLogic
03:40 Low credit score: Options
03:57 Emergency business loan
04:07 New businesses: Start up
04:23 Federal or State Tax lien loans

Metro Atlanta and State of Georgia small business loans.

Atlanta business loan applicants, don’t let them tell you no for a small business loan. Small Business Loans in Atlanta and throughout GA.

From Unsecured Cash Flow Loans like Bank Statement Loans, business LOC style options, Asset Based Loans on your equipment, Trucks, Big Rigs, hot shot setups, Construction Equipment, and how to get a Large Business Loan through SmallBusinessLoansDepot.com. Weekly, bi-weekly, daily or monthly payment options are available, depending upon on the program.

Whether your business is in Atlanta, the metro atlanta area, Marietta, Sandy Springs, Roswell, and other markets including Augusta, Savannah, Macon, Chattanooga, Columbus, Valdosta, Stone Mountain, you will find what you need here. Click on the apply button at the bottom right of this screen.

There are specialty low rate programs for preferred industries like retail, restaurant, auto repair, beauty supply and spa, medical, dental, and Chiropractors.
Many Georgia businesses are in

industries lenders consider prohibited or restricted

and cannot 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 type of businesses that have trouble finding options.

Find articles on specialty business loans to repair your truck, against your truck or vehicles or against your trailer.

Learn how to get a business loan when the owner has a misdemeanor or felony conviction on your background record.
Topics include

how to get an mca cash advance.

What are the qualifications, for Example: To get your first cash advance. Articles on calculating affordability: Can I afford the payments? What to do if you need more money. Should I get a second, or even a third cash advance? There are ways to get more money through your existing advance that are better than getting multiple advances from different companies.

Articles on getting the lowest rate MCA if you need a longer term than the standard 6 to 9 months on cash advances. And when it’s time for a renewal, get the lowest rate on your renewal. There are even Cash Advance MCA’s for higher amounts that are backed by real estate. Several articles are dedicated to how to get an alternative to a Cash Advance. Situations when you have several advances and all the daily payments are too high.

Learn how to fix missed payments or if you have overdrafts, nfs, or are even overdrawn right now. How to

avoid and handle a default.

What to do after a default, including questions about getting your daily payments reduced or stopped without creating legal problems for yourself and your company. How to get a cash advance mca after a default. Closing your business checking account and the consequences are discussed. Such as being accused of an intentional default by closing your business checking account.

You will find options for restructuring your debt without defaulting on the existing advances. How to avoid debt restructuring companies that claim they will negotiate a settlement but you have to pay thousands of dollars before they negotiate it and you still end up defaulting on your existing advances because it took to long and get reported to datamerch the default database company.

Solutions for closing requirements

that you cannot meet that often cause last minute declines just before closing are discussed.
How to pass a bank verification such as DecisionLogic that is required before your business is funded. In Georgia, we have Reps available late and on weekends eastern standard time. Have you ever been asked for an MTD Month to Date Statement? We show you how to get it step by step 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 Business Loans are declined and what Business loans you can get approved for and close with a low score and other problems. Articles on emergency business money for payroll and product orders. Are your invoices being paid too slow? Learn how to speed up your invoice payments through factoring.

Is your business a

new start-up

and you don’t have 3 months statements or time in business? Read about the options. Many businesses have low or declining monthly deposits and low average balances. Find out where and how your business can get funding with these issues.

Resources on what to do if your business needs funding and has a current federal or State tax lien. How businesses with more than one owner can get funding when a business partner has bad credit.

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 919-771-4117 or go to smallbusinessloansdepot.com.

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Pass DecisionLogic Bank Verification

Video Description: How to pass a bank verification for a business loan. Step 1: Add current months deposits. Step 2: Find out the minimum current balance required to close. Step 3: Check NSF and Overdraft limits. Step 4: Closing tips

Pass DecisionLogic Bank Check

START NOW

Complete the application above or Call us at 919-771-4177
to pass bank verification and get funded.

How to Pass DecisionLogic bank verification (Video Transcript: Click to Expand)

[ city street sounds ] Don’t get declined for failing a [woman says no ] bank account verification or Decisionlogic to get a business loan or a Cash Advance. Will Sanio, SmallBusinessLoansDepot.com. Today’s Video: How to pass a bank account verification to get money for your business.

Start the process anytime by Tapping apply on the Bottom right of this screen, or tapping on the end screen of this Video, or on the Apply Button on the Webpage.

Step 1: Total Deposits:

[ woman counting bills ] Look at the total deposits into your business checking account for the current month. You want the dollar amount to be on track for the current month or not more than about 25% less than the average for the last 4 months.

Step 2: Minimum balance:

Know the minimum amount you need to have in your account at the time of the bank verification or decision logic. Often it’s a multiple of the payment, either daily, weekly, bi-weekly or monthly.

Example: If your payment is $90 per day 5 days a week, then the minimum you should have in your account is about $270 for a cash advance and many other business loans. If the payment is $500 per week, then you should have at least $500 in the business account but better $1,000 or more.

If the payment is $1,000 a month, then you should have at least $1,000 but better $2,000 or more in the account. If you do not have the minimum amount needed to close, [ clock ticking ]it is better to wait a few days or longer until you do, or you may be declined right before closing.

Step 2: Overdrawn:

Your account should not be overdrawn at the time you do the bank account verification or Decisionlogic, your business will be declined if you are. If you are overdrawn, you must wait until the account has a positive balance.

If you’ve recently been overdrawn more than 2 or 3 days in a row, the lender may decline for that reason. If your business account was overdrawn a total of 5 days or more per month during each of the last 4 months, that may trigger a decline.

Step 3: NSF’s:

Also known as insufficient funds are charges that were rejected by your bank or debits that were paid but overdrew the account. The bank account verification looks at the NSF’s since the beginning of the month.

You should not have more than about 5 or 6 average per month NSF’s during the current month. In summary, the lender will look at your current balance, and for the month to date since the beginning of the month, your total deposits, NSF’s and overdrafts and make a pass or fail decision.

Step 4: Complete:

If you pass, this is often the last step. In some cases, final verifications of the business and owners are completed. If it is the last step, [ woman giggling ]you will be funded.

If you fail the bank account verification, [angry woman growling ] try to find out from the lender what the problem was. You may be able to fix it in a few days such as low current balance or too many overdrafts or NSF’s in the current month.

[ vault door opening ] The lender may be able to fund you after a week or two of good balances and cash flow. [ fire hose gushing ] If your cash flow had more problems, the lender may tell you to wait longer and do the bank account verification after that.

Work closely with the lender to find out how long that is. For more details tap on the end screen or go to smallbusinesssloansdepot.com [guitar sound ].

For the full article, review  How to Pass a DecisionLogic Bank verification check

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Video

How to Get an MCA Cash Advance: Video

How to Get an MCA Cash Advance

0:00 Introduction 0:18 How much are the Daily Payments 0:20 States that require 4 months statements 0:51 Monthly Deposit Requirements 1:10 Average Daily Balance Requirements 1:20 NSF and Overdraft Limits 1:34 Applying 1:45 Closing Documents Required 1:51 How Long to Funding 1:58 Repayment Problems; Video Description: How to get an MCA cash advance. Calculate affordability and payments. What is needed to close and what to do if you miss payments.
Get an MCA Cash Advance (Video Transcript: Click to Expand)

Transcript

0:00 Introduction 0:18 How much are the Daily Payments 0:20 States that require 4 months statements
0:51 Monthly Deposit Requirements 1:10 Average Daily Balance Requirements 1:20 NSF and Overdraft Limits 1:34 Applying
1:45 Closing Documents Required 1:51 How Long to Funding 1:58 Repayment Problems

[ city street sounds ] Will Sanio, SmallBusinessLoansDepot.com

Today’s Video: How to get an MCA Cash Advance.

What could be your first time Merchant Cash Advance.
Start the process anytime by Tapping apply on the Bottom right of this Screen,
or tapping on the end screen of this Video, or on the Apply Button on the Webpage.
See if your Business can afford a daily, weekly, or monthly payment.
First, calculate an estimate of what your new daily Cash Advance Payment will be.

Let’s take an example:

Multiply a $10,000 offer amount times a 1.4 Rate Factor. There are 21 Payment Days most Months.
If your Offer Amount is for 7 Months, that’s 21 times 7 = 147 Payment Days.
Take the $14,000 Total Repay and Divide it by 147. That Equals $95.23 Per Payment Day
for Every $10,000.
Look at the Total Deposits of each of your last 3 Months Business Checking Account Statements.
Some States require 4 Months Business checking account statements.
[ ocean surf ] Currently California, New York, Florida, Virginia and Utah.
The minimum total deposits into your Business Checking Account should be
$5,000 a Month or more. The higher the Deposits, the more options are
available. Especially beginning at $10,000 a month.
Average Daily Balance: That is the average balance per day for the Month. [ teller counting cash ]
You want your Average Daily Balance to be at least $750, but better $1000 or higher.
Overdrafts or NSF’s. You should not have more than 5 to 7 Overdrafts or NSF’s
in any 1 Month, or it is more likely you will be declined.
If you have more, it is better to wait until you get your next statement and those are gone.

Find a Lender

that fits your Business type and talk to a Representative before applying.
That will help your business avoid unnecessary declines.

Next, apply.

If approved, request the closing docs. Get a Copy of your Driver’s License,
Voided Business Check and Proof of Ownership.

Next, Close.

Review the Contracts, and if you’re satisfied, complete the contracts and expect
funding into your Account in 2 to 4 hours. [ clock ticking ] If you ever have repayment problems, call the Lender to discuss. That will help your business keep [ desert wind blowing ] it’s ability to borrow again in the future.
[ city street sounds ]

START NOW

How to get an MCA.   Are you new to this product and this your first time cash advance request?  Complete the application below or Call us at 919-771-4177!

For Full information, visit the How to get an MCA Cash Advance Page, or apply using the secure application button below.  Did your business loan get declined just before closing?  Or just watch the Video killed before closing.


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How to Get an MCA Cash Advance: Video

How to Get an MCA Cash Advance

0:00 Introduction 0:18 How much are the Daily Payments 0:20 States that require 4 months statements 0:51 Monthly Deposit Requirements 1:10 Average Daily Balance Requirements 1:20 NSF and Overdraft Limits 1:34 Applying 1:45 Closing Documents Required 1:51 How Long to Funding 1:58 Repayment Problems; Video Description: How to get an MCA cash advance. Calculate affordability and payments. What is needed to close and what to do if you miss payments.

START NOW

Are you new to this product and this your first time cash advance request?  Whether your are completely unfamiliar or are just inexperienced in this financing, we can offer information and guidance.  Complete the application below or Call us at 919-771-4177!

 How to get an MCA Cash Advance

How to get an MCA Merchant Cash Advance

Supply: The last 4 months business bank statements

Tool: Desktop, laptop, tablet or phone

Step 1: How much are the Payments?

VIDEO CLIP below: See if your Business can afford a daily, weekly or monthly payment:   18 Seconds –  50 Seconds in Clip below.

Will Sanio, Smallbusinessloansdepot.com. Today’s Video: How to get an MCA Cash Advance.  What could be your first Merchant Cash Advance.

Start the process anytime by tapping apply on the bottom right of this screen, or tapping on the end screen of this video, or the apply button on the webpage.

See if your business can afford a daily, weekly or monthly payment.

First, calculate an estimate of what your new daily Cash Advance Payment will be.

Let’s take an example:
Multiply a $10,000 offer amount times a 1.4 Rate Factor. There are 21 Payment Days most Months.
If your Offer Amount is for 7 Months, that’s 21 times 7 = 147 Payment Days.
Take the $14,000 Total Repay and Divide it by 147. That Equals $95.23 Per Payment Day
for Every $10,000.

MCA Total Cost Example


Step 2: Review your Company’s Cash Flow

VIDEO CLIP below: Review Company Cash Flow:  CLIP:   80 Seconds –  93 Seconds in Clip below.

Look at the Total Deposits of each of your last 3 Months Business Checking Account Statements.

Some States require 4 Months Business checking account statements. Currently California, New York, Florida, Virginia and Utah.

The minimum total deposits into your Business Checking Account should be $5,000 a Month or more. The higher the Deposits, the more options are available. Especially beginning at $10,000 a month.

TIP: Average Daily Balance: That is the average balance per day for the Month.  You want your Average Daily Balance to be at least $750, but better $1000 or higher.

TIP: Overdrafts or NSF’s. You should not have more than 5 to 7 Overdrafts or NSF’s in any 1 Month, or it is more likely you will be declined.

If you have more, it is better to wait until you get your next statement and those are gone.

What is the Average Daily Balance in your account?

 


Step 3: Apply

VIDEO CLIP below: APPLY:  CLIP:   Seconds –  Seconds in Clip below.

Find a Lender that fits your Business type and talk to a Representative before applying. That will help your business avoid unnecessary declines.

Next, Apply. If approved, request the closing docs. Get a Copy of your Driver’s License, Voided Business Check and Proof of Ownership.

Ready? Apply

Step 4: Close

VIDEO CLIP below: CLOSING:  CLIP:   Seconds –  Seconds in Clip below.

Next, close. Review the Contracts, and if you’re satisfied, complete the contracts and expect funding into your Account in 2 to 4 hours.

If you ever have repayment problems, call the Lender to discuss.

That will help your business keep it’s ability to borrow again in the future.

closing the transaction


Complete the application below or Call us at 919-771-4177.

Go to the Video Page: How to get an MCA Advance

Don’t forget to be ready for the business checking account verification.     Ready to apply?   Use the secure application button below.

START NOW


Show Video Transcript
0:00 Introduction
0:18 How much are the Daily Payments
0:20 States that require 4 months statements
0:51 Monthly Deposit Requirements
1:10 Average Daily Balance Requirements
1:20 NSF and Overdraft Limits
1:34 Applying
1:45 Closing Documents Required
1:51 How Long to Funding
1:58 Repayment Problems

How to Get an MCA Cash Advance

[ city street sounds ] Will Sanio, SmallBusinessLoansDepot.com

Today’s Video: How to get an MCA Cash Advance.
What could be your first Merchant Cash Advance.

Start the process anytime by Tapping apply on the Bottom right of this Screen,
or tapping on the end screen of this Video, or on the Apply Button on the Webpage.

See if your Business can afford a daily, weekly, or monthly payment.

First, calculate an estimate of what your new daily Cash Advance Payment will be.

Let’s take an example:

Multiply a $10,000 offer amount times a 1.4 Rate Factor. There are 21 Payment Days most Months.

If your Offer Amount is for 7 Months, that’s 21 times 7 = 147 Payment Days.

Take the $14,000 Total Repay and Divide it by 147. That Equals $95.23 Per Payment Day for Every $10,000.

Look at the Total Deposits of each of your last 3 Months Business Checking Account Statements.
Some States require 4 Months Business checking account statements.
[ ocean surf ] Currently California, New York, Florida, Virginia and Utah.

The minimum total deposits into your Business Checking Account should be $5,000 a Month or more. The higher the Deposits, the more options are available. Especially beginning at $10,000 a month.

Average Daily Balance: That is the average balance per day for the Month. [ teller counting cash ]

You want your Average Daily Balance to be at least $750, but better $1000 or higher.

Overdrafts or NSF’s. You should not have more than 5 to 7 Overdrafts or NSF’s in any 1 Month, or it is more likely you will be declined.

If you have more, it is better to wait until you get your next statement and those are gone.

Find a Lender that fits your Business type and talk to a Representative before applying. That will help your business avoid unnecessary declines.

Next, apply. If approved, request the closing docs. Get a Copy of your Driver’s License, Voided Business Check and Proof of Ownership.

Next, Close. Review the Contracts, and if you’re satisfied, complete the contracts and expect funding into your Account in 2 to 4 hours. [ clock ticking ]

If you ever have repayment problems, call the Lender to discuss.

That will help your business keep [ desert wind blowing ]
it’s ability to borrow again in the future. [ city street sounds ]


For additional help building your business, visit SCORE.org

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 SmallBusinessLoansDepot.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.

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Video

Get an Alternative to a Cash Advance MCA: Video

Get Alternatives to a Cash Advance MCA

0:16 look at alternative options 0:56 gather all documents 1:23 find a lender match 1:34 Apply 1:56 Close Video Description: How to get an Alternative to a Cash Advance MCA.Learn about LOC Line of credit style offers, term loans, asset based and personal loans.

For all details review the FULL LENGTH Article here:  Alternatives to a Cash Advance MCA.

START NOW

Find out how much Money you can get TODAY. Call 919-771-4177

Show Video Transcript

In minutes and seconds. 0:16 look at alternative options 0:56 gather all documents 1:23 find a lender match 1:34 Apply 1:56 Close

[ city street sounds ][ introduction sound effect ] Will Sanio, SmallBusinessLoansDepot.com. Today’s video: How to get an alternative to a cash advance mca. Start the process anytime by tapping apply on the bottom right of this screen, or tapping on the end screen of the video, or on the apply button on the webpage.
Look at alternative options that include a line of credit style or term loans, asset based, government spa, and larger personal loans. Line of credit style and term loan options offer a weekly, bi-weekly or monthly payment.

Asset based alternatives are offered if your company has free and clear equipment, vehicles, or accounts receivables that do not have liens or money owed on them. Personal loans for higher amounts, up to $50,000 and more are another option. These look mostly at income, background and credit score. Your total annual business revenue, monthly deposits, average daily balances, overdrafts and nsf’s do matter. Make sure these look good in the weeks or months before applying for funding.

For asset based equipment requests, make a list of your equipment, including the make of your equipment. For Example: John Deere, Caterpillar, Kubota. Then add the year, model number and hours. For vehicles, include the mileage. Find copies of titles for all vehicles and take at least 1 or 2 good pictures. For accounts receivables, make an aging schedule. This is just the name and contact information of the company paying, the amount owed to your company, and the date you issued the invoice.

Match with a lender that fits the alternative to cash advance mca options your business should qualify for. Talking with a representative before applying usually can pre-qualify your business for specific programs.

Next, Apply. If approved, request the closing docs. Proof of business income, ownership, and address may be required. This means business bank statements or business license to prove your business exists legally, and who all the owners are. If the request or approval amount is high, up to $100,000 or higher, more items may be requested.

Close the transaction. For asset based loans, including equipment or vehicles, a site inspection and pictures or video of the collateral may be required. GPS installation on the equipment is usually a condition of funding vehicles such as trucks and also construction equipment. After reviewing the contracts, if you’re satisfied, complete them. Funding usually takes place within 24 hours by wire transfer or ach deposit.

 

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Video

Get a Third MCA Position: Video

Get a Third MCA Cash Advance: Video 

0:17 Calculate if you can afford a third daily payment
0:52 Total Monthly Deposits: increasing or decreasing
1:03 Average Daily Balance: Minimum amount needed
1:13 Overdrafts or NSF’s: How many can I have?
1:34 Approval and Closing: What do I need?
1:50 How to avoid repayment problems: Multiple Advances;
Video Description: How to get a third mca cash advance: Step 1: Calculate if you can afford a third daily payment. Step 2: Matching with a Lender: Step 3: Approval Offers: Step 4: Closing Get the highest offers on 3rd positions

START NOW

Call 919-771-4177 for more info.

For the full length article, you can also visit How to get a third cash advance position.  For help with other aspects of your business, visit a SBA Small Business Administration

Show Video Transcript

Transcript

In minutes and seconds.
0:17 Calculate if you can afford a third daily payment
0:52 Total Monthly Deposits: increasing or decreasing
1:03 Average Daily Balance: Minimum amount needed
1:13 Overdrafts or NSF’s: How many can I have?
1:34 Approval and Closing: What do I need?
1:50 How to avoid repayment problems: Multiple Advances


[ city street sounds ][ introduction sound effect ] Will Sanio, SmallBusinessLoansDepot.com. Today’s Video, how to get a 3rd position MCA Cash Advance.
Start the process anytime by tapping apply on the bottom right of this screen, or tapping on the end screen of this video, or on the apply button on the webpage.
Make sure you can afford a third daily payment, The Lender will be checking your profile closely. [ woman giggling ].
Let’s review an example. Multiply a $10,000 offer amount times a 1.35 rate factor. There are 21 payment days most months. If your Offer is for 8 Months, that’s 21 times 8 = 168 payment days.
Take the $13,500 total repay and divide it by 168 payment days.
That’s $80.36 Per payment day for every $10,000.
Review your last 3 months business bank statements, or 4 Months in States that require 4 Months like California. [ ocean surf sound ]
Your total monthly deposits should have increased or stayed the same. Total monthly deposits that have been increasing in the last 3 months may bring a higher offer amount. Decreasing may bring a lower offer amount.
Average Daily Balance: That is the average balance per day for the month. You want your average daily balance to be at least $750, but better $1000 or higher.
Overdrafts or NSF’s. You should not have more than 5 to 7 overdrafts or NSF’s in any 1 Month, or it is more likely you will be declined. If you have more, it is better to wait until you get your next statement and those are gone.
Match with a Lender that fits your business type. Talk to a representative first, that often avoids unnecessary declines.
Next, apply. If approved, request the closing docs.
Get a copy of your driver’s license, voided business check and proof of ownership.
Next, close. Review the contracts, and if you’re satisfied, complete the contracts and expect funding into your account in 2 to 4 hours.
If you have repayment problems with 3 advances, communicate with the lenders immediately and consistently to protect your business’ ability to borrow again in the future.
Categories
Video

Get a Second Cash Advance: Video

Video Description: How do I get a second cash advance. Get approved and how to avoid declines. Information on calculating daily payments and terms.0:23 Example: Calculate MCA Affordability 1:02 Average Daily Balance 1:12 Overdrafts and NSF’s 1:26 Approval and Closing 1:42 repayment problems with 2 Advances

Get a second Cash Advance

START NOW

Questions? Apply above Now or Call 919-771-4177

Read the full length article at  How to get Another Cash Advance: 2nd Position here.

Show Video Transcript

Transcript

0:23 Example: Calculate MCA Affordability
1:02 Average Daily Balance
1:12 Overdrafts and NSF’s
1:26 Approval and Closing
1:42 repayment problems with 2 Advances

Get a second Cash Advance


[ city street sounds ], [ introduction sound effect ] Will Sanio, SmallBusinessLoansDepot.com, today’s topic, how to get another MCA Cash Advance, also known as a second position.

Start the process anytime by Tapping apply on the Bottom right of this Screen, or Tapping on the End screen of this Video, or on the Apply Button on the Webpage.

Check if you can afford another Daily payment, because the Lender will check. [ woman giggling ] First calculate an estimate of what your new daily Cash Advance Payment will be. Let’s take an example: Multiply a $10,000 offer amount times a 1.4 Rate Factor.

There are 21 Payment Days most Months. If your Offer Amount is for 7 Months, that’s 21 times 7 = 147 Payment Days. Take the $14,000 Total Repay and divide it by 147. That Equals $95.23 Per Payment Day for every $10,000.

Review your Last 3 Months Business Bank Statements, or 4 Months in States that require 4 Months like California. [ ocean surf sound ]

Your total Monthly Deposits should have increased or stayed the same.

Average Daily Balance: That is the average balance per day for the Month. You want your Average Daily Balance to be at least $750, but better $1000 or higher.

Overdrafts or NSF’s. You should not have more than 5 to 7 Overdrafts or NSF’s in any 1 Month, or it is more likely you will be declined. If you have more, it is better to wait until you get your next statement and those are gone.

Next, apply, if approved, request the closing docs. Get a Copy of your Driver’s License, Voided Business Check and Proof of Ownership.

Next, Close. Review the Contracts, and if you’re satisfied, complete the contracts and expect funding into your Account in 2 to 4 hours.

If you have repayment problems with 2 Advances, communicate with the Lenders immediately and consistently to protect your business’ ability to borrow again in the future. [ desert wind blowing ]

 

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Video

Bank Statement Loans: Video

Bank Statement Loan

0:00 Introduction 0:16 Get the Last 3 Months Bank Statements 0:19 California Requirements 0:21 Matching with a Lender 0:30 What Approvals are Based On Video 0:44 Closing Requirements. Video Description: How to get a bank statement loan: What is needed, Qualifications and Closing requirements. Credit scores 500 and below considered.

Get a Bank Statement Loan using the last 3 months business checking account statements.

START NOW

Apply above or call Today at 919-771-4177.
Call 919-771-4177.

Bank Statement Loans (Video Transcript: Click to Expand)

Transcript

0:00 Introduction
0:16 Get the Last 3 Months Bank Statements
0:19 California Requirements
0:21 Matching with a Lender
0:30 What Approvals are Based On Video
0:44 Closing Requirements

How to get a bank statement loan

Will Sanio, Smallbusinessloansdepot.com. Today’s topic: How to get a business loan using bank statements. Start the process anytime by tapping apply on the bottom right of the screen or tapping on the end screen of this Video or the button on the Webpage. Get the last 3 months statements for your Company. [ water splashing ] Some States like California may require 4 months. Match with a Lender that best fits your business type and monthly deposits. You can often avoid declines by first talking with a Representative. Apply. Approvals are based mostly on your Company’s total monthly deposits, Average Daily Balances, Time in Business and Credit.
[ water gurgling ] Low credit score programs are available. Transfers into the business account may not count such as transfers from Savings accounts. If approved, get your closing documents. Copy of your Driver’s License, copy of a Voided Business check, Proof of Ownership may be required. Complete the closing docs and expect funds [ woman laughing ] to be wired into your Account within 2 to 4 hours.

To read the full length article, visit Bank Statement Loans for Business here.

Categories
Video

Restricted Industry Business Loan Video Page

Video Description: How to get a business loan when lenders consider your type of business and industry to be restricted, or prohibited. In summary, they don’t like what your business does. Examples of affected business types and options are covered.

Restricted Industry Business Loan

Restricted Industry Business Loan (Video Transcript: Click to Expand)

Introduction

[ city street sounds ] Welcome to smallbusinessloansdepot. [ young woman says Ooh! ]

Loan Options for Restricted Industries

Do you have a Construction company or other practices that are being denied by traditional lenders for restricted industry? Click on the link below, smallbusinessloansdepot.com. We have loans available for flexible and restricted industries that most lenders do not want to work with you because they send you a letter that says you are considered a restricted industry to them. We have programs specifically designed for many industries that have difficulty with traditional lenders.

How to Apply

Click on smallbusinessloansdepot.com.

Call to Action

Complete the contact us form today. Get started today on financing. Don’t spend your time having lenders tell you that they think you are a restricted industry. Call us today for financing. Call us at 919-771-4177 or go to smallbusinessloansdepot.com. On you tube, please subscribe, like and share.

Small businesses in industries that are prohibited and restricted by lenders can get funding through several options. 

START NOW

Watch the Video above for specific details.

Apply above TODAY.  Or Call 919-771-4177.

For the full length article, you can also visit restricted industry business loans/.

Categories
Video

Bank Statement Loans: Video

Video Description: Bank statement lending for businesses. Get Funding on bank statements fast and easy. Credit scores 500 and below are considered. Minimum revenue of $4,000 per month required. Provide the last 3 months statements with short application, and only 3 months time in business needed.
Bank Statement Loans (Video Transcript: Click to Expand)

Introduction

Will Sanio, Smallbusinessloansdepot.com. Today’s topic: How to get a business loan using bank statements. Start the process anytime by tapping apply on the bottom right of the screen or tapping on the end screen of this Video or the button on the Webpage.

Gather Documents

Get the last 3 months statements for your Company. [ water splashing ] Some States like California may require 4 months. Match with a Lender that best fits your business type and monthly deposits. You can often avoid declines by first talking with a Representative.

Apply

Approvals are based mostly on your Company’s total monthly deposits, Average Daily Balances, Time in Business and Credit. [ water gurgling ] Low credit score programs are available. Transfers into the business account may not count such as transfers from Savings accounts.

Closing

If approved, get your closing documents. Copy of your Driver’s License, copy of a Voided Business check, Proof of Ownership may be required. Complete the closing docs and expect funds [ woman laughing ] to be wired into your Account within 2 to 4 hours.

START NOW

Bank Statement Loans (Video Transcript: Click to Expand)
Bank Statement Loans (Video Transcript: Click to Expand)

Bank Statement Loan

Stop worrying about Credit. Get a Bank Statement Loan with just your Business Checking Account Statements [ kitchen noises ]. Get the last 3 months statements for your company. Some States like California may require 4 Months. Tap the Apply Button or Formsite Link or the endscreen of this Video, or Call 919-771-4177.

For the full length article, visit getting a Bank Statement Loans for Business here.

Categories
Video

How to Open a Business Checking Account Video

START NOW

How to Open a Business Checking Account

For the full length article, you can also visit how to open a business checking account.

Get extra funds without putting up your equipment here using a bank statement loans option.

Find out how much Money you can get TODAY.
Call 919-771-4177.


 

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How to Open a Business Checking Account (Video Transcript: Click to Expand)

Transcript

00:00 Decide on your Business Name 00:08 Register your Business 00:10 Register with the Secretary of State 00:43 Get an EIN or TIN for your Business 00:54 Gather all Documents from Business Registration 01:01 Open the Checking Account.

 

How to open a business checking account. Decide on what you will name your business. Shorter relevant names are easier to remember. Avoid changing your business name in the future. Step 2: Register your Business. Go to the Secretary of State for your State. You can use this online tool, https://publicrecords.searchsystems.net/ to Search. Find your State. Choose the Company Search Option and do a Name Search to see if your chosen Business Name, or similar name, is available. If it is available, decide on a Sole Proprietorship, Partnership, LLC or regular Corporation setup. An LLC is popular with Small Businesses for the legal protection it provides it’s Owners. Purchase your Business Name. Ask your County, or City, if they require any separate Licenses. Next, get an EIN Number for your Business through the IRS. This is needed for all Businesses except Sole Proprietorships that use their Social Security Number for Taxes and Tax Returns. Gather all Documentation from Business Registration. Have your Business Name, Articles of Incorporation, or Business License and EIN Letter ready. Contact the Institution and Open the Account. Go to the Bank or Online to Open the Business Account with all of your Information: EIN Letter, Articles of Incorporation or Business License, and Business Name. All Owners need to be available and show Identification. Acceptable Identification is a valid Driver’s License, or a valid Passport. Complete setup and enjoy the account.

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How to Open a Business Checking Account

How to Open a Business Checking Account

Video Description: How to open a business checking account. Info on Tax ID number, Articles of Incorporation and licenses. Tips on Company Structures.

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How to open a business checking account

How to Supply: EIN Letter, but not for a Sole Proprietorship using their SSN. Similarly, articles of Incorporation if Incorporating, or a License. Also Money to open checking Account, ID (Identification).

How to Tool: Desktop, laptop, tablet or also phone.

Estimated Cost: Approximately $100 minimum to start a checking account but the amount will depend on the Institution.

Step 1:  Pick a Business Name

Choose a Business Name

Decide on what you will name your Business.

Choose a name that is relevant to your business type and easy to remember. Shorter business names that the public will easily identify can help build brand awareness.

Also decide if you will be 100% Owner or if there will be additional owners.

TIP: Avoid changing your business name in the future.

Step 2: Register Your Business

Go to the Secretary of State to Register your Business.

Go to the Secretary of State for your State. You can use this online tool, Searchsystems.net to Search. Find your State. Choose the company search option and do a name search to see if your chosen business name or similar name is available.

If it is available, decide on a Sole Proprietorship, Partnership, LLC or regular Corporation setup. An LLC is popular with small businesses for the legal protection it provides the owners.

Ask your County or City of they require any separate licenses.

Next, get an EIN number for your business through the IRS. This is needed for all businesses except Sole Proprietors that use their Social Security Number for taxes and tax returns.

Step 3: Gather all Documentation from Business Registration.

Gather all documents needed to register the business checking account.

Have ready your business name, Articles of Incorporation or Business License, and EIN Letter.

Step 4: Contact Institution and Open the Account.

Open your business bank account.

Go to the Bank to open the Business Account with all of your information: EIN Letter, Articles of Incorporation or Business License, and business name. If the bank is online, begin the process online.

TIP: All owners need to be present and show Identification. Acceptable identification is a valid Driver’s License or State ID Card or a Valid Passport.

Complete setup and enjoy the Account!


Conclusion: How to open a business checking account.

If you follow the steps above, then you can open a checking account for your company with no hassles.

If you have been using a personal checking account to run your business, then begin depositing funds into your new company checking account immediately.

Finally, you can use the cash flow in your new checking account to obtain services in the name of the business, such as bank statement loans, credit, credit card processing and other services.


Show Video Transcript Details

How to Open a Business Checking Account

How to open a business checking account.

Decide on what you will name your business. Shorter relevant names are easier to remember. Avoid changing your business name in the future.

Step 2: Register your Business. Go to the Secretary of State for your State.

You can use this online tool, https://publicrecords.searchsystems.net/ to Search. Find your State. Choose the Company Search Option and do a Name Search to see if your chosen Business Name, or similar name, is available. If it is available, decide on a Sole Proprietorship, Partnership, LLC or regular Corporation setup.

An LLC is popular with Small Businesses for the legal protection it provides it’s Owners. Purchase your Business Name. Ask your County, or City, if they require any separate Licenses.

Next, get an EIN Number for your Business through the IRS. This is needed for all Businesses except Sole Proprietorships that use their Social Security Number for Taxes and Tax Returns. Gather all Documentation from Business Registration. Have your Business Name, Articles of Incorporation, or Business License and EIN Letter ready.

Contact the Institution and Open the Account. Go to the Bank or Online to Open the Business Account with all of your Information: EIN Letter, Articles of Incorporation or Business License, and Business Name.

All Owners need to be available and show Identification. Acceptable Identification is a valid Driver’s License, or a valid Passport. Complete setup and enjoy the account.


To get a business loan, business credit or simple credit card processing for your business complete the contact form below.

This Article covers how to open a business checking account. Documents needed such as Tax ID number and getting a Secretary of State Listing is included.

To obtain needed services such as bank statement loans, asset based financing, or learn other self help for business issues including videos here. Watch just the Video Page here.

 

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 SmallBusinessLoansDepot.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.

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Video

Closing Stipulations for Business Loans Video

0:03 Documents requirements before closing 0:14 List of closing stipulations 0:24 Credit 0:26 How to Apply; Video Description: Closing stipulations are the documents the lender requires to close the loan, or they will decline you. This Video will show you what you need. Then apply with us. Don’t have them all? Call us, we will get you past the problems and funded..

Closing Stipulations for Business Loans

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Transcript

0:03 Documents requirements before closing 0:14 List of closing stipulations 0:24 Credit 0:26 How to Apply

Closing Stipulations for Business Loans

[ race car engines ] Its time to close your business loan now, and get the funds you need.  But then the lender sends you a list of closing stipulations they need before you get your money, and you don’t have them. [ desert wind blowing ] Call us for fewer stips and the most help with documents like, proof of ownership, Tax ID and EIN, [ wind blowing ] proof of business address, passing DecisionLogic bank verification. We will get you past all the Hurdles [ motorcycle engines ] and to the Funding Finish Line. [ water bubbling ] Low credit scores OK. Apply at SmallBusinessLoansDepot.com, Or Call: 919-771-4177.



Or Call Us at 919-771-4177!

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Loan on a Truck

00:00 Introduction 00:12 Qualifying Trucks 00:21 Credit 00:25 How to Apply; Video Description: Get a Loan on a Truck. If you own your truck, big rig, Ford F-Series, Dodge Truck, Semi Truck, Bow, Tow, Pick-Up, Diesel, Mac, Dump Truck, Cement, Car Carrier, Cement, Delivery, Moving, or other Truck outright, this program is for you!

Loan on a Truck

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Apply above or call TODAY.
Call 919-771-4177.

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Transcript

00:00 Introduction 00:12 Qualifying Trucks 00:21 Credit 00:25 How to Apply

Loan on a Truck

Mike drives a Kick [beep ] Truck! But fuel prices, repairs, and tires were high, and going up ! So he called us and we got him money with a loan on a truck. Get Money against any Truck. Ford F-Series, Dodge, dually, Semi Truck, delivery, box and cargo, over the road heavy haulers, dump trucks and many more. Low credit scores OK. Do you own that truck? Find out how much money you can get today. Apply at SmallBusinessLoansDepot.com, or Call: 919-771-4177.

For the full length article, visit getting a Loan on a Truck here.

Use your Free and Clear Truck that you own outright to get money with a monthly payment.

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Loan on a Trailer: Video

Loan Against A Trailer

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Transcript

0:00 Introduction
0:08 Qualify
0:14 Trailers accepted
0:16 Credit
0:25 How to apply

Loan on a Trailer

[tires rolling on gravel road] Where does this Trailer think it’s going? It’s going to get it’s owner Kyle money for his business.
Kyle needed a Business Loan fast and had no assets. But he had a Trailer.
So we got him a Loan on his Gooseneck. Get Funds against any Trailer. Flatbed, Gooseneck, Semi Trailer, Enclosed, Lowboy, Dump, Hydraulic, Car Carrier, and many more!Find out how much Money you can get TODAY.
Apply at SmallBusinessLoansDepot.com, Or call 919-771-4177

For the full length article, visit getting a Loan on a Trailer here.

 

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Video

How to Get a Large Business Loan: Video

How to get a Large Business Loan

Video Description: How to get a large business loan. 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

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To get all program details, visit the FULL LENGTH Article here:How to get a Large Business Loan

Apply above to Find out how much Money you can get TODAY.   
OR
Call us at 919-771-4177.

 

Show Video Transcript Details

Transcript

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 Businesses 1:36 Restricted Businesses 2:07 Step 3: When you Apply: Only Provide 2:24 Step 4: Closing: Problems and challenges 2:32 Closing Requirements: Stipulations 2:58 Declined? Do this 3:10 Background check 3:27 Other big business loan options 3:45 Current Month to date statement 4:42 California, Virginia, Florida, New York, Utah 5:01 how to apply.

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. Contact us at 919-771-4177. Other big business loan types and challenges companies face trying to get higher approval amounts include specialty business loans to repair your truck, against your truck or vehicles, or against your trailer.

Loans for hot shot and some hot shot start up options. Where to get business loans 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 step by step 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 business loans are declined and what business loans you can get approved for and close with a low score and other problems.

Articles on emergency business money for payroll and product orders.

Are your invoices being paid too slow? Learn how to speed up your invoice payments through factoring. Is your business a new start up and you don’t have 3 months statements or time in business? Many businesses have low or declining monthly deposits and low average balances.

Find out where and how your business can get funding with these issues. Resources on what to do if your business needs funding and has a current federal or state tax lien.

Also learn what some States like California, Virginia, Florida, Utah, New York and others require for bank statements and the disclosures involved. From unsecured cash flow loans like bank statement loans, business 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 smallbusinessloansdepot.com. On YouTube, please subscribe, like and share.
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Video

How to get a Loan Against Equipment: Video

Loan Against Equipment

00:00 Introduction 00:02 Make a List of Your Free and Clear Equipment 00:14 Provide Cash Flow information 00:17 Match with a Lender that Offers Loans on Equipment 00:22 Apply 00:26 Gather required documents and close transaction. 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.

Find out how much Money you can get TODAY.
Call 919-771-4177.

For the full length article, visit how to get a loan against Equipment.

To watch the video on a similar transaction, visit Sale Leaseback on Equipment.

Show Video Transcript

Transcript

00:00 Introduction 00:02 Make a List of Your Free and Clear Equipment 00:14 Provide Cash Flow information 00:17 Match with a Lender that Offers Loans on Equipment 00:22 Apply 00:26 Gather required documents and close transaction.

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.

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Evening & Weekend Business Loans

Video Description: Get a business loan in the evening or on the weekend.

Evening and Weekend Business Loans

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evening and weekend business loan

Stop calling companies that give you [ woman growling ] Thank you for calling, leave a message [ echo ] What should you do when you need a business loan, But it’s late in the Evening, or on the Weekend ? [ wind blowing ] Apply now or Call us to get a Representative and your funding started. [ water bubbling ]Low Credit Scores OK. While other Lenders have [ desert wind blowing ] stopped their processing, [ rocket engine roaring ] We are open and going strong. We have several funding options for Businesses. Line of Credit Style, Term Loans, [ restaurant sounds ] Cash Flow Based [ truck engine ] and Asset Based up to 60 Months. [ woman giggling ] Apply at SmallBusinessLoansDepot.com [ street sounds ] Or Call 919-771-4177.

Find out how much Money you can get TODAY.
Call 919-771-4177.

For the full length article, visit getting a Background check for Business Loans here.

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Truck Repair Loan: Video

Truck Repair Loan

00:00 Introduction 00:09 Qualify 00:12 Trucks and Trailers Accepted 00:16 Credit 00:20 How to Apply. Video Description: Get a Truck Repair Loan now

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Apply above Now or
Call 919-771-4177.

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Transcript

00:00 Introduction 00:09 Qualify 00:12 Trucks and Trailers Accepted 00:16 Credit 00:20 How to Apply.

Truck Repair Loan

[ tires skidding.] Kyle’s Truck was in Trouble. [ truck crashes.] kyle’s truck broke down and he needed money to fix it, fast. He used our truck repair loan to get the work done. You own the truck or make money hauling? [radiator hissing] Your’e pre-qualified. F-Series, dodge, [desert wind whistling] big rig, box, any kind of truck or trailer. Really tough credit o.k. so you can get it back on the road, today. Click the application button below and apply, or call 919-771-4177 [engine knocking] [engine revving] or go to smallbusinessloansdepot.com and get it repaired today!.

For the full length article, visit getting a Truck Repair Loan here.

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Business Loan with a Felony or Misdemeanor: Video

Business Loan with a Felony or Misdemeanor

00:00 Introduction 00:02 Background Problem 00:10 Qualify 00:22 Misdemeanors and Felonies accepted 00:29 Credit 00:32 Apply. Video Description: Programs for business owners that have Felonies or Misdemeanors in their background record, but still need financing options. Learn about Business loan options and amounts you can expect and programs that will work.

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Apply above Now, or Call 919-771-4177

For the full length article, visit getting a Background check for Business Loans here.

 

Show Video Transcript

Transcript

business loan with criminal record

00:00 Introduction 00:02 Background problem 00:10 Qualify 00:22 Misdemeanors and Felonies accepted 00:29 Credit 00:32 Apply

Lee had a Criminal Record in his Background from an incident 4 Years go. Now he needed a business loan with a Felony. Lenders keep declining him, after the closing background check before funding. But he had a Good Cash Flow Business. He Could Have Given Up…..but He Didn’t. Then he Called Us. We Stood by him to Get his Business Money. Apply Now, to Get a Business Loan with a Criminal Record. Including felony, DUI, Misdemeanor, Marijuana, Cannabis, Drug Convictions and More! Low Credit Scores OK. Find out how much Money you can get TODAY. Apply at SmallBusinessLoansDepot.com, or Call: 919-771-4177.

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Video

Business Loan Declined Just Before Closing? Video

Business Loan Declined before Closing

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Transcript

killed just before closing

00:00 Introduction 00:05 Killed in Final Underwriting 00:12 Problems Fixed 00:21 Credit 00:22 How to Apply

[ swords clanking ] Did your business ever fight to get A Business Loan or MCA, And then, right before closing, get Killed in final underwriting? Apply with us instead. [ race car engines ] We’ll get your Loan past the finish line, and Funded.[ cash rustling ] From low current month deposits, low bank balances,[ police siren ] Background problems and more,[ desert wind ]We’ll get you back up [ water splashes ] And on to Smooth Sailing and Funding. [ water bubbles ]Low Credit Scores OK. Find out how much Money you can get TODAY. Apply at SmallBusinessLoansDepot.com, Or Call: 919-771-4177.

To read the full length article, visit declined just before closing here.

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Cash Flow Loan

Killed Before Funding? Video

Killed Before Funding

Was your Loan killed before funding?

Our Loan was before funding

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We keep your loan from being declined before funding in final underwriting.  No more last minute turndowns for low or negative balances, low month to date deposits, overdrafts, background problems and defaults.  We stop it all for customers and brokers.

Watch: Denied just before being closed, above! Apply below now or call 919-771-4177. 

Call 919-771-4177 for more info.

How did your Loan die right before closing?

low month to date deposits.   Your account did not have have enough revenue since the beginning of last month.

Most applicants provide the most recent (3) months statements and not the current month.

Killed because your current balance was too low.    Your balance must be 2 to 3 times the payment amount.

Negative account balance (Overdrawn).   An overdrawn account is a reason for a last minute decline for most business loans.

Killed at the last minute for personal Background history. Your personal history has either a Felony, Misdemeanor, drug charges, or other convictions.

Died after the Decisionlogic bank verification.  There was some problem with the account.

Previous defaults.   Your business has an old default and it was discovered during the final check before completion.

New recent funding since the beginning of last month.  Your company just borrowed before now trying to close out the current request.

What are the top closing stipulations? Watch the 14 top closing stipulations for business loans Video!

How do WE save your Commercial Loan?

  • We ask you the RIGHT questions before funding.
  • We prepare you for closing.
  • Instruct you on what to fix.
  • Any other challenges?  We will solve those too! 

How do you win?

  • Get funding instead of a shock at the last minute.

Apply above so you can get fixes and expert guidance to help you get results immediately!

Conclusion

In summary, your deal died in final underwriting because no one was looking out for you.

There is much more than credit, start time and recent monthly deposits to getting an approval, and funding.

 

Show Video Transcript Details

killed just before Funding

[ swords clanking ] Did your business ever fight to get A Business Loan or MCA, And then, right before closing, get Killed in final underwriting? Apply with us instead. [ race car engines ] We’ll get your Loan past the finish line, and Funded.[ cash rustling ] From low current month deposits, low bank balances,[ police siren ] Background problems and more,[ desert wind ]We’ll get you back up [ water splashes ] And on to Smooth Sailing and Funding. [ water bubbles ]Low Credit Scores OK. Find out how much Money you can get TODAY. Apply at SmallBusinessLoansDepot.com, Or Call: 919-771-4177.

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Articles

Top 9 Reasons Why Your MCA was Declined

The Top 9 Reasons your MCA was Declined!

So your mca was declined.   Ouch!!  Here is what you should do about it and turn a denial into an approval offer,  closing and funding!.

The list includes decline reasons that happen during final MCA underwriting and just before funding.

Apply below to get APPROVED, now!


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  List of the Top 9 Reasons why your MCA was declined

Top 9 Reasons Your MCA was Declined:

1. Affordability

This MCA decline reason means your company cannot handle the new payment without significant problems.   This is often a decline
reason when your total monthly deposits are under $10,000 per month.

If you know you can manage the payment, then prove it!  Provide your current bank statement, other accounts you may have, or tax return that shows you have the cash flow.

2. Low or Inconsistent Sales: 

Recent monthly sales have been up and down too much.

Make sure the investor isn’t using the lowest month to make their decision.   Ask them to use the average of your deposit totals for your most recent 3 months.

3. Failed Bank Verification:

Your MCA was declined because the company failed the pre-funding final bank verification requirement, such as DecisionLogic.

This almost always happens when the business has cash flow problems during the current month.

The verification failed for either low deposit volume, overdrafts and NSF’s, or not enough individual deposits.   It is usually some combination of these issues.

Ask specifically what they saw in the current Month that they don’t like.

Decide if this can improve enough to qualify in the next few days.  If not, apply above to get another funding option.

4. Credit Score Too Low: 

Some programs require a minimum credit score of 550, 600, or even 650.

Find out what score is required.  If it is too high, apply for a program that will accept your credit score before you apply.

5. Low Current Month To Date Sales:

Your current month’s cash flow was too low.

Ask the lender what minimum sales amounts are they looking for?

Also ask how much do you need to put into your account in the next week or two to qualify.   By doing so, you may be able to qualify before the current month is over and not have to wait until the next month.

6. Recent Overdrafts or NSF’s:

Overdrafts or NSF’s in your checking account in the last 3 months were excessive, and why your MCA was declined.

Add up exactly how many Overdrafts and NSF’s you had.    Ask the lender what the maximum is and how long before you will qualify.

7. Not Enough Deposits Per Month:

There were not enough individual deposits.    Some funders require 5 or more each month.

Make more frequent smaller credits if possible.

Find a source that will accept the number per month you are now making until you can start making more.   Ask in advance what their mimimum is.

8. Time in Business Too Short:

The time in business is not long enough through the Secretary of State or on your License.

Ask the funder how long they require.  If you are within 30 days of the minimum,  then ask for an exception.

If they refuse, then find a program that will accept how long you have been operating.

9. Background Check Failed:

A background check revealed something they didn’t like.   When you get this MCA decline reason, learn more about a Business Loan with a background problem here.

Ask the MCA company specifically what the problem was, and if that matches what you know to be true.

Shop other MCA companies that have programs that accept your background issue before applying.

Want to learn more about getting a business loan with a background problem?   Read the full Business Loan with a Background problem Article here, or go to the business loan with background problem Video page and just watch the Video.


Still Don’t Qualify?   NO problem either.  Apply Below Now for a different unsecured or secured alternative.


START NOW


Why choose an MCA option anyway?

    • Unsecured financing has less risk.   You do not need to offer collateral with a loan against your assets.
      • Up to 18 Month Term options for 600 and 1 Year in business and higher.
        • Get money against your cash flow again after payoff.  Use it to get money more than once.
        • Programs for as low as $2,000.
          Lower offers makes this a better option than regular title loans.  No need to risk your vehicle or equipment for a small amount of money.

        Need more general info on developing your business? Visit the SBA for resources
        such as local assistance, business guides and business plans.

        Conclusion: Why your MCA was Declined.

        Your MCA was declined for one of these reasons listed above.

        Take the actions listed and you can still get an approval offer and funding quickly!

        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 SmallBusinessLoansDepot.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.

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Articles

Loan On a Trailer Video: Easy & Fast

Loan Against A Trailer

Video Description: Your Flat Bed Trailer and any other trailer you have is a source of money for your business. You can get up to $25,000 against it and the Trailer stays with you! Get a picture of the unit and the title to get an offer. Low credit scores OK.

Get a loan on a Trailer, now.   Do you own it outright ?   Then get money against the Trailer, fast. Even more, very low credit scores will work.

Watch: Video above. See trailers in action!  Click or tap arrow to play. Apply below now or call 919-771-4177.

Apply below now or call 919-771-4177.  

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So which Trailers Qualify to get a loan on a trailer?

Aluminum
ATV
Cargo
Custom
Dump
Enclosed and Open Car
Equipment
Gooseneck
Flat bed
Heavy Duty
Landscape Utility Trailers
LivestockTilt
Low Boy
Low Profile
Motorcycle
Refrigerated
Semi-Trailer
Tandem axel deckover and Dual Deck
Used Trailers
Utility
Racing
Vending
AND MORE!

Which Manufacturers? American Hauler, ATC, Big Tex, B Wise, Bri-Mar, CAM Superline, Car Mate, Cargo Pro, Carry On, Covered Wagon, Diamond Cargo, Homesteader, Master Tow,  Premiere, Sno Pro, Sport Haven,  US Cargo and more.

Bad credit and low scores down to 500 may still qualify.

So do I qualify? Do you own your Trailer outright and have a free and clear title ?  Then you pre-qualify.

You don’t own it outright?   Ask for our straight cash only program.   Even when you still owe on your trailer! However, do you also have other equipment?

Additionally, get more working capital with a loan against equipment.

Get a loan against your Flat Bed Trailer!

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 SmallBusinessLoansDepot.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.

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What is Not Business Revenue?

Not Business Revenue: What does that mean?

Revenue is not equal, especially for your business.   Lenders considering small business loans such as bank statement loans often look in detail at where sales came from in your business statements.  They are looking to see if the revenue is from the operation of your business, or not.

What if your business has been denied because the lender did not accept a large part of your business sales?

Then Apply below for programs that count the maximum amount of your sales and deposits instead of deducting them and declining your business!

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What isn’t business revenue: Types of Non Business Revenue

4 Main types of true Business Revenue that lenders accept.

1. Income from Sales to Customers and Vendors:

Revenue from the normal sales your business has is the most preferred and accepted income any business can have.  Your  business model is succeeding and can repay debt.

2. Income from Affiliate Partners. 

Some businesses have affiliate relationships.   Affiliate partners secure customers on behalf of another business.    This income may come from the affiliate partners rather than those customers directly, but it is still valid receipts.

3. Money from Collections

Many businesses have delinquent accounts they collect on.  Collection receipts are valid business income, even if they are from charged off accounts.

4. Money from the sale of business assets

When a business sells hard assets such as commercial real estate, business equipment or vehicles, it is considered business revenue and should be counted that way by lenders.

This includes soft assets such as proprietary software, intellectual property and patents.  Any of these can have great value and be sold for significant amounts.   When this happens, it is counted towards business sales and included in the annual income of the business.

Windfall from court decisions or judgements

Monies from court decisions or judgements is a grey area when it comes to lenders considering this as revenue for a business. Most will give this credit as true income from the business.   Money from successful court litigation is considered monies that are truly owed to the business.

However, it is still a large one time event that will not be repeated. That makes it considerably different than money from sales which does constantly repeat, such as from a retail store.

What isn’t Business Revenue?

Transfers between business accounts or from other accounts

Transfers between accounts are not revenue for the business.  The lender analyzes them to answer the following questions:

Was the transfer from another business account of the same business?  If so, what has been the recent cash flow of that other account?

Savings Accounts:
Savings account transfers into a business checking account are not business income received by a business.

Personal Accounts:
Transfers from any personal account into a business accounts will not be considered business sales.   Claims that they are must be documented and proven to the lender.

Business Loan Proceeds

Loan Proceeds are NOT considered business income.  Money that comes from lenders cannot be added to the gross receipts of the business.   It did not come from sales, so it is not business income.

Tax Refunds

Tax refunds are not part of  business sales.   Money back from the IRS is usually from taxes paid for previous sales, so the income has already been counted.

Rebates

Rebates is money a business gets back from an old purchase.  It shows in the deposit section of a business checking account statement.    Money had to be spent in the first place to get the rebate or refund and will not be counted.


FAQ on Business Vs Non Business revenue.

What is non business revenue ?

It is money that is not earned by the business from sales, sale of business assets, collections or the regular operation of the business.

Why is the lender not counting some of my business income?

The lender has decided that some of the money coming into your business is not consistent, or not the type they can count on to repay their loan, so they don’t count it.

How can the lender decline my business by not counting revenue that I earned?

The lender can count, or not count funds they see coming into your business for any reason.   Their credit standards and criteria is not subject to law.  It is based on their internal guidelines.

Conclusion

Some of your income may not be accepted as business income and may even be deducted resulting in a denial of your loan request.

Consider other lending programs when much of your revenues may be disputed as true business income.   Contact us to match your business to programs that are not as strict in this type of review.

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 SmallBusinessLoansDepot.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.

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Declined For Low Month To Date Revenues? 7 Ways to Fix Your MTD

Declined for Low Month to Date Business Revenue

Was your business loan declined for a drop in mtd month to date revenue?   Does your business have low monthly revenues such as less than $10,000 a month?  Or Read the Full Article: Monthly Deposits under $10,000 a month.   Review 7 ways to improve your numbers now and get approved as soon as possible by Applying below!

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1. Understand your Statement.
2. Why were you declined for your MTD? 
3. Total Deposits.
4. Average Daily Balance. 
5. Number of Deposits.
6. Overdrafts or NSF’s.
7. What can I do?

7 Ways to Fix a drop in deposits and get approved ASAP!

1.  What do lenders do with that Statement? 

The statement is used to review your cash flow as of the beginning of the new banking cycle, or your most recent cycle date.  Follow the link here to get a Month To Date (MTD) Statement in a PDF form.

2. Why were you declined for your Month To Date?

The statement used to decline your business will have lower than average deposits and be weaker overall than prior statements.  Lenders ask for recent statements when applying and do not usually ask for interim information.

They only request it approaching the end of the month, or if the most recent statement was weaker than older ones before it.   After the 20th, lenders may ask for the current cycle business account activity statement because a lot may have changed in those last 3 weeks.

Expect a request for the current statement when the last full statement was lower than average.   Lenders are looking for trends in your business revenue, especially negative ones.    Declines are not the end of the line.     Consider the top decline reasons as well as other loan types such as a loan against equipment.

3. Total Deposits in the current month.

Your current monthly totals from business revenue is the most important information mca lenders review in the current statement cycle.

Prorate your revenues to estimate what the full numbers will be for the entire current 30 day cycle.

Example:

Your company had $35,000 in revenues from March 1st through March 12th.    What is the company be expected to do for the full 30 days if they maintain the same revenue pace?

$35,000 X (31/12) =  $90,417.     To breakdown the math in simpler fashion,  31/12 = 2.58333.    Since there are 31 days in March and it is the 12th of the month, the prorated fraction is 30/12.    To express that as a % , 1/2.5833 = .387.  This means that .387% of March has gone by.

Almost the same prorated amount is derived by dividing the $35,000 interim deposits instead of multiplying, as follows:

$35,000 % .387 =$90,439.   The $22 difference is due to rounding.

4. Average Daily Balance.

Why is it important?  When your account’s average daily balance is low, then payments are more likely to bounce.

Average balances below $1,000 and especially below $500 are red flags in credit review and will get your request declined fast.
Work hard to keep a minimum balance of $1,000 and higher because it increases your chances of approval.

Lower average daily balances in the current cycle are very closely looked at in the review process.

5. Number of Deposits.

At least 5 deposits per month are desired for cash advances.  Other types of loans do not have this requirement, but more are better.

More usually means you have a higher number of customers which is considered a lower risk.

6. Overdrafts or NSF’s.

Overdrafts and NSF occurrences hurt the most in the current month.   Many customers say they do not want to keep money in the account.

There is a difference between not keeping excess money in an account and having overdrafts because of it.     Negative balances come from not having enough money and bad money management.

7. What can you do about a drop in month to date sales ?

Try to increase your deposit totals before the end of the cycle.  Deposits made just prior to the end of the statement cycle instead of the first day or two of the next one help current numbers.

Don’t let your balances get too low causing returned payments that show as NSF or overdrafts.

Ask what you need to have for a chance at an offer now and you may be given target numbers.   These will let you know if the numbers are achievable.   If all else fails, consider a micro business loan.

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Call 919-771-4177 for more info.

FAQ’s: 

Can my business be declined for low current month’s sales? 

Your business can be declined for having a drop in revenue even in the current month that is less than a 30 day cycle.

Is there anything I can do to get approved now?

Following the cash flow strategy outlined here gives your business a chance of getting funding now.  There is still be time to correct the numbers in the same statement cycle.

Are there options that do not look at the most current deposits?

There are asset based options with a monthly payment that usually do not look at the most current deposits.    Those merit a close look for businesses that cannot wait for their cash flow to recover.

Conclusion

Declines for a business loan due to a drop in month to date revenues is a real possibility.   Most lenders do not look closely at current 30 days, but some do.

Understanding what the threats to an approval are and the actions to take.   Help your business steer clear of an unexpected turndown due to dropped revenues in the last 1 – 3 weeks.

Keeping a close eye on total and average balances and overdrafts during the current 30 day cycle can make the difference between an approval and a last minute decline.

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 SmallBusinessLoansDepot.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.

Follow me and our Videos below!

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What Are Bank Statement Payback Months?

Bank Statement Payback Months

What are they? Payback months are the business bank statements for the same months 1 year ago. Lenders use these to help predict your company’s revenues in those months in the current year.

Apply below: for programs that increase approval amounts with strong payback months, but don’t lower offers with weak numbers a year ago.

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Lenders may request the Payback Months bank statements from a year ago.

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4 Steps to understanding and handling this request

1. Understand Payback Months.
2. How to analyze your payback months statements .
3. Evaluate your requested amount.
4. Negotiation.

1. Understand Payback Months:

Lenders evaluating a loan request may ask for payback months statements for the previous year.   This means they want the same months from 1 year ago that you would pay back any new loan this year.   They use to check if you can afford an mca merchant cash advance.

Example #1:

Your business applies for a loan with a business lender.   The lender is considering a 6 month loan for a bank statement loan to your business and asks you for payback months.

A 6 month loan will have a payback from March 2021 through August 2021.   You will give the lender payback months bank statements from March 2020 through August 2020.

They want to see what your business revenues were for the same months last year.    This forecasts what they expect your business to do in revenues during those same months this year.

Seasonal businesses are very susceptible to large swings in revenue during the year and can expect lenders to ask for bank statements from the previous year to compare.

2. How to analyze your payback months statements.

For 6 month loan requests, take the same 6 months from the previous year.   Add up the total revenues and divide by 6.

Example:

From March through August of 2020, your company had a total of $120,000 in revenues.   The average monthly revenues are $120,000 % 6 = $20,000 per month.  Lenders offer 50% to 100% of average monthly revenues for most offers.  $20,000 x .5 (50%)= $10,000.  $20,000 x 1 (100%) = $20,000.

Offers should be $10,000 to $20,000, but may be less.

3. Evaluate your requested amount

Match your request closely with your business revenues.  Do not ask for more than you can qualify for because it could cause an unnecessary decline or delay.

Ask for $20,000 if 50% of your company’s average monthly revenues = $20,000.  Don’t ask for $100,000 unless you have assets to leverage for the request.

Do not state any amount and let the lender make an offer as an alternative.   Lenders usually make the maximum offer regardless of your request.

4. Negotiate

Maybe your business qualifies for $20,000, but you need $25,000.  Should you accept the $20,000?  No!  Ask for $25,000.

How? Get 2 or 3 offers from different lenders and leverage those offers with each to extract the maximum.  Take the offer from 1 lender and show it to the other two.

This way, you are greatly increasing your chances of a better offer.  Because 3  lenders have proof of a competing offer, they have more incentive to match and exceed their competitors.

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FAQ:  Bank Statement Payback Months.

<What are statement Payback Months? 

Bank statements for the exact same months last year that lenders are considering a business loan to your company for this year.

Why am I being asked for Payback Months?

Lenders look your sales last year to help them understand if your business could make a new loan payment this year with the same sales.

Can they decline me for low revenue a year ago?

They may.   The lender can decide that your business cannot afford the new payments with similar sales from last year.   Explain why your sales will be higher for the same period this year, if so. 

Conclusion

Understanding and reviewing your bank statement payback months from last year will pay off.  Why?  First of all, you can help avoid a decline by reviewing last year’s statements.  If they are very low, go to another lender.

Also because you will have a better idea how much you qualify for,  should ask for, and how to negotiate.

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 SmallBusinessLoansDepot.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.

Follow me and our Videos below!

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PPP Loan Was Not Forgiven? 4 Options and Funding Alternatives


You complied  with the rules.  Now you have been told you did not meet the conditions and your PPP loan was not forgiven.

Consider 4 ways below to deal with this along with other funding options if needed. Apply Below Now for Alternative Funding Solutions such as bank statement loans!

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How to Deal a Repayment Demand when your PPP loan was not forgiven:

Was your ppp loan not forgiven?

1. First Look For Mistakes.

The government and large bureaucratic processes often make mistakes.  Look through all of the guidelines and rules.   Try to pinpoint how they came to their decision, and if it was correct.

Read their own official rules in detail since analysts make mistakes.   But don’t just claim a mistake.   Find their mistake, detail it, and also state why it does not apply to your case.

2. Appeal the Decision. 

Appeal the decision regardless of whether you find a mistake or not.   This also applies even when you are not likely to win.     Many times  having another representative review your case results in a different decision.

Find out the details of the appeals process and follow it precisely.   Also followup during the process to make sure all your borrower rights are being met per legal requirements.    Backed up government processors often cannot meet certain time requirements.   Failure on their part may be a basis for a reversal in the decision.

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Basis for Appealing an unforgiven PPP loan 

Minor violation

Lack of proper documentation is the easiest problem to fix.  Provide the proper payroll expenses, rent roll, utility and other statements. Submit any missing information as part of the appeal.

Incorrect Decision

Funds not used as intended is a common denial reason.   As mentioned above, look for errors in their process.   People do not find mistakes when they do not look, so review their response in detail.

Look for mistakes in the rational for why your ppp loan was not forgiven and then attack denials that are weak.

Did not fully understand

This basis for appeal is not a strong reason. However, it may be enough to a reversal of the decision in some cases.

3. Gather All Documentation to Support your Appeal.

Documentation is key, so gather and review all you information.   Take a second look at your PPP expenses such as Payroll, Rent and Utilities.

Appeal Denied

Confirm whether appeals that are denied can also be appealed.  Ask for time to respond to any denial in writing and also request an in person hearing.

Settlements

Make a formal counter offer in writing for a settlement and also document why your business cannot pay a forgivable debt. Provide cash flow statements such as tax returns, bank statements, Profit and Loss statements and Balance Sheet supporting your argument.

4. Find other Funding Alternatives

Look for alternative funding options to shore up cash flow shortfalls from unforgiven PPP business loans.

A business’ cash flow is impacted because they did not expect to have to repay a forgivable loan.   Many other small business loans can be a good fit.

Asset based loans are also a great choice to assist with cash flow until the business adjusts to the partial repayment of their ppp loan.


FAQ:  Why did they not forgive my ppp loan? 

Why was my PPP loan not forgiven?

PPP loan forgiveness is not granted when you do not meet the usage conditions of the ppp loan stated in the contract.     The most common reasons are incorrect use of funds and time deadlines for usage.

What can I do about it? 

Carefully review the reason for the decline.  Read the rules for ppp funds use and check for mistakes in the decision.   Sometimes decisions are flawed or not clear cut.

How can I get the decision reversed? 

Appeal the decision.   Prepare all the documentation needed and submit a formal appeal.

Conclusion

A decline of forgiveness for your PPP loan may be a shock.  Take action to challenge the decision that may lead to at least a partial reversal.

Since these loans can be for large amounts, it is worth the time to see if you can change the outcome.     Look for mistakes in the process, prepare your paperwork and request an appeal.

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What is MCA Percent Of Monthly Revenues?

MCA Percent of Monthly Revenue: What is it?

MCA lenders look at percent of monthly revenue to decide if your business can afford a cash advance, and for how much.

Apply below for programs that offer the highest cash advance percentage of monthly revenue. This means the largest approval amounts because the highest percent of your business revenue is allowed for an mca.

This is about affordability, which is the #1 reason of the Top 9
Reasons why your MCA was declined.

MCA Percent of Monthly Revenue

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What is an mca percent of monthly revenue?

Programs above offer the maximum approvals for mca’s as a percentage of your monthly business revenues.

  1. How it Affects Your MCA.
  2. Why it is Critical.
  3. How it is Calculated.
  4. Should You Care?

1. How it affects your MCA:

The percent of monthly revenues that an mca merchant cash advance can be is what drives the amount of the advance offer much more compared to other qualifiers.

It also tells you the maximum amount in advance that a specific lender allows for bank statement loans.    Businesses that have an existing mca with a balance will therefore know how much more that lender can offer them.

Example:

An existing advance has a daily payment of $100 per day.   The cash advance company you apply with allows businesses to have a maximum 30% of their monthly gross business revenue in cash advance payments.

Further, your business has monthly revenues of $25,000.   So the total amount the lender allows your business in advance payments  is $25,000 X .25 = $7,500 per month in payments.   $7,500 per month % 21 days = $357 day.
An approval for 9 months should therefore render a maximum $48,000 offer by that lender.

While telling the mca company about advances with a few payments left seems like a risky thing to do, they will probably not include existing advance in their calculations.

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2. How it is calculated.

Example # 1:

Your business has average monthly deposits in the last 3 months of $50,000 per month.    The lender you apply with allows the total monthly amount
you pay on MCA advances to be a maximum of 25% of your monthly revenues.

As a result, they calculate the maximum approval as follows:
$50,000 x .25 = $12,500 per month and there are 21 daily payments or
4 weekly payments per month.   So using daily payments, $12,500 % 21  = $591 / daily payment at 5 business days per week.

Another critical step in the offer amount will be how long that lender will make an offer for.   Longer terms result in higher offers, so a lender that offers a 9 month term can issue an approval of approximately $80,000.

This is because the math calculated to arrive at this approval amount is as follows:
$591 x 21 = $12,411 x 9 = $111,699, so a rate factor of 1.4 means that
$111,600 % 1.4 = $79,785.

3. Should you care? 

You should care because it allows you to do 2  important things:

1. Calculate what percent of your monthly business revenue any mca will be before you apply.    Also calculate whether you can afford the mca based the percent of monthly sales it totals.  You will also better understand what your affordability limits are for this transaction and for all future borrowing.

2.  Ask the lender before applying what the maximum is they allow.   You may exceed the maximum and therefore do not need to apply.    Also, the maximum amount they will approve you for may be too low.    This will save you time,  credit inquiries, and direct you to the best small business loan options.

FAQ on mca percent of monthly revenue for an advance.

What does percent of monthly revenue for an mca mean? 

It means the maximum percent of your monthly business revenue
that can be allowed for a cash advance.    Most lenders cap it between
20% and 30% of your monthly business revenue.

How do I know what my maximum approval will be for?

Take the average of your last 3 months total deposits.  Multiply it times .25.  This is the maximum amount per month many lenders  allow you to pay for a cash advance.

What if I already have an advance ?

Calculate the maximum your business can afford per month.   Deduct the monthly amount you already pay from that figure.   That is the difference you can still afford on a new cash advance with many programs.

Conclusion

Calculating the percent of monthly revenues an mca will be as a percentage of your monthly business cash flow helps you make several important decisions.

You know in advance if you are applying with a lender that can help and approve you for the entire amount needed.   You can ask lenders before you apply what their maximum percentage is and go to another lender if it is not high enough.

Another benefit is it helps you get the highest offers and saves maximum time by applying with the right funders.

For these reasons, know the maximum percentage of your business’s gross monthly revenue  lenders generally will allow in mca cash advances.   Also check back here on how to calculate approval and offer amounts needed to qualify for using the lenders maximum percentages allowed.

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 SmallBusinessLoansDepot.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.

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4 Top Ways To Get a Better Business Loan Offer

Get a Better Business Loan Offer: Top 4 Ways

Learn the Top 4 ways to get a better business loan offer.   Use this current program to max out the most favorable terms and conditions.   Apply below now.

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How to leverage a higher quality business loan offer.

    • Give your preferred lender a copy of any competing approval. 
    • Ask for better terms.
    • Leverage your broader relationship with the lender.
    • Find out why the approval was not better. 

Get better business loan offers now!

1. Show the lender a competing offer. 

Give the funding source information on any other approvals you have to negotiate with them.

Example:

You are approved for  $25,000 in bank statement funding, but you wanted a higher amount for more months.  Your request was turned down.

However,  you have existing offers from other funders.  Send your preferred lender the actual approvals from another institution if it matches or beats theirs.

Effectiveness:  This is often highly effective because it proves that you have multiple options.   You have more negotiating power when other lenders know they are not your only choice.  Providing documentation increases the pressure on your preferred lender to make concessions.

Rarely Done:  Very few people think of showing one lender competing offers.   The do not know that you have options from other investors.   Stand out above other applicants and show competing offers.

Confidentiality:   Is this confidential information?  It is the same you gave the other lenders, so there isn’t anything confidential you are giving away.  Your current lender already has the information, so it is not confidential.

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2. Ask for better terms.

The key conditions of the business loan offer are:

Amount:  You can ask for approximately a 10% increase since some funding programs have the discretion to increase the approval by a small amount.  Give a relevant reason why your business is asking for the higher amount.

Number of Months: The number of months often has some room for negotiation.   Ask for a 3-6 month bump instead of 12.

Rates:  Better rates are often hard to negotiate.   The funding source will generally give you the rate that matches your risk profile.  Negotiating rates may be easier when it is a brokered transaction and there are points or fees in the deal.

Check to see if there are different programs with the same funding source that would be a better fit.  Doing so may give your business better terms automatically just by switching to another program.

Also ask the representative about features and benefits.  There may be incentives and benefits in the existing approval that are already available just by asking for them.

3. Leverage any broader relationship with lender. 

Applicants often have an existing relationship with the lender they apply with.

Deposit Relationship:  Make sure the funding source considers any deposit accounts into their decision because automated programs skip this review in their processing.

Borrowing History: Any good previous borrowing history should factor into the approval decision.

4. Find out why the offer was not stronger. 

Contact a loan officer and ask them why terms were not more favorable, such a higher loan amount, number of months and rate.  Take a close look at those reasons and decide if you can overcome them right away rather than taking more time to fix them.

Example:
Getting your credit score increased will take too long to help you right now.   Getting updated financials showing your business in a stronger financial situation is faster and therefore could be used to get an improved business loan offer quickly.

For more ways to get the most out of your approvals, check out 7 ways to boost your borrowing power.


FAQ: Frequently asked Questions on getting a superior business loan approval:

How can I get a better offer?

You may get better terms if you have multiple offers and show them to the lender you want.  Tell them they need to beat the other offers in order for your business to close with them.

Will the Lender negotiate?

They are most likely to negotiate if they are given an incentive to do so.   Applicants who prove they can close with another funding source and are prepared to do so will often get a negotiated closing.

What if I don’t get better terms from the lender?

Apply with other programs if you are likely to get multiple offers.    After getting 2 other approvals, go back to the lender you want to close with and negotiate to get better terms.

Conclusion: Take advantage of easy ways to get better terms.

Most applicants do not push for better terms from lenders and as a result, sometimes miss easy chances to get a stronger deal.

Taking other approvals and asking your favorite lender to beat them always gives you a strong chance of getting concessions.   Ask for better terms and use any existing and previous relationships when negotiating. You will probably greatly increase your chances of getting an improvement on the original approval!

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 SmallBusinessLoansDepot.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.

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Business Ownership Percentage For Loans

Business Ownership Percentage for Loans

Having the right Business ownership percentage is very important for obtaining small business loans.  If one person has less than 80%, they usually cannot close the loan by themselves.  Many lenders want 100%.

Apply below for programs that allow less than 100% to complete funding.

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How much of the business do you have to own to get a loan?

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100% Business ownership NOT required for financing.

  1. 100%  is not needed.
  2.  Shareholders as low as 25% for some bank statement loan programs.  Most options require at least 51% to 81%.
  3. 1 Owner can sign in many cases.
  4. Remaining shareholders do not need to sign for some programs.

Top 7 Benefits:

1. Financing programs that fund with less than 100% ownership.

Get approved and also be able to close the loan with less than all the owners applying and signing on the note.

2.  1 owner may be able to close by themselves.

Another benefit is the other owners do not need to sign. Therefore, you don’t have to negotiate with them and convince them to sign on the loan.

3.  1 Shareholder may be able to make decisions.

You can make the decisions on the company loan even though you are only one of the shareholders for some options. Decide how much to borrow, for how long and any other options offered by the lender.

4.  The other partners do not provide a personal guarantee.

The personal assets of the non signing partners are protected. Many are not spouses or family members and their assets are separate when applying.

The personal assets of other shareholders will not be at risk under the loan, which is significant. Others often hold Real Estate and other assets separately.

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Related Business Ownership percentage issues

Decision making.

When there are several owners with similar shareholder percentages, it is difficult to complete many basic transactions such as sales with vendors, contracts and contract changes.

Shareholder percent of assets.

Assets that are in the company name are owned by all of the owners.

There is excellent business financing against vehicles with monthly payments.  Carefully review how shareholders are specifically listed on all assets, including on titles for loans against vehicles.

Selling, negotiating, or transferring joint business assets

Assets in the company name with multiple owners must have the approval of all of them for any changes. Everyone must agree and sign for the sale, transfer and any loan against an asset.

Anyone excluded from the sale invalidates that sale.

Selling  with multiple owners.

All must approve and sign any sales contract when the company is sold.   One party cannot sell it alone.

Ownership control of Checking and savings accounts

Checking, savings and other commercial accounts can be opened without all owners.  Authorized signer information is keep on file by financial institutions.

One signer also cannot remove another signer from the account. Other signers must agree to their own removal.   If one owner wants to be on an account alone, they can open a business checking account with themselves as the only signer.

They should check what the banks’ rules are for making changes.  Changes such as closing an account, withdrawing money are difficult later without specific documentation.

Changing stakeholder percentage.

Update the articles of incorporation or organization to increase or decrease these sipercentages. The articles may vary by state.
Many times, corporate articles do not list share percentages.  Most articles list principals such as President, Vice president, CEO and officers.   The lender does not have the breakdown.

A big reason businesses fail is disputes between owners, including who has the authority to make decisions and complete transactions.  Including specific percentages and shares owned eliminates many future disputes.  New corporations should include this information in their paperwork.

Use addendums and corporate change paperwork to add this information.  Another option is to add a notarized corporate change resolution or additional information page.  File these with the Secretary of State.


FAQ: Frequently asked Questions:

Do I need 100% ownership to get a business loan?

100% is not always needed to get a small business financing. Programs are available with percent ownership below 80% and as low as 25 in some cases.%.

Does my business partner have to sign if they don’t want to?

Partners do not have to sign when one has enough ownership.  Ask the lender what is required for closing.

Can I remove my partner from the business to get a loan?
No, and you cannot remove your partner without their approval in general.  Lenders do not want quick changes just to get the funding.  Get approval from the funding source first before attempting this.

Conclusion: Business loans closed with one signer has major advantages

As described, one company shareholder with the authority to close a loan has many advantages. They can make all the decisions on their own. They do not have to discuss and get agreement from others, which is often a major hurdle.  This  includes financing and applying for working capital loans.

Choose financing that funds and closes with one owner. Find out the requirements from the lender and make changes to your company profile for insufficient shareholder percentage, if needed.

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 SmallBusinessLoansDepot.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.

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How To Reverse a Business Loan Decline Fast

How to Reverse a Business Loan Decline

There are several ways to reverse a business loan decline into an approval fast.  A lot depends on the reasons.   Some can be handled in days and you can change a denial into an approval with these easy fixes.

Apply below now for programs such as bank statement loans that specialize in dealing with common decline reasons.

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Call 919-771-4177 for more info.

Reverse a Business Loan Decline: 7 common denial reasons

    • Derogatory Credit 
    • Debt to Income Ratio too high, or cannot afford new payment 
    • Insufficient Cash Flow 
    • Too many recent inquiries
    • Ownership percentage not enough
    • Unacceptable or no Financial Statements and Tax Returns
    • Recent overdrafts or low bank balances

Turn these Denials into Approvals now

Denied? How to change that into approved!

1. Derogatory Credit .

Bureau scores that are too low are among the most common declines.   Many people believe it takes years to improve their file and that they have to pay a credit repair agency to fix their negative reportings.

Incorrectly Reported Bureau Information:

Many times, information reported by the consumer reporting agency is incorrect.    Review your report and look for inaccuracies.   You can often get corrections and deletions updated within weeks.   Once you have identified the incorrect trade line reports, you can dispute it yourself with the reporting agencies, or hire a credit repair agency.

You will have already done much of the work just by reviewing your file in detail.    Doing the rest yourself lets you follow up faster and dispute it again if the reporting agency puts the same slow pay items back on your file.

Outdated Bureau Information

Sometimes outdated information hurts your scores.   An old account may still be showing on your report that has been paid.   A balance on a current account can be much higher on the bureau than the true balance.    Some creditors do not report every month. Disputing or updating outdated trade lines in your file can often increase your bureau scores.   Tell investors when you really owe less than what the bureau shows.   That improves your ability to pay new debt.

Scores Too Low:

Often, your current scores are too low.   Taking the actions above should increase your score because fewer derogatory and outdated items will be on your file.    Your bureau scores will jump quickly and may trigger a reverse of a loan decline.   Other funders may approve your company with higher scores as well.

2. Debt to Income ratio too high or cannot afford new payment.

Debt to income ratio is the percentage of fixed monthly debt divided by monthly gross income.    This is often calculated as part of the credit review process.

For example:   A borrower has monthly income of $5,000 and fixed obligations of $2,000.  Their d/i ratio is $2,000 % $5,000 = 40%.

If a borrower’s percentage is too high, they may be rejected.  Businesses with higher gross sales than others are likely to have more discretionary income with the exact same debt ratio.    If you can afford the payment, then document your cash flow.   Contact the lender and show them your company’s disposable income figures.  Prove that you can make the payment and ask to appeal the denial.

3. Insufficient Cash Flow 

Lenders may look at your overall cash flow.    Many require a minimum amount of annual company sales to even be considered for financing.  Many calculate the maximum loan or mca as a percent of your monthly revenue.

Funding sources that reject for this reason often do so in part on the most recent tax return figures.    Your most recent business tax return is already dated.   Provide a year to date YTD Profit & Loss statement and Balance Sheet when the current year is stronger than the previous one.   Doing so may justify approving a request that originally did not pass the approval process.

If your current year is about the same as the previous, then you would need to figure out other debt or income information that could potentially reverse the denial.   For example, large new customers that are new will increase revenues substantially.

4. Too many recent inquiries. 

Denials from inquiries can happen if the owner(s) have recently been making purchases that require financing, or new services that require a credit check.  Lenders have become more savvy at assessing these, but their automated reviews are not perfect and may not account for inquiries that should not be counted.

Many financing programs use a soft pull instead of a hard pull.   However,  some programs use a soft pull initially to make an offer but still do a hard pull later before closing.

If a lot of your inquiries are from shopping for consumer goods, or related to living expenses such as utilities, then document these.   Contact the funding source and show them what the inquires were for, and they may re-consider their original decision.

5. Ownership percentage not enough. 

Applicants must have at least 80% or higher ownership in the company to be able to close most financing on their own.   Many lenders require a higher  percentage such as 95%, and often full 100% ownership.

Discuss this with the other owners.    100% ownership is required for most financing so they may be required to sign.   Your enterprise will eliminate itself from good options if one owner with less than 100% ownership wants to get funding on their own.

There are exceptions for owners with very strong credit and assets. Owners with bureaus over 700  and a strong personal financial statement may be offer a guarantee by themselves with less than 100% ownership.  However, many investors will not consider any request with less than 100% of the owners applying, no matter how strong any one owner is.

6. Unacceptable or No Financial Statements or Tax Returns.

Some financing requires financial statements that the applicant does not have and is rejected as a result.    This usually includes the most recent 2 to 3 years personal and business tax returns, current interim financial statements and bank statement payback months for the same repayment months the new financing will be for.

Gather and provide the missing items and request your application to be reconsidered.

In other cases, financial statements were not acceptable.   This normally means the gross or net  income was not high enough, or not enough the cover the new payment.  A decline may result from just having one lower sales year out of the last three.    They want to see steady or increasing business revenues annually or they will not approve the request.

Alternative Options: Look for other programs if this is required.

7. Recent Low Bank Balances or Overdrafts. 

Even with a strong company and personal profile, recent low bank balances or overdrafts may be a source of rejection.

Your may need the cash because of a recent slow sales.  Many lenders are not forgiving to recent slow cash flow and overdrafts.  Applicants believe recent low sales is why they should be approved for funding.   Funding sources believe low sales in the last quarter is why a borrower wont’ be able to pay and therefore don’t make the offer.

Alternative Option:   Look for another lending program, or wait 30 to 60 days for your cash flow to rebound some, then apply.     If you can wait, first ask if it will make a difference.   Consider other sources when your request will not be reviewed again later.

Discuss your recent cash flow or overdraft issues in depth with the lender that rejected your business.  They will tell you they will reconsider it, but are very unlikely to change their original decision to an approval.   Many investors must consider all requests, whenever made.   Talk to them about fixes to previous issues before re-applying.


FAQ: Frequently asked Questions on how to reverse a business loan decline fast:

How can a decline be reversed?
The reasons can very often be quickly corrected or improved by making relatively easy updates or changes, such as ownership percentage.  Ask the lender if the changes you make may cause them to change their decision before you re-apply.

Can the decision be overturned into an approval fast?

Many changes can be made within days that allow a lender to reconsider the request.   Other changes will take longer but may still be accomplished within 30 or 60 days.

What if I can’t wait?

If you do not have the time to make corrections, then the best approach is to consider another type of funding that will not give you the same negative result.    Talk to other lenders in advance before applying.

Conclusion: Change a business loan decline into an approval

Do not believe that nothing can be done after your business does not get an offer.   Reverse a business loan decline into an approval today.  Having documentation, a strong rationale and persistence are key to turning a no into a yes.

Sometimes the wait may be weeks, but the result can be reversed in the end.

You will understanding what can be corrected and this is information to use in your favor to get the funding needed!

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 SmallBusinessLoansDepot.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.

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What Counts as an Existing MCA Position?

What is an Existing MCA Position

When applying for a merchant cash advance, funding sources look at the current loans you have to see if you already have an existing advance.  But what counts as an existing mca position?

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What is an existing mca cash advance position?

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Other funding types that may be considered an existing position by lenders:

Daily repayment advances such as
bank statement loans

Weekly payment financing.

Monthly payments loans from certain lenders.

Programs that accept existing positions

Multiple existing positions O.K.

No penalty for other debts that are not mca’s.

Business funding that do NOT count as an existing mca position.   

1. Installment:

Monthly or weekly installment transactions should not count as an existing position when applying for a cash advance.

Example:Monthly payments for car and personal loans are almost never included in the approval process.

2. Monthly repayment:

Anything that is repaid monthly is almost always considered a separate type of financing.

Most installment loans also have monthly repayment, but not all.  These will not be counted against your existing debt on an mca application.

3. Secured:

Secured loans are not considered in your businesses’ ability to repay a short term unsecured advance.    It is a different type of debt and not calculated in the analysis.

Existing real estate and equipment debt, as well as accounts receivable financing are not counted against you.   As a result, they will not affect your ability to get an advance, nor affect the amount of the advance.

4. Unsecured Revolving Lines

Unsecured lines such as credit cards and personal lines of credit are not included.     You can have multiple credit cards or lines of credit because they don’t affect your ability to get an advance against future receivables.

Different terms between the two are a main reason they are separated because  unsecured revolving lines usually remain open for years.

Short term advances are paid off in 3 to 9 months.    Underwriting knows that you will continue to have that unsecured debt with a minimal monthly payment that is low compared to the advance.

Make sure the new lender is not counting loans or advances you have already paid off.    Provide them with a payoff letter on all previous debts that no longer have a balance but may still show one on your credit bureau.

FAQ: Frequently asked Questions on an existing mca position.

What is an existing mca position?

An existing mca position is business financing that is considered the same type as a cash advance.   This is usually any financing with a daily or weekly payment.  Some monthly payment options may count as an advance, depending on who the lender is.

What business loans count against me when applying for an mca ?

Any business financing that has a once per business day repayment is almost always considered an existing cash advance position.

Do other monthly payment loans count against me?

Other monthly payment business debt does not count against your mca application.

Why does it matter if my business already has cash advances?

New lenders need to know if your business will have the cash flow to pay the new debt.   They also consider if you are a habitual cash advance borrower.  Lenders probably consider you may take another advance behind theirs.

Conclusion

Short term daily, weekly and sometimes monthly business financing do count as an existing mca position and therefore, your business may not be approved or for lower amounts.

Know the types of loans you already have when applying for cash advances and which one will count against.    This will help you understand which type of business loan to apply for and what to expect.

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 SmallBusinessLoansDepot.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.

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Too Much Collateral! 4 Ways to Stop Lender Asset Hoarding

Too much collateral is required for a loan

The lender wants too much. Consider 4 ways to push back.  Make your case and keep as much as you can.

Apply below for either bank statement loans that do not need any of your company’s assets.

START NOW

Call 919-771-4177 for more info.

Make sure you’re covered, not just the lender!

How to keep a lender from taking too much collateral:

    • Ask about collateral requirements.
    • Don’t offer all of your assets upfront.
    • Negotiate the requirements. 
    • Negotiate lien releases during the loan.

1. Ask for all collateral requirements before  you apply

Finding out during the loan process that collateral you don’t have is required is too late. Ask what is needed before you apply.

2.  Don’t offer all of your Assets up front. 

Do not voluntarily offer too much collateral at the beginning of the process.  You may be required to provide a listing of what you own later.   First give a general description or possibly a personal financial statement.

This prevents the lender from automatically taking all of your assets as security for the transaction.      Don’t give them something valuable upfront they did not ask for.  Use this as a negotiating chip.  Compare their loan offer to the value of your assets.   Calculate the loan to value, or LTV.

3. Negotiate the assets required 

Many investors will automatically take as much as they can, even if it may not be required to cover their risk and exposure.  Banks and the SBA do this commonly.   Many will take 5 to 10 times as much collateral as they need just because they said they wanted it.  This contradicts what is expected with ethical business loans, but is standing in traditional banking.

After you have gotten an approval, push the funding source to take only the security they need.   They may refuse, but you should ask anyway.   Calculate the dollar amount of the principal + interest.   Figure out how much in assets they need to cover the debt and how much more they are requiring.   Check if assets are jointly owned if you have less than 100% ownership percentage in the business.

If their request far exceeds what they need to protect themselves, then present them with your calculations and valuations.    This will be your proof, best case, and put the most pressure on them to lower their requirements.

4. Negotiate a release of lien during pay down.

You pay down the balance during the term of the loan, beginning with the first payment.     The balance usually goes down much faster than the value of the assets.   Sometimes, asset values go up instead of down.

If multiple pieces of Real Estate are being held, then negotiate before closing.  Try to get them to agree in writing to release pieces after the balance has been paid down enough to still cover their debt.    A condition may be timely payments and no other violations of the contract on your part.

Another option is getting a lender to subordinate their debt . This may be required because the new funder may not want to take a lien position behind the others.    If you want to close the transaction, then you can approach the existing lien holders and ask them subordinate their position.  They will then need to complete a subordination agreement.

Equipment transactions can be handled the same way.   Ask for agreement ahead of time that pieces of equipment will be released from the lien as the balance is paid down.   It is tough to get this approved but make the request because late in the loan the balance will be low.

Since the balance will go down faster than the value of the collateral,  remind them that their risk position gets better every month after closing.


FAQ:  Keeping a Lender from taking too much Collateral:

What is too much collateral?

When lenders approve a loan and take much more collateral than they need to safely cover the balance if you default.  Banks routinely take excessive security on their transactions.

Can the lender take as much collateral as they want?

Funding sources take as much collateral as they want or you are willing to give them.   Do not offer all of your assets in advance without negotiating for less.
How can I keep the lender from taking all my assets for the loan?

Find out program collateral requirements from the lender ahead of time.  Negotiate the collateral terms right after an approval.  This is when you have the most leverage to get changes.

Conclusion

Many lenders often ask for all the collateral you have available.

Most people and businesses believe they do not have any say, influence or choice in this decision.   They do.   The borrower may not get the lender to lower their collateral requirements much, but they sometimes have success.  It depends on the source, the transaction, and how you negotiate.

Ask for reasonable concessions and justify your request.   This may include calculations, valuations and other proof.    You will get some of what you want more often than you think.

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 SmallBusinessLoansDepot.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.

Follow me and our Videos below!

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Loan To Value: 7 Ways To Boost Your Borrowing Power

What is Loan to Value?

Loan to Value is the maximum percent of the value of an asset a lender will loan against. It is usually based on the retail sale value, but not always. Sometimes it is based on the Auction or Liquidation value.

For Example, if an asset, such as a house or piece of Equipment is worth $200,000 in the marketplace and the lender will loan a maximum of 75% Loan to Value, also known as LTV, then the maximum loan amount the lender will give is $150,000. This is because $200,000 X .75 = $150,000. better terms.

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Call 919-771-4177 for more info.

Consider 7  ways, detailed further below to maximize your borrowing strength.

1. Understand Loan To Value, also called LTV. 
2. How to use the equity in your assets.
3. Negotiate.
4. Know the risk of loss.
5. Get the highest % funding against collateral.
6. How does credit affect the percentage?
7. How can an appraisal help?

Get the most out of your assets

7  ways to use loan to value to help get the money you want.

1. Loan to value: How it works:

LTV is the amount a lender offers as a percent of the value of any asset they take as collateral.

Example #1:

Your business applies for capital.   The lender wants collateral as security and tells you real estate is required.   Because you need a large business loan, you agree and pledge residential real estate.

Your home is worth $300,000.   The lender has a maximum LTV policy of 75% against real estate.

In this example, the maximum amount would be $300,000 X .75%
= $225,000.    If your home is free and clear and the lender agrees to a 75% LTV, then expect $225,000.

Example # 2

Instead of real estate, you put up equipment or vehicles.   The amount offered will be much lower.    35% to 60% is the most common range, depending on the lender and only based on the equipment they choose to accept.   Lenders rarely are interested in all of the equipment available but may take a blanket lien anyway.

You provided an equipment list with $100,000 in equipment.   The maximum Loan to value, LTV is $30% but you are only getting $15,000.    What happened?   The lender likely only is interested in $50,000 of the $100,000 in equipment.   As a result  $50,000 X .30% = $15,000.

2. Use valued assets to boost your Approval amount. 

Example # 1:

A business loan applicant qualifies for $25,000 in business bank statement loans,  but they really need $75,000.    The borrower pledges their vehicles and construction equipment to try to get more.

The retail value on the equipment is $150,000 and the lender comes back with a 40% LTV.   This equals $60,000 combined with the $25,000 the unsecured option.    Combining the two, the lender is agreeing to a maximum of $85,000.    By using the 40% loan to value against the equipment, the borrower is able to boost the offer by $60,000.

Knowing this, applicants can estimate what lenders will do in advance for the collateral they have.    The borrower can use that information to decide if they should apply for an unsecured line, or secured with assets.

3. Negotiate

Almost all borrowers think they cannot negotiate and do not have any power when it comes to the borrowing process.    The borrower does not have the upper hand, but they can get a lot by taking the right steps at the right time.

Negotiate during the request.    Even if they decline what you are negotiating for,  you may still get other improved terms if you had only asked for them.

Ask for higher amounts,  longer terms, better rates and early payoff terms.  The lenders is not going to give you better terms unless you ask for them.

Data Secure 30 Second Application here.

Call 919-771-4177 for more info.

4. Risk – You can lose your valued assets! 

First decide if it is worth it to use your assets to get money?

If you must have more money, then you must use your assets.    Strong cash flow and credit are the best ways to get an unsecured business or personal loan instead.

The borrower has to decide if the risk they go past due is high and whether they can afford to lose the collateral.    The risk is high when the borrower cannot run the business without the equipment.

5. How to get the highest % Loan  against the value of assets.

Listed stocks, certificate of deposits and any other liquid security usually brings the highest loan amount.   This can be up to 100% because while the balance owed goes down, the value of this collateral does not.  Listed stocks is an exception that can decrease in value.

Real Estate also brings a high loan amount as a percent of it’s market value.  Most real estate backed transactions are in the 65% to 85% of the market value.

After real estate, percentages drop down a lot.   Equipment usually brings between 35% and 50%.   Traditional banks rarely makes these types of deals and usually only offer 10% to 15%.

6. How credit affects LTV Loan to value

Credit scores have a strong impact.    The same applicant with a 700 credit score may get a higher approval than a 575 credit score with the exact same profile.

Lenders will approve more on secured transactions for borrowers with a higher credit score.     Lower credit scores are always considered a higher risk and the numbers go down.

Example:

An applicant with a 725 bureau score uses their free and clear commercial property to get financing.   The property is worth $1,000,000.    They go to a bank that approves a maximum 75% loan to value against real estate.

This applicant that has a 725 credit score gets funding with a 75% LTV, which equals $750,000.

An applicant with a 600 credit score gets a 60% LTV maximum, which equals $600,000.    This is common in practice.   In this case, an applicant can get $125,000 more or less, depending on their credit score.

7. Valuations:   How appraisals fit in 

Many asset based loan offers use valuation tables and market estimates to arrive at the amount.

Provide any recent appraisals you have that are less than  6 months old.  Doing so should protect you from getting low balled.

Consider ordering an appraisal when you get an approval you think is too far below market value.     Lenders tend to make conservative estimates that help them, not you.

FAQ on Loan to Value.

What is Loan to Value? 

The amount a lender will offer as a percentage of the market value of  assets.  Collateral valued at $100,000 with a 60% loan to value may result in an offer of up to $60,000.   

How can loan to value help me?

It helps borrowers decide whether to apply for secured or unsecured financing.  It also helps them understand what types of collateral give the lender.    The biggest benefit is that is brings larger approvals.

What can I do to get a higher offer?

Call the lender and ask what types of collateral they will accept and what percentage they will loan against it.     Real Estate will bring the highest amounts.

Why is the lender approving such a low amount compared to the value of my asset?

It is usually because they only offer a maximum percent of the value depending on the type.  They want to get their money in case of a default by approving far less than the market value.

Conclusion

Negotiating after you have been approved may get you some concessions in terms from the lender.     Ask for a higher amount when you know the offer is too low compared to the market value.

Understanding what loan to value is and how to use it can help you get approvals for higher amounts and terms more favorable to you!

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 SmallBusinessLoansDepot.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.

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How to Use an Asset With a Lien to Get a Business Loan

Do you want to get a Business Loan using assets with a lien?

How to unlock your Assets!  Here are 3 ways to use an asset that has a loan on it now as collateral for a new business loan.

Apply below:  Expert programs that include guidance getting the maximum out of your collateral.   Even if you still owe on it right now!

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1. Request a lien release. 
2. Lender takes a 2nd lien position
3. Payoff the lien with proceeds. 

3 Ways to use an asset with a loan on it as collateral for a new loan. 

1. Ask for a release of lien:

Call the existing lien holder and ask them to release the UCC lien.   Read here for more about what UCC Liens are.    Lenders often take much more collateral than they need because they want to cover any losses on defaults.  They sometimes even take all of a business’ assets instead of only they need.  They over collateralize the loan and improve their loan to value position.  Most borrowers think that is only way it will be and do not object.   The lender wins by default just by asking for more than they deserve.   

The lender may agree to release a certain piece or more of the collateral they are holding.  This works best when they have many pieces of collateral and you have already paid a lot of the loan down with timely payments. 

Push the lender hard on loans you have paid down significantly as agreed.   

Negotiation Example:  2 years ago, you took out a 4 year business loan for $100,000 and your current balance is $40,000.   The lender took 4 pieces of construction equipment worth $25,000 each and all payments have been on time. 

Telling the loan company they still have enough collateral  and maybe more than when the loan was originally closed.

The loan to value, LTV, may now be lower than when the loan closed.    In those cases, you have paid the loan loan down faster than the equipment depreciated during that time.

If they agree, follow up to verify your asset has been released at the Secretary of State, also known as the SOS.    Push hard to get a release as you may need the extra collateral, especially for a larger business loan.

2. New lender takes a second position. 

They can take a 2nd position lien on the collateral.

This works best with real estate that has a lot of equity in it.  The new loan provider can be the 2nd lien holder against the Real Estate.

Example:  A first position lender has a lien on commercial real estate.   The property is worth $500,000 and the current balance is $100,000.   The new lender makes a loan for $50,000 and then takes a 2nd lien on the property behind the 1st lien holder.   2nd and even 3rd positions are usually limited to real estate or cash flow financing.

3. New loan proceeds are used to payoff the loan

The existing loan balance on the asset is paid off.   This happens most often when the balance on the loan is very low.  As part of closing, the 1st lien is paid off and that amount is debited from the proceeds of the new loan. 

For Example:  Your business is closing a loan for $50,000 using equipment as collateral.    There is a first lien holder on the equipment and that loan has a payoff balance of $10,000.  At closing, the new lender sends a check for the payoff amount to the first lien holder and takes a 1st position on the collateral.
 

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FAQ on getting a business loan using assets with a lien .

Can I use equipment with a loan on it as collateral?

Lenders may take a 2nd position on the collateral.  In most cases, they will not make a loan if there is a lien on the asset and it is not paid off.

Do I have to payoff the loan first?

You will have to payoff the loan in many cases.   Some real estate and cash flow loans may not require a payoff of the 1st lien holder.   This will vary by lender depending on their guidelines.

Can a lender payoff the loan on my collateral?

Lenders can payoff the loan on your collateral.   The process is faster when the lender pays off the loan because they will verify and also handle the payoff. 

Can I get a loan before I have the title in hand?

Ask the lender if they are willing to close the loan and request payoff and title from the lender holding the title as part of closing.    You will have to have the title in hand if they are not willing to do that.

Conclusion

Getting a business loan using assets with a lien is possible.

Find out the lender’s requirements early in the process.   If allowed, there may be extra steps that can take a few days.   Start right away and you can close a few days sooner.

Between a release of lien, a 2nd position, or payoff, there are several creative ways you may be able to use collateral that has a loan on it right now to get a new loan.

If not, find out if other lenders have different criteria that will allow you to use encumbered collateral.    Checking into these options often lets borrowers get loans they never would have gotten otherwise.

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 SmallBusinessLoansDepot.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.

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Business Tax Extension Loan For IRS October 16th 2023

Business Taxes Deadlines for 2023 and 2024

Do you need a business loan to pay IRS taxes by the due dates and haven’t come up with the funds?

4th Quarter 2023 Taxes: Due by January 16th, 2024
2023 Taxes due by April 15, 2024

Leverage the assets or cash flow of your business to pay IRS business taxes by April 15, 2024.   Several unique programs available, below now!

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Call 919-771-4177 for more info.

Apply above to: Pay IRS business taxes by the April 15th 2024 Deadline and Quarterly taxes for 4th Quarter 2023 by January 16th 2024. 

Multiple Programs to get approved through. 
Flexible criteria. 
Fast funding and closing. 

Get a business loan to pay the IRS extension deadline of October 16th 2023

Need the money to pay the IRS 2024 Deadlines?  Get your business tax extension loan now!

1. Funding against the equipment your business owns. 

Businesses that have construction equipment or over the road tractor trailers can use their equipment to pay tax extensions.

You can get between 40% and 60% of the retail value of the equipment, depending on the year, make, model & condition.

Example: Your business owns a 2010 John Deer Front End Loader with a retail value of $60,000.    Based on a 40% Loan to Value, the offer would be $24,000.    The percentage will depend on the condition of the asset, maintenance records and the results of a site inspection.

A 60% valuation would give an offer of $36,000.    These ranges may vary from lender to lender.   The difference is that most lenders will not make this type of loan at all and it is also considered a specialty business loan.

Traditional banks will rarely make this type of loan.  When they do, they typically only offer approximately 10% – 20% of the value of the equipment and require real estate as part of the loan.

Therefore, if your business has to have money to pay the IRS extension amount and gets any offer close to that range, it should be strongly considered.

2. Funding against business property. 

When the IRS amount your business has to pay is high, then you may need to use business real estate.

The real estate will need to have at least 50% equity in order to have a chance to get the amount you need.    A 50% equity requirement seems like a high number.   Most lenders do not loan against 100% of the value of real estate and 65% to 85% is the maximum.

It is hard to qualify to get a loan to value higher than 70% or 75% of the appraised value.

3. Funding based on the cash flow of your business.

Another option is to fund against the cash flow of your business.  This may be the best option for businesses that are asset poor.

For Example: Your business has limited assets but strong business revenues.  You need $25,000 to pay by October 15th,  and business annual sales are $300,000.

Based on getting approximately 50% of monthly sales, $25,000 X .50 = $12,500.     An average offer will be approximately $13K.    Offers in this example could range from $10K to $30K depending upon other factors.

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FAQ Business tax extension loan 

Can I get a loan to pay business taxes by October 15th ?

There are several programs your business can choose from to pay
October 16th, 2023 business taxes.    Consider programs based on your company assets or cash flow. 

What if we can’t pay the full amount of the extension?

Refer to your Accountant.   Typically,  accountants recommend filing the return, paying as much as you can and communicating with the IRS on a payment plan.  

What can we do if we don’t qualify for enough to pay for the October 15th extension?

You may qualify for more than 1 type of loan.  A 2nd type of loan may allow your business to get the extra amount needed to pay the IRS extension balance.

Conclusion

If you need a business tax extension loan to pay 2024 IRS Business taxes quickly, look at alternative solutions.

Getting a business loan approval when the use of funds is to pay business taxes is harder to get than for other reasons.   Look at less well known options mentioned above, including  based on assets and cash flow.

Leverage the strengths of your business to get as many options as you can.  The business loans you qualify for may not be the ones you prefer.   Be open to alternatives and your business has the best chance to get money to pay the IRS or State tax extension balance!

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 SmallBusinessLoansDepot.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 in Atlanta, GA. Specializing in Traditional and Alternative lending.

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Lowering MCA Payments: Pros and Cons

Lowering MCA Payments

Is it a good idea, or not?  Why would you not lower your cash advance payments if it will help your cash flow?

There are significant advantages, and disadvantages to lowering your daily cash advance payments.    Disadvantages can include large extra fees, difficulty getting future business loans and being declared in default.

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Apply Above!:For business loans  to help your business get funding without the problems after lowering payments.  Payoff options also!

Get the payments down

The lender has agreed to lowering  mca payments for you.  …….But should you do it?

Pros to Lowing MCA Payments: 

1. Immediate Cash Flow Relief: 

Lowered payments will give your business the immediate relief it needs from  daily advance payments.   How much it helps will depend on how many advances you have, how much the payments are lowered, and for how long.  Switching to fluctuating payments based on sales is another solution.

2. Saving Your Business

If you have stacked daily advance payments, first find out from all the advance companies if they will lower the payments, for how much and how long.  It may turn out that the savings are not enough.

Calculating this ahead of time will help you figure out if you should go forward or not.   Some advance companies may lower the payments and others will refuse.  The amount they will lower and for how long is different from one company to another, but the savings can be significant.

Example:

Acme inc has 2 daily cash advance payments.   Each payment is $200 per day.   $200 per business day times 21 business days per month = $4,200.      Two advances means $4,200 times 2 = $8,400.

Each cash advance company agrees to lower the payments in half,  to $100 per day for 21 days.   $100 per business day times 21 = $2,100 per month.   2 advances = $2,100 times 2 = $4,200.

The total savings is $8,400 – $4,200 =  $4,200 per month.  This is significant and your business may need to go this route if it makes the difference between staying in business or going out of business.

3. Avoiding Default

Lowering payments may prevent an outright default.  It will depend on what your contract says and discussions with each lender.    Many official defaults can be avoided by negotiating with the lenders and having a clear agreement that they will not designate and list your account as a default.   Check with the other owners when your business ownership percentage is less than 100%.

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Cons of lowering daily payments:

1. A Derogatory Listing with Business Lenders

Lowering cash advance payments will be considered a negative to funding companies.  Your account will be flagged.   Other lenders will see that your payments were lowered and may decline future requests.

2. It can still be a Default. 

Lowering cash advance payments almost always is a default per the original contract you signed.

It is very important to negotiate a non default  into your agreement when you lower payments.  Your account may be tagged and put into a database that still lists your business as a default account.   You may not even know this happened in spite coming to an agreement with the lender. 

3. Additional fees and other charges.

Lowering payments still means that your business did not meet the terms of the original agreement.    The advance company did not get payments they originally required.

They may impose a large additional fee as part of the agreement to lower payments.    This fee is often added to the end of the contract.    Your payments are temporarily lowered but the number of payments is extended.

This may still be better than missing payments and having an outright default, but factor this possibility into your decision.   The fees can often be significant, so ask about them when negotiating.

4. Trouble getting money later.  

Lowering cash advance payments will be considered a negative to other funding companies.  Your account will be flagged.   Other lenders will see that your payments were lowered and may decline any request.

This is basically a delinquency on your record and will make future borrowing harder.   Your business  will be declined more often.    This derogatory on your record may last for years.  As a result, your business may have additional problems getting financing.


FAQ on Lowering cash advance payments.

How can I lower my cash advance payments?

Call the merchant cash advance company and ask for your payments to be lowered.   You must provide a verifiable and critical business reason.   So make the request before you start missing payments.

Does it hurt me to lower payments?

Your account may be listed as having lowered payments in databases that can be seen by other lenders.  It can hurt future requests for business funding depending on the lender and type of financing. 

Does lowering payments mean I defaulted?

It depends on the lender, as well as the original contract  and your negotiations with them.  Read the contract first before contacting the lender.   Make sure they do not declare a default, otherwise your account may still be declared that way without you even being aware of it.

Conclusion

Lowering mca payments should only be done as one of the later stage options you choose to improve your cash flow. There are negative consequences that can be significant.

Once you choose this option, it needs to be handled  in a systematic way.  Decide which advances you need payments lowered on and make a plan to show the lender.  Explain why you need payments lowered, how much and for how long.

Prove to the lender that you will be able to resume regular payments and then keep making those regular payments.

If you have multiple advances, it is critical to take them all into consideration. Address them all at one time, rather than a scattered approach and your cash flow should be sustainable for the long term!

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 SmallBusinessLoansDepot.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.

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Declined For Missed MCA Payments? Get Money Now!

Declined for missed MCA Payments

Has your business has been declined for missed mca payments?  You don’t need to settle for a denial anymore.   There are other creative options to get approved and funding, today!

Choose from a loan against equipment and even a large business loans that you can still get even with missed cash advance payments.  Apply below.

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How to get a business loan with missed MCA payments:

Steps and tips on how to get a business loan after missing mca payments.

Tools needed: internet connection, computer, phone.
Supplies needed:  Time available

Step 1 Evaluate your missed payments.

The number missed is important. Missing 1, 2 or 3 payments is considered minor and should not prevent your business from being approved for more unsecured type bank statement loan funding.

Missing more than 3 consecutive daily advance payments may trigger denials with other lenders.  Bringing your account current is the first step to get new funding.

Communicate with the lender during the process.   Regardless of the outcome, it almost always causes the lender not to take more adverse action against you when behind.  It will also make new funding much easier.

Evaluate your missed payment status

Step 2  Match funding options

Tip: Begin a search for other funding options. Start the search broadly with other programs that your business may qualify for.  Decide which programs are the best fit for your business.

Look at the qualifying requirements for other programs.  Eliminate those programs that your business likely could not qualify for.   Prioritize and choose programs you can get approved for instead of programs you prefer.

Match the best programs that best fit to your business.

Step 3 Apply

Apply for the best matching program that allows for recent missed payments on other financing.  Talk to a representative before applying when possible.

Tip: Give them information on your overall profile and discuss your chances. If it is still a good fit, then apply.

Step 4 Close approval 

Review terms and conditions of any approval offer. Close the transaction if your business can handle the payments and the funding will assist in generating future revenue.

Step 5 Make a plan after denial. 

If the request remains a denial, then make a plan. Understand the decline reasons.  There may still be a chance to reverse the decision and get an approval.  Try this first.  Consider applying with other lenders when you cannot get approved.

Apply with other lenders.   If that still does not work, do not stop the process.
Begin working on correcting the reasons that were used for denial during the first funding request.   Whether it is credit, financials, or cash flow, try to improve this month over month until your profile meets the requirements of the previous lenders.

Make a short term plan if the denial remains in place.

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FAQ: How to get a business loan with missed mca payments:

Can I get a business loan with missed mca payments?

Yes, you can get a business loan with missed mca payments.   Review the decline reasons with the lender to see if the decline can be reversed.  Finally, you can work on correcting the denial reasons to get funding.

Can I get another cash advance after missing payments?

It is possible to get another approval.  An offer will depend in part on how many were not made, when they happened, and if they are still past due. Getting the account current is the most important step. Staying in frequent communication with the lender will help your chances as well.

Do missed cash advance payments show on my credit?

Untimely payments do not show up on your personal credit report if the lender has not declared a default.   Default accounts may show up on personal or business credit.  Check your contract.   It may provide information on how and when the lender reports delinquencies.

Conclusion

Being declined for missed mca payments is something that can be overcome.  Don’t wait several months to get funding.

Try to reverse the decline decision with any current lender.   Look for lenders that will approve your profile the way it is now.   Then work on correcting all your main decline reasons for the future.

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 SmallBusinessLoansDepot.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.

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MCA: As Little as 1 Month’s Bank Statement

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 time in business. Restriction Apply, ask us how!

Complete the one page application below & provide the first month’s business bank statement. This is a start up specialty bank statement loan program for new businesses OR businesses that recently started generating revenue.    Visit our homepage for more programs.  To visit the stand along video page for this video, go to
how to get an mca with less than 3 months bank statements.

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1.As litttle 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.

A short time in business is also #8 of the Top 9 reasons why your MCA was declined.

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.

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MCA Cash Advance: Less than 3 Months Bank Statements (Video Transcript: Click to Expand)
[ city street sounds ] Welcome to Smallbusinessloansdepot [ woman says Ooh! ] Need an mca cash advance with less than 3 months bank statements ? Even as little as 1 month 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. 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 smallbusinessloansdepot.com.

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.

Program Options

From Unsecured Cash Flow Loans like Bank Statement Loans, Business LOC style options, Asset Based Loans on your Equipment, Trucks, Big Rigs, Construction Equipment, and how to get a large Business Loan Through smallbusinessloansdepot.com. Click on the apply button at the bottom right of this screen. Weekly, bi-weekly, daily, or Monthly payments options are available, depending on the program. There are specialty low rate programs for preferred industries like Retail, restaurant, auto repair, beauty supply and spa, medical, Dental, and Chiropractors. 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 type of businesses That have trouble finding options. Get a business loan when the owner, has a Misdemeanor or felony conviction on your background record. How to get an mca cash advance. What are the Qualifications for example, to get your first cash advance. Calculating affordability: Can I afford the payments? What to do if you need more money. Should I get a 2nd or even a 3rd Cash Advance? There are ways to get more money through your existing advance that are better than getting multiple advances from different companies. Articles on getting the lowest rate MCA if you need a longer term than the Standard 6 to 9 months on cash advances. And when it’s time for a renewal, get the lowest rate on your renewal.

Alternative

Several Articles are dedicated to how to get an Alternative to a Cash Advance. Also learn what some states like California, Virginia, Florida, Utah, New York and others require for bank statements and the disclosures involved. Solutions for closing requirements that you cannot meet that often cause last minute declines just Before closing. How to pass a bank verification such as DecisionLogic that is required before your business is funded. Find articles on specialty business loans to repair your Truck, against your truck Or vehicles, or against your trailer. Have you ever been asked for an MTD Month to Date statement? We show you how to get it Step by Step and also avoid being declined For problems with your current month such a 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 Business Loans are declined and what Business loans you can get approved For and close with a low score and other problems. Emergency business money for Payroll and Product Orders. Is your business is a new start up and you do not have 3 months Statements or time in business? Read about the options. Many businesses have low or declining monthly deposits and low Average balances. Find out where and how your business can get Funding with these issues.

Apply

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 smallbusinessloansdepot.com. On YouTube, please subscribe, like and Share.


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 SmallBusinessLoansDepot.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.

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Merchant Loan Closing Call: Top 4 Tips

Merchant Loan Closing Call

A merchant loan closing call is often required before the lender will wire funds into your account.    They will alert you when you need to take and complete the call.

But what exactly is a merchant call?   Why is it important?    How do you pass it,  – or fail it?

Consider the top 4 ways, detailed further below, to easily handle a merchant closing call.

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Call 919-771-4177 for more info.

1. Give fully accurate information.
2. Don’t withhold anything critical.
3. Do not volunteer information.
4. Do not answer if you are unsure. 

Apply above:  For business loans with expert guidance to help your business get past ANY issues and get funding today!

How to pass a merchant loan closing call

The lender is making the borrower closing call to you.

4 Top ways to insure the merchant loan closing call is successful and you get funds. 

1. Give fully accurate information: 

When the lender calls, always accurately answer every question.

Even for minor issues, always give completely accurate answers. This also includes clarifying things.     You may be asked about the most recent cash flow in the account since the beginning of the most current month, also known as month to date or MTD statement.   The lender may want to know if your cash flow has changed since the beginning of the month.   Make sure your balance is not low when the loan closes.   Having about three times the daily payment is safe.

Example #1:

The business address on the application is a mailing address rather than the physical address.    The lender confirms the business address with you.    Let the lender know the address listed on the application is not the physical address for the business.    Give them the physical address if they ask for one.

Another example is if the lender asks if you are the owner.   If there are more owners, let them know about each one.

Other examples can include giving updated information on the company such as product lines, website detail and a full explanation of what the company does.

2. Don’t withhold critical information

If you have important updates that the lender does not know, tell them or give them an update during the live merchant loan closing call.

Any updates not provided before closing can backfire and cause major problems later.    Even if one of these reasons means your business loan does not close, it is better to work through the issues now.

Example # 1:

A company buyout.   You are in negotiations to sell the company and have not told the lender.    This is critical information they would definitely want to know and likely would not approve the request if they knew.

Example # 2:

You are 1 of 2 owners of the business guaranteeing the loan.   You plan on buying out the other owner after closing.   It would be advisable to tell the lender what your plans are.    The lender approved the funding based on the current owners of the business.   If the lender knew one of the guarantors will be bought out shortly after closing, they may not approve the request.

Example # 3:

The IRS or state is filing a tax lien against you personally, or your business.
If you need money to pay irs business taxes and the IRS or State is about to file a lien against you or your business, it is risky not to tell the lender about this.

The loan contract may say the lender needs to be made aware of any impending liens that may be filed against you.    Not disclosing this type of information could be considered a violation of the contract.

Example # 4:

Outstanding liens on assets.   The lender does a search of existing liens and may not find your listed assets as encumbered.   The lender must be told about any liens they did not find in their search.

Sometimes previous lenders may have put a blanket lien on assets and those assets are not itemized at the Secretary of State.   Such liens are sometimes called a lien on all assets, including furniture, fixtures and equipment.    This type of lien may not list a specific asset, but still includes that asset.   Tell the lender which specific pieces of equipment are encumbered.

3. Do not volunteer information

In general, do not give information that you are not being asked about.

Providing anything not asked for has the potential of stopping the closing. You may be telling them something they did not know about and will not like.   Even if it is minor, it may be enough to cause the loan status to be put on hold and then declined.

4. Do not answer if you are unsure.

Many times we want to get tasks over with. This causes us to sometimes answer questions when we are not completely sure about our answer. Don’t do this! If you are not sure, tell the lender you will check and call them back.

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Call 919-771-4177 for more info.


FAQ on Merchant Loan Closing Calls.

What is a merchant call?

A merchant loan call is when a lender is about to close and fund a loan.  One of the closing requirements is they call the borrower just before funding to confirm their identity and the loan request.

What do I say on a loan closing call?

Always give correct information.  Do not withhold anything critical.  Also do not volunteer any information or answer questions when you are unsure.

What if I fail a borrower closing call?

Call the lender to find out if the problem is something that can be corrected in the short term to still fund the loan.   If not,  get a full understanding of why the call was not satisfactory.

If you cannot get the decision reversed, apply with other lenders and eliminate the issues on your next approval before the closing phase.

Conclusion

Loan closing calls for businesses are a quick,  but important part of the completion process.

Do not take the call when you are in the middle of another task.  Try to find out when the lender will call and what the questions will be about.

Mostly, just answer the questions accurately and thoroughly. If there is a misunderstanding or the lender does not know something important, correct and update them.

The lenders want to close the transaction.   They are looking for every reasonable way to close rather than decline.  If there are still issues, then discuss them with the lender.    They will give you the best plan to get past any hurdles and send funds to your account.

This should result in a quick closing process and funding!

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 SmallBusinessLoansDepot.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.

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How to Pass Bank Verification: DecisionLogic

How to Pass a Bank Verification for a Business Loan:

Video Description: How to pass a bank verification for a business loan. Step 1: Add current months deposits. Step 2: Find out the minimum current balance required to close. Step 3: Check NSF and Overdraft limits. Step 4: Closing tips
How to Pass DecisionLogic bank verification (Video Transcript: Click to Expand)
[ city street sounds ] Don’t get declined for failing a [woman says no ] bank account verification
or Decisionlogic to get a business loan or a Cash Advance. Will Sanio, SmallBusinessLoansDepot.com. Today’s Video: How to pass a bank account verification to get money for your business.Start the process anytime by Tapping apply on the Bottom right of this screen, or tapping on the end screen of this Video, or on the Apply Button on the Webpage.

Step 1: Total Deposits:

[ woman counting bills ]Look at the total deposits into your business checking account for the current month. You want the dollar amount to be on track for the current month or not more than about 25% less than the average for the last 4 months.

Step 2: Minimum balance:

Know the minimum amount you need to have in your account at the time of the bank verification or decision logic. Often it’s a multiple of the payment, either daily, weekly, bi-weekly or monthly. Example: If your payment is $90 per day 5 days a week, then the minimum you should have in your account is about $270 for a cash advance and many other business loans. If the payment is $500 per week, then you should have at least $500 in the business account but better $1,000 or more. If the payment is $1,000 a month, then you should have at least $1,000 but better $2,000 or more in the account. If you do not have the minimum amount needed to close, [ clock ticking ]it is better to wait a few days or longer until you do, or you may be declined right before closing.

Step 2: Overdrawn:

Your account should not be overdrawn at the time you do the bank account verification or Decisionlogic, your business will be declined if you are. If you are overdrawn, you must wait until the account has a positive balance. If you’ve recently been overdrawn more than 2 or 3 days in a row, the lender may decline for that reason. If your business account was overdrawn a total of 5 days or more per month during each of the last 4 months, that may trigger a decline.

Step 3: NSF’s:

Also known as insufficient funds are charges that were rejected by your bank or debits that were paid but overdrew the account. The bank account verification looks at the NSF’s since the beginning of the month. You should not have more than about 5 or 6 average per month NSF’s during the current month. In summary, the lender will look at your current balance, and for the month to date since the beginning of the month, your total deposits, NSF’s and overdrafts and make a pass or fail decision.

Step 4: Complete:

If you pass, this is often the last step. In some cases, final verifications of the business and owners are completed. If it is the last step, [ woman giggling ]you will be funded.

If you fail the bank account verification, [angry woman growling ] try to find out from the lender what the problem was. You may be able to fix it in a few days such as low current balance or too many overdrafts or NSF’s in the current month. [ vault door opening ]The lender may be able to fund you after a week or two of good balances and cash flow. [ fire hose gushing ] If your cash flow had more problems, the lender may tell you to wait longer and do the bank account verification after that. Work closely with the lender to find out how long that is. For more details tap on the end screen or go to smallbusinesssloansdepot.com [guitar sound ]

You need to complete a bank verification such as DecisionLogic to close a business loan.  Your balance may be low or overdrawn.

Don’t fail your bank checking account verification requirement.

START NOW

What is Bank Verification, also known as DecisionLogic?  Bank verification reviews your recent business cash flow to make sure your deposits are not too low and your business can handle the new business loan payment.  To review the
video mode only page, go to pass decisionlogic bank verification.

Call 919-771-4177 for more info.

Pass bank account verification for a business loan

STEP 1: Review Total Monthly Deposits:

VIDEO CLIP below: Total Deposits: How much is enough?:  23 Seconds –
38 Seconds in Clip below.

Don’t get declined for failing a bank account verification or Decisionlogic to get a business loan or a Cash Advance. Total Deposits.  Look at the total deposits into your business checking account for the current month.

You want the dollar amount to be on track for the current month or not more than about 25% less than the average for the last 4 months. If it’s much more than that your offer may be reduced or declined.

Total Deposits in the current month: How much?


STEP 2: Check the Minimum Balance Required

VIDEO CLIP below: Minimum Balance:  39 Seconds –
79 Seconds in Clip below.

TIP:  Know the minimum amount you need to have in your account at the time of the bank verification or decision logic. Often it’s a multiple of the payment, either daily, weekly, bi-weekly Or monthly.

Example: If your payment is $90 per day 5 days a week, then the minimum you should have in your account is about $270 for a cash advance and many other business loans.

If the payment is $500 per week, then you should have at least $500 in the
business account but better $1,000 or more. If the payment is $1,000 a month, then you should have at least $1,000 but
Better $2,000 or more in the account.

TIP:  If you do not have the minimum amount needed to close, it is better to wait few days or longer until you do, or you may be declined right before closing.

What is the minimum balance I need to pass a DecisionLogic bank account verification?


Overdrawn: 
VIDEO CLIP below: Overdrawn: Is Approval Dead?:  80 Seconds –
103 Seconds in Clip below.

Review recent overdrafts for the last 4 months in your account. Your account should not be overdrawn at the time you do the bank account verification or Decisionlogic, your business will be declined if you are.

TIP:  If you are overdrawn, you must wait until the account has a positive balance. If you’ve recently been overdrawn more than 2 or 3 days in a row, the lender may decline for that reason.

TIP:  If your business account was overdrawn a total of 5 days or
More per month during each of the last 4 months, that may trigger a decline.

Not more than about 5 overdrafts prorated over the current month.


Step 3: Review NSF’s for the last 4 months in your account.

VIDEO CLIP below: NSF’s: Insufficient Funds:  104 Seconds –
131 Seconds in Clip below.

TIP:  NSF’s: Also known as insufficient funds are charges that were rejected by your bank or debits that were paid but overdrew the account.

TIP: The bank account verification looks at the NSF’s since the beginning of the month.   You should not have more than about 5 or 6 average per month NSF’s during the current month.

In summary, the lender will look at your current balance, and for the month to date since the beginning of the month, your total deposits, NSF’s and overdrafts and make a pass or fail decision.

NSF’s: Don’t have more than about 5 for any one month.


STEP 4: Complete

VIDEO CLIP below: Complete: Pass or Fail Bank Account Verification for Loan:  132 Seconds –
171 Seconds in Clip below.

TIP: If you pass, this is often the last step. In some cases, final verifications of the business and owners are completed. If it is the last step, you will be funded.

If you fail the bank account verification, try to find out from the lender what the problem was. You may be able to fix it in a few days such as low current balance or too many overdrafts or NSF’s in the current month.  The lender may be able to fund you after a week or two of good balances and cash flow.

If your cash flow had more problems, the lender may tell you to wait longer and do the bank account verification after that. Work closely with the lender to find out how long that is. For more details tap on the end screen or go to smallbusinesssloansdepot.com.

You have passed the final bank account verification process. What happens next?


START NOW


DecisonLogic is a company that many lenders use to verify a bank account and it’s activity.   They review the current month to date , recent negative days or overdrafts, the current and average balance, and is a main reason an MCA is declined. If you have recently opened a new business checking let the lender know.   


Review

1. 3 Times the Loan Payment.

The current balance must be positive. An overdrawn will result in an immediate decline.

Do not move forward with the review with less than twice the new payment in your account.  For more info on how to successfully get a loan of this type, you can watch the How to get a Bank Statement Loan Video.

For Example:

If the new payment is $400, then you should try to have $800 to $1,200 available to help insure you will pass a Decisionlogic verification.  Don’t have a low balance the day of the balance check.

2. Few or No Negative Days.

The most recent week should have no negative days.

Don’t worry too much.  A negative balance day will not automatically decline you.   If you had more than one overdrawn day, the risk of a reversal of the approval increases. You want a maximum of 5 total negatives in any of the last 3 months bank statements to get funding.

3. Strong Average Balances

The current month’s average daily balances should be strong.  The  amount depends a lot on your overall business sales and any new debt.   Do keep an average daily balance of at least $1,000 if possible.   Pay close attention to this if your business has had recent low sales.

Businesses with higher annual revenues must have higher average balances in their checking account.

Lenders look at this number to help them decide if the business will have the cash flow to handle expenses and all required payments.   Strong average balances will help you successfully pass a decisionlogic review.

4. No New Loans

Your business should not have taken out any new loans during the last 30 days. The lender can see any new debt through the end of the previous month, but not the current month.

Did you take out a new loan in the current month?   New loans taken out since the beginning of the month trigger a re-review.

Call 919-771-4177 for more info.


FAQ: How to pass a DecisionLogic Bank Verification Check:

What is a Decisionlogic check?

The lender securely reviews the current and most recent cash flow in your business checking account. They use that information as part of their final closing items to decide if the loan will close and fund.

What can I do after failing DecisionLogic?

Talk to the lender. Try to find out as much as you can about why you did not pass the account verification review. Also ask if you can wait a few days and try DecisionLogic again. Some declines are based on low balances and very recent NSF’s.
New deposits coming in during the week along with a clean account can change a decline back into an approval.

How do I pass a DecisionLogic check?

The lender may not tell you but find out as much information as you can. Tell them your current and recent balances are and ask if that will be good enough to pass and close the loan.

Conclusion

Ask the lender what they are looking for before the bank verification check.

What if I failed the verification check?  Ask if you can try it again after you make substantial deposits or overcome the obstacles that caused the verification to fail. These 2 main ways should allow you to overcome the verification hurdle and get funding!

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 SmallBusinessLoansDepot.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.

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The Bank Has Called Your Loan Due: Top 3 Tips

The Bank has called your Loan due now

What can you do? Has the bank called your loan due immediately?  It is a very stressful scenario.

You may have received a letter or call demanding that you payoff your business or personal loan immediately.  Very few businesses can afford to satisfy a debt from one day to the next.

Consider the top 3 ways further below to fix the problem, avoid a quick default, and save your collateral.

START NOW

Call 919-771-4177 for more info.

Apply above to: Payoff or Refinance your company debt now – before it is in default.

Payoff the Full Balance
Refinance and Extend the term
Negotiate to Restructure or Settle

Bank delinquency rates have gone up in the 1st Quarter of 2020. You can review the Federal Reserve’s Charge-Off and Delinquency Rates report on loans and leases at commercial institutions below.

 

Quarterly financials, credit score checks and other reviews are often requested.

If your overall situation has deteriorated, you may be at a high risk of a traditional financial institution calling your loan payable immediately.

Familiarize yourself with your best options beforehand.

The Bank has called your loan due and payable, immediately

3 ways to work it out

1. Attempt to renegotiate the contract:

Call and ask for extra time to respond to them.  When ready, ask if they will restructure the existing debt and extend the terms.

Calculate in advance the highest payment you can afford and ask if they can extend the contact to match that.  Provide data and documentation to support your request. This can include recent bank statements,  a current budget such as a profit & loss statement, or tax returns.

Show your calculations for the maximum payments you can make. Provide your supporting documentation and make your request.  Ethical lenders will arrange a workout to avoid a quick payoff demand you cannot meet.

Negotiation Example:Your monthly payment is $800 and you have 30 more to make.  The balance is $24,000.   After looking at your current and future cash flow, you calculate that you can afford $500 per installment.  Ask if you can extend the term of that contract from 30 to 48 and counter that you can manage  $500 per month. If they will not agree, contact or apply with us for payoff or refinance options.

2. Payoff the Loan

Paying off the loan is usually the best option but the hardest to do within days.   Borrowers that have this option available sometimes do not choose a payout.

Many do not want to sacrifice their hard earned assets and liquidity to payoff a debt that is already in default.   At that point, some borrowers would rather negotiate a settlement or protect their assets through a bankruptcy filing.

Primary real estate held as collateral will make the borrower want to avoid a default, if they can. When the borrowers home, stocks or other valuable collateral is at stake, then borrowers strongly consider a payoff using other resources. This avoids a larger loss through total forfeiture of their collateral.

3. Refinance the Debt

Paying off the existing balance is also the hardest way. A refinance can often be approved by using a longer term asset based program to refinance.  Borrowers that qualify for 24 months or longer improve their cash flow up to 75% or more every month. They also may get a weekly or monthly payment.

For Example:The original amount of $50,000 has been delinquent. The current balance is $15,000 and the bank has called the loan due.  Regular payments are $1,500 per month. You have 10 installments left but cannot make them. It will take your business at least 90 days for sales to get close to normal, but the lender won’t give you the extra time to recover.

If you can refinance the contract with a 24 month asset based loan, then your monthly amount due is $625 per month.  You have reduced and improved your cash flow by 140%.   A refinance can be very successful in this type of situation.

Warning Signs

With the nation’s top economists forecasting that the economy will contract 6% overall in 2020 including a sharp 2nd Quarter decline, bank delinquency rates have increased. The chances are higher for personal and business loans to be called by lending institutions to protect their portfolios.

START NOW

Data Secure 15 Second Request Form Here.

Call 919-771-4177 for more info.

FAQ Bank called loan due.

Can the bank call my loan due?

Many banks have provisions or covenants in their contracts that allow them to call the loan anytime and for any reason. Most borrowers are not aware of this.

What should I do if I get a payoff demand letter?

Always negotiate professionally and in good faith regardless of the situation. If you end up in court this can help your case. Make a documented case for why you cannot pay. Offer to renegotiate or settle the debt if you are able to. Use any professional legal assistance available.

What can I do if the bank wont negotiate or settle?

Pay the loan off or refinance if you can. If you cannot, then get legal representation to represent you and continue to negotiate. Often the lender will make a final offer before a court case. Arbitration written into the contract may call for a different strategy.

Why won’t the bank negotiate with me?

Willingness to negotiate varies from one institution to another. Large lenders may be less willing to negotiate because it is often a very bureaucratic process. A decision to declare a default is harder to solve after a default status.

Conclusion

If the bank has not called your loan yet, take action as soon as possible. A decision to move towards a default status has already been made when your loan has been called.

Each lender has different levels of flexibility in how they will handle the process going forward. Your responses can influence their actions and final outcome.

Do not assume that your collateral will be taken and you cannot do anything about it. If the bank believes you have a viable plan to repay or reach a workable settlement, then you may be able to get them to settle or restructure the debt.

You must, however, provide a viable, realistic plan and documentation of how you can get back on track quickly. If you cannot, then planning now on how to handle a possible default status may be your best option.

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 SmallBusinessLoansDepot.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 in Atlanta, GA. Specializing in Traditional and Alternative lending.

Follow me and our Videos below!

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Restarting Daily MCA Payments: 3 Best Ways

Restarting Daily MCA Payments: How to make it work

Is your cash advance company restarting your daily or weekly mca payments but you still cannot pay them?  Your business may need weeks, even months for sales to recover from the virus lockdown and make the payments.    Consider 3 ways to avoid defaulting, further below.

START NOW

Call 919-771-4177 for more info.
Complete the application above to:

    • Extend the terms by refinancing
    • Consolidate your advances
    • Payoff the advances

Is your mca cash advance company restarting your daily payments? Top 4 options if you cannot repay

1. Extend the terms and refinance the contract:

Tell your cash advance company that you need more time for your sales to recover.     Ask if they will refinance the existing mca contract and extend the terms.   Calculate the highest amount you can afford to pay daily and ask if they can extend the contact to match that amount.  Provide data and documentation to support your request. This can include recent bank statements and a current budget such as a profit & loss statement.  Include your specific calculations showing the maximum amount you can pay. Call the advance company,  and use your supporting documentation to make your case.

For example: Your regular daily payments of $100 per day for the remaining 50 days of the contract are being debited again.  The remaining payments still total  $5,000.   After looking at your current and estimated future cash flow, you calculate that you can afford $60 per day for that contract.   That equals about 83 more payments.   Ask if you can extend the term of that contract from 50 days to 83 days and confirm you can handle a $60 per day. If they will not, contact or apply with us above. We will help you get through this process.   The lender will also verify balances and what your business can afford. 

If you have more than one cash advance, then do the same calculations for the other contract(s).    First calculate the total of daily cash payments you can make.    Then figure out the maximum you can pay daily for each contract .

2. Consolidate your advances

You can consolidate multiple advances with one loan. This helps you because the new loan will be a longer term than the ones you have now.  Most have a term at least 50%, and up to 100% longer than the current positions.  A condition written into the contract does not allow your business to take any more new debt without permission.

Consolidators take this condition seriously. Taking new loans violates the terms and puts you in default. It is then up to the lender to enforce a payoff demand of your contract.

A variation is known as a reverse consolidation. This is easier to be approved for and could improve your cash flow by 25% to 50%.

3. Payoff the advances that have started debiting

Paying off the existing advances usually is the best way, but also the hardest way. A payoff happens by using a longer term asset based program to payoff existing positions. Borrowers that qualify for 24 months or more improve their monthly cash flow as much as 75% or more every month. They also get a weekly or monthly payment.

For Example: Your business has a cash advance originally for $50,000 that was paused. The current balance is $15,000 and the mca company is going to restart the payments that are $550 per day. You have to pay 27 more but still cannot make them. It will take your business at least another 2 to 3 months for sales to get close to normal.

With the current payments, you have about 5 weeks left in contract. If you can pay the contract off with a 24 months asset based loan, then your monthly obligation is $792 per month = $37 per business day.  $37 % $550 = 7%.  You have reduced and improved your debt by approximately 93%.!   Your monthly outflow on this debt went from $11,500 down to $792.  

START NOW

🇺🇸 Call 919-771-4177 for more info.


FAQ: Frequently asked Questions on restarting daily payments:

Can the cash advance company restart my daily payments even though I can prove my sales have not recovered?

They can restart your daily payments even if your sales need much longer to recover. Calculate what you can pay per day and propose a current and increasing payment to them as sales continue to increase. Provide them the documentation to support your numbers and proposal.

What can I do if the mca advance company won’t negotiate a payment I think I can handle?

Consider a consolidation of multiple advances or a refinance buyout of one of the positions. Another option is a payoff with an assed based longer term product which may be 12 to 24 months or longer and have a monthly payment.

What is the best way to get the mca advance company to work with me in taking the full payments out of my account again?

Tell them what is the most you can pay and give them reasons why. Give them data and documentation to back up what you say. This can include the most recent 3 months bank statements, a month to date statement, interim profit and loss, and balance sheet statements. Calculate and itemize your business income and expenses to prove your claim of the maximum daily payment you can make now.

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 SmallBusinessLoansDepot.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.

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Three Times the Daily Payment: What is it? How to Handle It

Three times the Daily Payment

What does that Mean? The lender says you need two to three times the daily payment to close a business loan such as a bank statement loan, cash advance or loan against on equipment.

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What is three times the daily payment?

Your business needs three times the daily payment.  A once per day payment of $150 requires $450 to be in the business account at closing.  How do you close this loan when you do not have the funds?  Our funding experts will guide you through the process.

Complete the application below or contact us.   Our hands-on representatives will get your business through this problem, avoid a decline, and get funding now.

Example of needing three times the daily payment to get funding

Road Runner Roofing receives a $50,000 merchant cash advance offer.  The payment is $200 per day.  Just before closing, the advance company does a standard bank account verification check.  One of the items reviewed is the current balance, and Road Runner roofing has $400 on deposit.   The cash advance company declines the loan.  They have $200 less than the $600 the lender wants.  What should they do?  Contact us now at Tel: 919-771-4177

So what else is the lender is looking for?   The lender looks at excessive recent overdrafts, low balances,  and low average balances.  Recent negative balances lasting more than a day or two are also a problem.  Take another look at these other cash flow trouble spots.  They can bring funding to a stop immediately and permanently.

Three times the daily payment: How to make sure you have it and get your deal done.

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FAQ: Frequently asked Questions:

Question: What is three times the daily payment?

Answer: Three times the daily payment refers to a frequency requirement for closing an mca merchant cash advance. Take the payment your business has to pay and multiply it times 3. A once per business day payment of $250 would require a balance of $750 at closing to avoid a decline for not enough money in the business account to cover the payments.

Question: Will we be declined for having less money in the account at closing than what is required?

Answer: Your business may still be funded, but the account balance is compared to the amount the lender wants to see. Your current and recent balances, average daily balances, overdrafts and nsf’s will also be reviewed.

Question: I don’t have the required closing amount in the business account for a cash advance now. What should I do?

Answer: Wait until you can make a deposit to meet the amount required for the mca cash advance company to fund. If that will take too long, then call the lender and tell them how much you have on deposit now. Ask them if that is enough before the closing department does the account verification. Transferring money from another account is an option.

In conclusion:

You should be aware of the importance of how much money is in your business checking account while applying for a business loan.

As discussed, if your balances are too low, your business may get declined at the last minute, just before closing. Once you are declined, it is difficult to have the decline decision reversed. Make sure you know what account balances the lenders want to see!

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 SmallBusinessLoansDepot.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.

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Declined for a Small Business Loan for Recent Low Sales?

Are Recent Low Sales keeping your business from getting a loan?

For many businesses,  low sales months cause business loan declines, especially when deposits are under $10,000 a month.
Read the full Article here: Deposits under $10,000 a month.

There is an approval fix to reverse a business loan decline!  Choose from several small business loans  your business can get with revenue drops as much as 75%!   Good sales this month?  Provide a MTD Month to date bank statement.

It is also the # 2 reason of the Top 9 reasons why your mca was declined.

Complete the secure application below.

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FAQ Frequently asked questions on getting a business loan with low recent sales

What are slow sales considered?

When sales are less than normal for a specific time period. Lenders consider any reduction of sales of more than 25% to be a significant reduction.

How do lenders look at a major decline in sales?

Lenders want to know why were sales low and for how long. They also want to know when sales are expected to rise again and how much. Lenders also look at the percentage drop in sales. If the business can survive, pay all expenses and make a profit are then evaluated in the loan decision.

How can I get a business loan when we are operating at 50% capacity?

There are several other types of financing a business may still be able to get now even with a big drop in sales. Asset based financing is the most likely, including using receivables, equipment or real estate.

My business tax returns last year were good. Why did the lender still decline us for the recent drop in business sales?

The lender is looking closest at the condition of your business right now and in the future. Lenders see a recent big downturn without knowing when sales will go back to normal as very high risk.

Have your business sales been low in the last few months?

Many businesses have had low sales during part of the year and as a result, have trouble getting financing.

Save your  time.   Don’t spend weeks racking up hours and inquires applying with lenders and programs that are almost certain to decline your business.   Apply with programs  that will lend even with much less demand during the virus. Get funded now.   Apply above.

Can we get business funding with no recent sales?

What are examples of declines in demand?:

December, January and February were much slower sales due to seasonal business.
The most recent (3) months sales are looked at.   The total deposits per month are reviewed to determine trends.   Questions by the lenders include:
Is there a downturn?   If so, how much?   What were the customer’s average daily balances?   Were they overdrawn with NSF’s and overdrafts?

50% or 60% reduction in sales
Lenders look at how much of a reduction in business your business has had.  How steep of a reduction, how quickly, how long and has the business started to recover?   The main thing lenders will look at is the percentage sales drop.  Any drop in sales over 25% is considered significant.  Funding may still be possible with drops of 50% to 75%.    If a business has had a major drop in month to date revenues but still needs a larger business loan, then they can add real estate to back the funding and get a much higher loan loan.

Some segments of your business were strong while others had very low sales.
Example:  A retail store’s overall sales in March, April & May were down 50%. In store customers dropped to almost 0 because of the lockdown.    However, because their website offers shipping and delivery of products, online sales were up 75%.

How to get a small business loan in spite low recent sales?

– Make your case.   Don’t just say business was bad.  Say more.
Example:   Explain why.  You can say “We had a drop in business and purchases because of the virus. In spite of that, we are now open and sales are increasing”.

Tips and steps to explaining low recent sales to lenders to help get a business loan

In the example above, provide the information when applying.  Explain how it was not the fault of your business, and you still had sales that are now increasing, both positive current trends. This shows that your business overcame obstacles and is rebounding.

Have all the following questions already answered about the slowdown in business and provide them when you apply.
Why?
How bad has it been?
What is the situation now?
How has it affected your business?
What are you doing about it?
When do you expect sales in rebound and increase?
How can you show the business will survive?

If your business has started to recover in May, consider loan options now.

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 SmallBusinessLoansDepot.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.

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Declined For Not Enough Collateral? Take these Steps

Has your business been declined for not having enough collateral?

Then choose from a small business loan that has 5 very flexible no collateral options.      Click on the Info Form below because fast as same day funding is just a click away.

You may still able to negotiate.   Lenders often want too much collateral and borrowers do not push back.   Sometimes lenders won’t accept high value vehicles because they need repair.   Use a truck repair loan to get broken down assets in operation again and qualify as acceptable collateral.

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Business funding does not have to be hard to get.   Does your business have collateral or cash flow?   If so, there is a program that will fund your business. Requests for higher amounts are much more likely to be declined for the applicant not having enough collateral.     Denied for not enough collateral?  See Tips, FAQ questions and answers below.

The most flexible business loan collateral options of all programs. If it can be used as collateral for a business loan, it will be!

 

Frequently asked questions FAQ declined for a business loan for insufficient collateral.

What does insufficient collateral mean?

You or your business did not have the assets that lender wanted to approve a loan. We specialize in funding business loans against collateral large and small using many asset types and with the toughest credit a borrower can have.

What can be used as collateral for a secured loan?

We can use equipment, vehicles, semi-trucks, trailers, and real estate for hassle free and quick funding.

What if I don’t have collateral?

A cash flow or unsecured loan can be approved. Pre-qualify immediately and get an approval and funding within hours in many cases.

Why do some loan companies want collateral?

To approve a business loan instead of declining it.   The lender can sell the collateral if a borrower defaults and recover what is owed to them. This lets them make more and higher offers.

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 SmallBusinessLoansDepot.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.

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How to Get a Hot Shot Truck Loan

Steps and tips on how to get a hot shot truck and trailer loan.

Hot Shot Truck Loan: Easy Steps and Tips

Steps and tips on how to get a hot shot truck and trailer loan. With a hot shot truck loan a driver can get a big rig tractor and trailer on the road.  Loans also include trailers such as gooseneck trailers, car haulers and semi -trucks.    Low credit scores may qualify and some start up options are available.   Need some repairs done?  Learn about a truck repair loan today.     For funding on a trailer, read about getting  loan on a trailer that you own outright, or just watch the loan on a trailer video here.

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Need something without putting up your vehicle?  Consider our bank statement loans page, or just watch the bank statement loans video here.

Does your Hot Shot Truck down need a truck repair loan for mechanical or body work? Use this program for:
Transmission repair
Body Work
Engine work
Upgrades

Get back on the road asap by completing the short Info form below now!

Data Secure 15 Second Info Form Here
Call us at Tel:  1-919-771-4177, or Question? Contact us here.

Estimated Cost: $0
Total Time: 1 Day
Supplies Needed:  time available.
Tools needed: Internet connection, phone, computer

 

How to get a hot shot truck loan

Step 1. Make a list of the trucks needed.

Include description, manufacturer, year and model numbers. Have your information on the hot shot trucks you need ready to go.

Have the description, manufacturer, year and model number ready for each tractor trailer truck and trailer.

Look for lenders that specialize in hot shot truck and trailer financing.

Step 2. Contact lenders that finance hot shot truck loans on trucks and trailers that you are looking for or already have.

Tip: Programs lend up to 95% maximum on qualifying trucks and trailers.
The vehicles and trailers must be free and clear. Have the information on the seller ready and whether the seller is a vendor or private party.  It is easier to get approval for financing from a deal than a private party.
Ask about their approval requirements and program options including credit scores, down payment needed, documentation required, time in business and time to close.   Decide which programs are the best match for your business based on the requirements and your own profile.  Give the funder basic information on the trucks and trailers.   Ask what your chances of approval are and if they can pre-qualify you.

Call the lenders that specialize in this financing

Step 3. Provide income verification to strengthen your request.

List the stronger credit owner first because you will increase your chances for approval and also get higher offers.  If your credit score is low but you can make a higher downpayment, tell the lender.
TIP:Higher down payments increase the chance of approval and more favorable terms.

Step 4. Complete application for funding.

If you are approved,  review terms and conditions including down payment requirements, fees and time to close.   If you are not approved contact the lender to discuss available options.

Once you have matched the best program to your profile, complete the application.

Step 5. Request closing documents

Complete all closing stipulations and lender closing call with the customer.
Confirm the funded amount to you as well as when and how your business will receive funds.

Look over all terms and conditions on offers. Consider early payoff options and compare terms on multiple offers. If declined, then apply with other programs. Ask what the decline reasons are and whether your application can be reconsidered if you resolve any decline reasons.

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FAQ Frequently asked questions on how to get a hot shot truck loan

How can I get a hot shot truck Loan?

To get a hot shot truck loan, provide information on the vehicle and trailer. The year, manufacturer, model number, cost and amount you have down are needed to start. An invoice or bill of sale may be required.

Do I need a down payment?

You will need at least a 5% to 10% down payment. A lower credit score requires a larger downpayment. Newer business less than a year old and up to 5 years may need 10% down.
Credit scores over 650 and 2 years in business can make a lower down payment or two payments at closing.

Can I buy my semi truck from a private party and not a dealer?

Lenders prefer or require the purchase to be from a licensed dealer. Private party purchases are scrutinized more. Proof of the current value, purchase history, lien history and current condition will be closely looked at on private purchases.

Need other options?  We have several unsecured options that offer working capital based on the cash flow of the business.
Check here for other small business loans without vehicles.

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 SmallBusinessLoansDepot.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 in Atlanta, GA. Specializing in Traditional and Alternative lending.

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What is a Concurrent loan? (Easy Business Funding)

What is a concurrent business loan?

A concurrent loan is when your business continues to get more money while you pay down the original business loan.

Get new funding soon after you start paying down your new loan.   Your business is likely to qualify for new funding several times during the same loan through concurrent funding.

Apply below and say you want concurrent funding options.  Read more if a larger business loan is needed.

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A concurrent loan allows your business to get fast new business funding with the least amount of review and paperwork

FAQ Frequently asked questions on a concurrent loan for businesses

What is a concurrent loan?

A concurrent loan is when the same lender makes another separate loan to a business before their existing loan is paid off. A concurrent loan can be as soon as 1 month after funding. A majority of lenders do not issue more funding shortly after an initial business loan is made.

Why get a concurrent loan instead of redoing the same loan for more money?

Lenders do not want to refinance the existing loan after only a month or two. The numbers in the contract would be wrong. As a result, it is easier to do another stand alone business loans separately. This is especially true if the lenders want to extend more funds often, such as monthly.

Won’t my existing lender give me less money because I already owe them?

The lender will give your business less if you still owe on the first loan. If you have a good payment history, they usually give you more than other lenders because you have a proven record with them. If you need more than they will give, then you can consider other lenders.

How can I get a concurrent loan?

Find out the balance on your current loan and requirements for getting more money.  Some contracts allow you to get more business funding after paying on your loan for just 1 month.  Many other contracts require your business to have paid the loan down 40% to 50% or more.

Conclusion

By knowing what your contract says, you know whether you may be eligible for concurrent funding.

Contact the lender if you are not sure and ask them how they handle a request for more money while your current loan still has a balance.  First check that your payments have been on time. You may find this the easiest business loan you have ever asked for!

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 SmallBusinessLoansDepot.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.

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Top 3 reasons: Why Don’t Banks Lend to Small Business?

Why Banks don’t Lend to Small Business

Small businesses cannot get loans from banks. There are several reasons. The top 3 further below.

Choose from excellent alternative programs here to get approved for funds.
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Why banks don’t lend to small businesses and how small businesses can get a business loan.

1. They charge rates too low to take almost any losses

The lowest rates for business loans are at banks, savings and loans, credit unions and the sba.  Because rates are low, they make much less interest income.    What can you do about it?   Get working capital that a traditional source will NOT approve.   Review more small business loan options here.

2. Federally regulated

Traditional institutions are also heavily regulated. Through state commissions, the federal reserve and fdic, the level of risk in their lending programs is often reviewed and restricted.  They put depositor funds at risk if they make loans that are too risky, especially larger commercial debt. If those loans default it could compromise the financial stability of the institution and depositor funds.

3. They are much more risk adverse

They are risk adverse because of their low rates.  By earning less on each loan, these lenders have to have more loans paid as agreed to make up for even one default.   Traditional lenders are also adverse to many other risks, including economic cycles, natural disasters, health pandemics or outbreaks, stock market fluctuations and many more.  As a result, there is a long list of why banks don’t approve and close business loans.

What are other reasons banks do not lend to small companies? Borrowers have to have strong credit, financial statements and good collateral to even be considered. 

Company owners who do not have a high credit score, strong collateral,  strong financial statements or tax returns and will probably not be approved.   As a result, your business needs a lot more funding options.    Apply above.

For instance, other funding options include a bank statement loan and also a loan on equipment.   Both have fast funding and little paperwork.

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Call 919-771-4177 for more info.

FAQ frequently asked questions:

Why won’t banks lend to small businesses?  Banks, savings and loans and credit unions only accept the lowest risk companies because they offer the lowest rates. Their default rate has to be very low,  so they can only underwrite the lowest risk customers.

What do they need to approve a business loan?

Banks look for excellent credit, collateral and the ability to repay. Cash flow as shown through cash flow statements, financial statements and tax returns verify if the company can repay. The collateral needs to be the type they will accept and they closely look at the intended use of funds.

What are my options after the bank says no?

It depends on your credit, cash flow and collateral. Strong cash flow may qualify you for cash flow funding. If your credit is not good, then your business may need to get asset based funding in which the collateral is the basis for approval.

Will another lender approve us if we have already been declined?

A bank may decline you, but others lenders may offer an approval.  Chances are they reviewed your net income and decided there isn’t enough profit left to make another payment.    Look for lenders that don’t consider net income as closely.

Additional Factors: Why banks don’t warm up to small businesses.

Net income for the new payment
Your most recent tax return or bank statements are used to calculate if your company can handle the new payment. Not all lenders look at this, but some do.

2 to 3 year cash flow history.
Traditional lenders also ask for company financials including tax returns for the most number of years, usually 2 or 3 years.

Industry Type
Banks consider the industry in their commercial loan decisions. They prefer certain industry types over others because some industries are considered risky and restricted.

Time in business
Less than 2 or 3 years time since the official start date will often be a decline reason.  New companies have a very hard time getting approved.   Check on some limited options for a new business of 1+ month time in business.

Existing Loans
If your company has other loans now,  that may be a reason to be denied. This is often called over, or sufficiently obligated.

Lack of financials such as interim financials
Not having the requesting financial statements can be a decline reason.

Not a homeowner.
If you are not a homeowner, some lenders may decline you. Being a renter instead of a homeowner can be a decline reason.   Banks may see renters as less stable and therefore riskier.

Time at current business location
If you have been at your current location for less than 2 years may be denied by many low rate lenders.   Lenders will decline if they feel that stability is lacking.

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 SmallBusinessLoansDepot.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.

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Business Account Transfers: Affect on a Business Loan

Business Checking Account Transfers: How they affect your Loan Request

Has your business been declined for a business loan for having non revenue business account transfers?

Certain transfers between business checking accounts are not counted as deposits or true business revenue by many lenders.
Get business funding programs that consider many transfers that are  automatically declined by most lenders.   Click on the application contact form below to get funding started today.   Same day and next day funding available.   Don’t be declined for having transfers between accounts.

START NOW

 

Call 919-771-4177 for more info.

 

FAQ’s Frequently asked questions on being declined for a business loan for transfers between checking accounts that are not revenue from sales.

Question:   My business has transfers between business accounts each month. Can you still fund a business loan with transfers between accounts?
Answer:   Business revenue transfers will be kept as part of the deposit totals and used to make an offer. Transfers that are not business revenue are deducted from total business deposits for the month.

Question:   Our business was declined for transfers into our business account. Why would the lender decline our business for that?
Answer:   Transfers into an account may not be business income from a customer. The lender believes those deposits did not come from a sale or service provided and are not true business revenue.

Question:  I was denied for a business loan because the loan company did not count transfers between business accounts that were business revenue. Why didn’t they count and include those transfers?
Answer: The most likely reason is that the repayment of the loan usually comes from one business account even when the business has more than one account.

Question: Our business makes transfers between accounts for payroll and other needs. Why are we penalized for that by lenders for a business loan?
Answer: Business revenue transfers will be counted by us towards your total revenue during the loan review. For other lenders you will have to ask them to review their decision. Provide documentation and evidence that those transfers are business revenue. Invoices and deposit detail may help.

How to get approved after being declined for having unacceptable transfers between business checking accounts. — Click on image to get started!

Customer examples of businesses that were declined and we were able to get an approval for and funded.

Example 1 :  A construction company had 7 deposits in May into their main business operating account.  During the month they had 5 transfers into that account from the other business account they have.   One of the remaining 2 deposits was for only $200.    The lender only gave the company credit for 1 deposit that month and declined them for not enough deposits due to transfers.
The customer came to us asking if we could help.  The transfers were true business revenue from their other account and we were able to get them approved for  $35,000 funding.   Why were we able to help them?   We looked at the account they transferred funds from and counted those funds as real revenue.   As a result, the fact they transferred funds did not matter.

Example 2:  A manufacturing company had 8 deposits into their account in May.   All 8 of those deposits were showing on their bank statements as
“E-mail money transfer in”.   Three funders declined the business for non business revenue transfers.   The customer told us those were payments from customers and not transfers between his business checking accounts.   The customer does not accept payment by visa or master card and needed to give his customers more payment options than  only being able to pay by check.    Through his bank, his company began offering a very convenient payment via E-mail option after which most of his customers switched to and began using.  The other lenders did not consider this and immediately declined him.

Was your business declined for a business loan due to transfers between accounts?  What can you do now?
Contact the lender to discuss this decline for having business account transfers.

Communicate with the lender and find out which transfers were not counted as revenue.  The decline reason probably did not have enough information.  Ask about the details.   Also ask about the specific policy that does not allow transfers between accounts to be considered business revenue in a loan evaluation .

How can you advocate your business to the lender?
Ask the lender what it will take to get approved.  Also ask if there are any changes you can make immediately that will change the decline to an approval.

When can you apply again?
Ask how long you have to wait before you can apply again.  Most lenders will make you wait at least 30 days before you can reapply.    As mentioned earlier, if you can determine what changes you need to make with your business as well as the type of of deposits,  then make those changes before reapplying.

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 SmallBusinessLoansDepot.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.

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Missed MCA Payments? Take These 4 Steps Now to Fix the Problem Fast

Missed MCA Payments

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Missing just 1 mca payment should not cause your business problems.   But what if you have more missed mca payments? What can you do to avoid problems?    In this post we will talk about 4 initial steps further below to take if you cannot pay cash advance payments.   Author Biography: Will Sanio

Also consider if you can instead get out of your merchant cash advances now.    Payoffs may be possible through a longer term loan that are asset based.   Also read what to do if you have been declined more funding due to missed mca payments.

If you are not going to be able to get current, here are options to get out of an mca cash advance, or watch the get out of mca video.
Apply below to get started now on safe ways to fix this problem before lenders take action against your business.

You have missed mca cash advance payments. What should you do now? Several immediate solutions to save your business.

What can you do after missed mca payments?

1. Communicate with the lenders immediately.

Contact the cash advance companies right away. Do not think the problem will work itself out or that you will probably catch up in a couple of days. Communication is key. It is better if you contact them before you miss more payments. However, if you already missed a payment then contact the advance companies that day or the next day at the latest.   Maybe the missed payments are not your fault.

2. Tell the cash advance companies what has happened and why.

But how do I explain this to the mca companies?
It depends on your situation. What is your cash flow situation right now?  Can you begin making the payments again right away? Figure out what you can pay, when, and how often.   Let them know what is happening with your business.    If you have a good reason for missing payments, tell them that reason.   If you can back it up with documentation, all the better.    Being proactive and communicating will be your best option at the beginning.  If the lender has no coj confession of judgement, you will still want to work out a payment plan to avoid a default.

3. Can you start making payments again?  If so, make an agreement with the advance companies to begin.

Call the cash advance companies even when you can start  making payments immediately. They still want to know why you missed mca payments.  That will help your case.  You may end up missing another payment later you did not expect to miss.   It is better if you are already on record as being in contact with the lender.

4. Payment plans after delinquent mca payments

Payment plans are best when the business can neither keep making the daily payments or paying off the advance. The cash advance company may be very willing to set up a payment plan. They will be able to get payments in full and the merchant will make the total sum of payments.   It is up to the lender to do this.   If your business wants to go this route then be ready to explain to the cash advance company why a payment plan will work for both of you.

Other Considerations on handling your loan if it is past due

Missing consecutive payments

If you expect to miss more payments consecutively, then you want to decide if you can payoff the advances first. Paying off advances with another loan is better than continuing to miss payments.   You can choose from unsecured options such as bank statement loans and a large business loan if you need a lot.

Bouncing more mca payments.

If you know you cannot sustain your payments then paying off the advance may be the best option.   This is because missed payments will make it much more difficult for your business to borrow in the future and make this your worst option.    Many merchants would rather not take out a new loan.   However, if you are approved for a new loan that can payoff loans you cannot pay, you should strongly consider doing so.   Many businesses cannot even get approved for a payoff and don’t have that choice.

Payoffs

Paying off your merchant cash advances may be the best option.   But when is it better to payoff and when is it better not to?  It is usually better to payoff the cash advances when you know you cannot keep paying the current payments.   Paying the advance off with another loan works very well if you have less than 3 months or so left on the exiting advances. Taking out a loan to payoff a low balance is still much better than missing mca payments and defaulting.    You can avoid damaged credit, court action and trouble getting loans in the future.

When does it make sense to payoff one loan with another?

Example: A merchant has an advance with a daily payment of $100 and has a remaining balance of $3,000.  He has 30 payments left but he cannot keep making those last payments and will go past due and default. Before going past due the merchant is offered another loan for 6 months to payoff the $3,000. The new daily payment will be about $35 per day for 120 days.   The borrower can afford this easily.   Problem solved.   The business now has a payment they can afford and does not have to worry about paying the advance on time.

Extending the term

Extending the term and lowering the payments is usually similar to a payment plan. Sometimes it is more informal and the cash advance company will just let the borrower continue making payments past the term without a formal contract.  At other times a formal new contract will be written that replaces the old contract.    Expect the mca company to charge penalties, fees and more interest as part of the new contract.

Lowering Payments

Getting your mca cash advance company to lower the payments works best when your business just needs short term cash flow relief for a week or two. Your business may just have a brief cash flow problem it needs to work around.   Be aware that mca companies are not receptive to businesses calling in multiple times and asking to lower payments for a while.    It is supposed to be a rare request rather than one of convenience.   Some lenders may only do this once during the term of the contract.     If you think your business will need to ask for lowered payments several times then find a different option.

Pausing payments

A pause for one to three weeks may be all a business needs.  As with lowered payments, your business has to be sure it will be able to restart and continue payments when the payment pause is over.     You should not pause payments if you need a longer term permanent solution.    Sometimes businesses will ask to pausing payments when they know they will have a problem again when the regular payments start back up.   If this is you, then you should put all your efforts into solving the problem permanently on the front end.

Settlements after significant missed mca payments

A settlement directly with the mca cash advance company can be considered when other options will not work.  Settlements usually happen after a merchant has failed with a payment plan or lowered payments and not able to handle regular payments anymore.    It is a step before a default but still considered better than a default situation.
Beware of 3rd party settlement companies that tell you to put a stop payment on a merchant cash advance company.

We believe this is the worst choice in almost all cases.

Many settlement companies will tell you to do this to buy time for them to negotiate with the mca cash advance companies on your behalf.     However, they still want you to pay them a lot of money upfront before they start negotiations for you.    We believe this is a very bad idea for your business for several reasons.

Let’s break down why:

Your advance will be declared in default immediately when you put a stop payment on them.  You certainly will not want to even consider this if you have not read your MCA contract in detail.   The contract will tell you all the actions the advance companies can take when you put a stop payment on their daily Payments.  Putting a stop payment on a merchant cash advance will definitely result in the strongest response against you by the mca companies.   If they have a coj, then they will file it against you almost immediately.    The settlement companies telling you to do this do not have to deal with the problems you will have! Do not do this!

Beware of companies that tell you to close your business checking account

MCA companies will react in about the same way as when you put a stop payment on their daily payment. They usually consider closing your business checking account to stop an mca merchant cash advance as an intentional default.

What is an intentional default?

An intentional default happens when a borrower takes an intentional action not to make good on the contract.  This is almost always combined with little or no communication with the cash advance company. Lenders think of the borrower as trying to evade an obligation and contractual promise to pay. Worse, their contract usually includes specific language that talks about what actions and remedies they can take if the borrower closes their account. We believe this is a bad option for almost all borrowers. Contact us above for much better options!

Defaults

Defaults are the least desirable option.   The lender has declared that they are taking a loss on the loan.   The worst adverse action has already been taken against the merchant, which may include filing a coj confession of judgement. All efforts should be taken to avoid a default on a cash advance.
If the mca company has a coj confession of judgement, they can have it enforced through a court in one or two days.    Sometimes they can have it affirmed by a court the same day.

What can the cash advance company do then?

They can have the sheriff contact any bank they wish and demand that the bank verify if your business has a checking account there.   If so, the cash advance company can debit all the funds out of your account.

In conclusion

The tips above can guide you on how to handle specific situations with cash advance payments. If you continue to struggle with debt long term the National Foundation for Credit Counseling, NFCC can help with budgeting and strategic long term debt planning.

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FAQ Frequently asked questions on missed mca payments.

My business sales were down recently and I cannot pay my daily cash advance payments. What are my options?

Do not stop communicating with your mca merchant cash advance companies. Consider any ongoing relief programs they can offer. Look at asset based alternative programs to payoff your advances in the short and medium term if you have collateral.

I missed an mca payment. What can the merchant cash advance company do?

If you have only missed one or two payments then the mca companies are very unlikely to take action besides trying to contact you. If you have not talked with them yet and you miss more consecutive payments, then contact them asap.

My cash advance company has threatened to take action against me for missing payments. What can I do?

If your mca company has threatened to take legal action against you it means they probably have not done so yet. You still may have a chance for a good result. Look at what you can pay and consider offering to make the maximum payment you can.

If they refuse then put your offer in writing and email it to them certified. This may work strongly in your favor if there is future court action against you. It shows that you communicated with the cash advance companies and tried to work out a solution to fulfill your obligation to them with your worsened financial situation and they refused to work with you. Whatever your outcome ends up being, this action should put you in the best possible position later.

I don’t want to talk to the mca companies. They are very aggressive, rude and threatening. Why should I talk to them?

Talk with them because if you don’t they will take action against you. They may be able to put a freeze on your business checking account or block your account. You will not be able to use your business checking account if they do that. That will be the worst result for you and your business. Contact them to see if you can come up with a solution.

My cash advance company said they can lower or pause the payments. Which one is best?

Pausing the problems is best when your business has a short term cash flow problem for a few weeks and will be able to begin making the full daily payments again after that. Lowering the payments will be best if your business is going to keep having trouble making the regular payments later. If you cannot make the regular mca payments later then it is better to get the payments lowered long term until you have paid off the contract.

I have some delinquent mca payments right now. Should I payoff the mca payments or try to work out a compromise?

Payoff the cash advances if you are able through another loan when you cannot keep making the daily payments and will default. Work out a compromise with the lender when you have the cash flow to make a lower payment. Ask them not to declare you a default account.

Is it good for a settlement company to tell me to close my business checking account so that the mca companies cannot debit my daily payment?.

You should not close your business checking account to stop daily mca debits except in some rare cases. Closing your account automatically causes you to be in default. The mca company can also declare the act of closing your business checking account to stop the daily debit as an intentional default.

I missed some daily mca payments and the advance company is telling me I am in default. Can they declare me in default?

If the contract says missing a certain number of payments puts your account in default and you missed that number of payments then they can declare you in default. Negotiating is usually better even after you have been declared in default on a cash advance. Communicating with the advance company will usually get the best possible outcome for your business.

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 SmallBusinessLoansDepot.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.

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How Can I Get Out of Multiple Advances?

What are multiple cash advances?

This is when a business has more than 1 cash advance.  Get started now on safe and fast solutions to multiple positions.

If your business has several short term advances, contact us and get this solved today.

Get a 1 large business loan to payoff the multiple advances or use different asset based options to payoff!    Apply below.

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Frequently asked Questions.

How can I get out my mca advances without defaulting?

You can either pay them all off through a consolidation, or refinance and extend the term several more months. You may even qualify to extend the term for up to 5 years with credit scores over 600 and strong sales.

How much lower can you get my payment if you pay them off?

Your payment is reduced between 35% and 75%. The fewer number of months you have left on your advances now, the longer your refinance can be extended on a payoff.

Do you negotiate with my current advance companies?

It is not necessary to negotiate with your current mca companies. They are fully paid off and satisfied so there isn’t any need to talk to them. There will not be any other outstanding debt with them.

Can I get my advances paid off if I am behind on payments?

Asset based programs can be used to pay off delinquent mca accounts. Some unsecured programs may qualify if you are not severely delinquent. If you have already defaulted, then the asset
based route will work best to clear out your balances.


Does the example below look like your business?:

Your company has three mca positions:
# 1:   Balance of $20,000 at $333 per day.
Merchant has 60 debit days left or approximately 3 months.
#2:    Balance of $10,000 at $166 per day.
Merchant has 60 days left or 3 months.
#3:  Balance of $5,000 at $83 perday.
Merchant has 60 days left which equals 3 months.

If your business has several mca’s from stacking, complete the secure 30 second application below for a rescue today!   Get payments you can afford that will not hurt your business, or credit or reputation.

Choose from several options to reduce your daily and weekly cash flow for short term debt.  Longer term options are also available, such as weekly and monthly payments.

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How can you pay them off?

  1. Add up and know your total daily, weekly and monthly payments on the advances as well as how much longer you have to pay on them.   Also get your total payoff balances.    Know your approximate credit score.
  2. Search for lenders that either payoff or restructure your debt as earlier options.    Funding programs that recommend you close your business checking account or negotiate a settlement hurt you the most and should be your last possible options.
  3. Choose a program that best matches your company profile for your amount of debt, ability to pay and urgency for a fast loan on any new program that allows you to reduce the number of short term loans.  Owners with less than 100% ownership percentage in their business need agreement from the other owners.
  4. Talk to a representative of the program.   Tell them about your situation and ask them about their underwriting criteria.   Try to assess what your chances of approval or being declined are for each program.   Once you find the best matching program, then apply.
  5. If approved, review the terms of the approval.   If you are satisfied, close the transaction.
  6. Receive funds into your main account and begin repayment with improved cash flow.

We have excellent programs with a high approval rate to fix your multiple mca multiple positions problem.  Almost all businesses can improve their cash flow.   Take actions before you have missed mca payments.   Apply above or call us at Tel: 919-771-4177.

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 SmallBusinessLoansDepot.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.

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How to Get a Real Estate Merchant Cash Advance

What is a Real Estate Merchant cash advance?

A business loan with terms up to 2 years using real estate as collateral structured like an mca is considered a cash advance.  Use your home or property to get much higher approvals. Apply below today!

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  • Residential Home or Commercial
  • Lower Weekly or Monthly Payments
  • Higher Approval Amounts
  • Longer terms: 1 year to 2 Years

One of the closing requirements is residential or commercial real estate with enough equity in the property to cover the amount of the loan.  Want a regular advance without Real Estate?   Visit how to get an MCA Cash Advance.

Apply below for fast funding

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Frequently asked questions F.A.Q.: How to get a real estate backed merchant cash advance

Why should I offer my house?

Using Real Estate gets you much higher approval amounts many times. You can also get cash out in addition to paying off advances, and rates are lower.

What are the advantages of using property?

The term is much longer and so the payment is also. Much lower payments help consumers avoid delinquencies, defaults, charge offs and future collection efforts when they are sure they can make the payments. Protecting your credit means your entire credit file, score and history will be preserved for you to use in the future.

What is the approval process?
Provide only the application and basic information on your real estate initially, including any recent appraisal you have. After an offer is made, closing documents are issued. When you have sent in completed docs and closing items, a closing call is made to you. The transaction is funded after the merchant call.

What if I already have advances?
You can still qualify with advances on the books now. The new loan can be more capital and you can payoff all other short term loans. Traditional lenders rarely will approve customers with short term advances. This option allows you to have mca’s now.

Does my home or property have to be free and clear?

The real estate does not have to be owned outright and only needs enough equity for the new loan. You can have a 1st or 2nd mortgage on the property and still qualify if there is enough equity.


Real estate will not be required for other funding options such as a
asset  based loan, and accounts receivables financing.

Businesses commonly use commercial or even real estate to get a larger loan. Programs are available for businesses that need a larger business loan but do not have real estate to use as collateral.

How to get a real estate merchant cash advance:

        1. You must have property that has at least 50% equity or more.
        2. Tip: Higher loan requests over $50000 and land with a value over $100000 will work better.
        3. Do a search for lenders that offer business loans or mca merchant cash advances using real estate as collateral. Review the features and benefits and find the program that best matches your situation.

          Search for lenders that offer business loans or mca merchant cash advances using real estate as collateral.

        4. Contact the funder. Discuss your request and business profile with a representative. Try to prequalify and find out how likely your business is to meeting approval requirements.

          Call the funder. Review your profile with a representative to see if you may qualify or prequalify.

        5. If you prequalify consider applying and submit an application and required information. After an approval review the approval terms and conditions.

          Once you have determined that you prequalify or have an excellent chance of qualifying then consider completing and application.

        6. Complete the transaction when satisfied with the terms and closing requirements.  Provide any closing stipulations required.  Complete a merchant closing call and receive funding into your business checking account.

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 SmallBusinessLoansDepot.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.

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How to get an MCA Cash Advance After a Default

Getting a Merchant Cash Advance after a Default: What to consider

Consider several programs your business can get real funding through.  Go to the Video pageAuthor Biography: Will Sanio

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Data Secure 15 Second Request Form Here.

Call 919-771-4177 for more info.

Some businesses that have defaulted on 1 + mca cash advances in the past now understand the amounts and daily payments they can handle, and make.  These programs are targeted for:

  • Defaulted payments
  • Missed cash advance payments
  • Delinquent or lapsed  payments.

If you are not going to be able to get current, here are options to get out of an mca cash advance, or watch the get out of mca video.

How to get another Cash Advance after not paying a previous one.

Step 1: Research companies online that offer merchant cash advances to businesses that have a previous default on an mca cash advance. Closely review restrictions for terms and conditions of approval.

Step 2: TIP – Repayment of a previously defaulted merchant cash advance as well as the amount of time since the default may affect your ability to be approved under different programs. Ask if there is a minimum time requirement since the cash advance default.  Know the month and year your business first officially defaulted and the amount of the default. Default reporting drags on time wise in business and personal credit reports and makes it look like the default was much more recent than the original date the merchant cash advance company declared a default. Any payments you made on the default often do not appear on the business and personal credit reports a lender looks at and you will not get credit for any payments made. Provide documentation of the payments made.

Step 3:  Select the programs that your business will most likely qualify for.

Decide on the programs that your business will most likely get an offer from.

Step 4: Make contact with these lenders that fund with previous defaults. Try to verify how likely your business is to meeting the funding program conditions and requirements.

Contact mca default lenders. Apply here to begin.

Step 5: Submit an application for funding. Provide all documentation you have that improves your chance for an approval. Provide documentation that proves the time since the default and if any payments were made.

Apply and provide any documentation that show how long it has been since your business originally defaulted on the mca merchant cash advance.

Step 6: If approved, review terms and conditions. Rates and terms will not be as favorable for some time on your advances after defaulting.

FAQ Frequently asked Questions on getting an mca merchant cash advance after defaulting

Can I get a merchant cash advance after I defaulted on one?

About 6 months to 1 year after a default your business can be considered for financing, including a cash advance. Approvals and amounts depend on how well your business has recovered, it’s ability to repay and if any of the default was paid.

What if I did not repay any of the defaulted cash advance?

It is easier to get another cash advance if you repaid or settled the old defaulted cash advance. New lenders want to see your business made an effort to repay what it could or reach a settlement on the debt.

Does it matter if I defaulted on more than 1 advance?

You may still be able to qualify even if you defaulted on more than 1 previous advance. Approval depends a lot on whether you repaid any of the debt, how many you had, how long it has been.

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 SmallBusinessLoansDepot.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.

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Get an MCA Cash Advance After a Default (Video Transcript: Click to Expand)

Transcript

00:42 Borrow after Default Business Profile 00:48 How Payoff or Settlement Letters Help 01:07 Does time since my loan default matter? 01:15 What if I defaulted on more than 1 MCA 01:29 What if I did not repay my MCA?

You can get an MCA cash advance after a default? Yes, get an MCA Cash advance after a default. [ Man says Yeah! ] Get money if your business defaulted on an MCA and get started
Again. Start building a relationship as soon as possible, and gain access to the funding
You need now, and in the future. Whenever you need it. Call us at 919-771-4177. Don’t
Wait until you need a loan for your business and can’t get it. Apply Now. You’ll find what you need here. To apply, click on the apply button at the bottom right of this screen, or on the endscreen of this video, or call us at 919-771-4177 or go to smallbusinessloansdepot.com. Complete the application, send in the most recent 4 months checking account statements.These programs are for companies that have had defaulted accounts, payments, and also missed and delinquent payments. Make your request stronger and include any payoff or settlement letters if you have them. Are you making payments on previous
Advances now? Then add any documentation or information on your payments. Approvals, amounts and terms depend on how well your business has recovered, if you can repay now and also if any of the old debt was repaid.
Frequently asked questions:Do you look at how long it has been since my cash advance default?
There are no absolute minimum time requirements. The older, the better.Does it matter if I defaulted on more than 1 advance?
You may also be able to qualify if you defaulted on more than 1 previous advance. Approval terms consider whether you repaid any of the debt, settled, and how many MCA’s you had.
What if I did not repay any of the defaulted cash advance?
It is easier to get a new cash advance offer or stronger offer if you repaid or settled the old defaulted cash advance to show your business repaid what it could or reached a settlement on the debt. Click on the apply button at the bottom right of this screen, or on the endscreen of this video, or call us at 919-771-4177 or go to smallbusinessloansdepot.com.
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Prove Your Business Address and Location

Prove your Business Address and Location

Prove 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.

If you cannot confirm your company’s address or location as proof the business exists , contact us.
We can easily assist you in verifying your commercial location.

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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 the owner to provide documentation of proof of location. 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. Often accepted if the address has 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.

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FAQ Prove your business address

What is accepted for proof of business address?

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.

  1. 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.
  2. 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:

  1. Virtual office
  2. P.O. Box: post office box
  3. Vacant lot
  4. Raw land
  5. Any location that does not have a building or structure on it
  6. An out of state address.   This happens when the business is located in one state but was originally located in another.
  7. 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.

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 SmallBusinessLoansDepot.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.

Follow me and our Videos below!

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How to Get a Very Low Fico Credit Score Business Loan

Get a very low credit score business loan.

Business loans with very low credit scores below 500 and as low as 383 are considered.  This low fico program is a good match with bureau’s below 500 considered.

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Many programs do not offer small business loans with the owner’s credit score below 500, or have limited offers.    Get up to $150,000 in funding considered with fico’s under 500 and down to as low as 383.   Approvals is based mostly on company revenue and time in business.

Contact us below or first read the “Howto” section steps, direction and tips to getting low fico credit score commercial loan.  Almost all callers discover they can qualify for some program.

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How to get a very low fico credit score business loan

Step 1: Research companies that have low fico credit score business loans as main programs.   Review minimum funding amounts, rates, features and benefits and processing time from application to completion.

Step 2: Tip:  Prepare explanations or documentation for any unfavorable or incomplete information in your company’s profile.   This can be slow revenue periods or not much reporting in the bureau.

Step 3: Choose the program that most fits your repayment history and overall customer profile.

Pick the program that you think is going to be the best match for your business.

Step 4: Make contact with funding programs and confirm your business meets minimum funding program requirements.   Discuss amounts with the lender representative.

Contact the lender and talk about whether your business meets the requirements.

Step 5: Submit an application for funding.  Provide documentation you have that improves your chance for an approval, higher offer amounts and better terms.   This can include financial statements, additional bank statements or tax returns.

Get a higher offer by submitting documentation that shows your business to be stronger.

Frequently asked Questions FAQ:

Can I get business funding with a really low score?

Yes, your business still has an excellent chance of qualifying with strong cash flow and revenue. Providing the most recent bank statements showing you can make the payment will prequalify you.

Will we get less with bad credit?

Strong sales will still get the same or similar approval amount.

Can I get an offer with charge offs and delinquencies on my credit?

Your company can still get funding with the owner having charge offs or delinquencies. Programs include funding based on the monthly deposits or assets. Assets can be real estate or equipment.

Will my business need collateral with very bad credit?

Collateral is not required for approval with bad repayment history. Many customers qualify for unsecured programs.

Can a good credit co-owner get approved instead of me?

Another owner with higher scores can apply if they have 50% ownership. Strong co-owners with less than 50% ownership should apply under owner 1 and the other owner listed as 2nd owner.

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 SmallBusinessLoansDepot.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.

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How to Get Same Day and Next Day Business Loans

Same Day and Next Day Business Loans


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How to get same day business loans and next day business loans.  The following are steps, direction and how to tips.

    • Search online for lenders that specialize in getting a business loan the same day you apply. Consider reviews if available.
    • Read program requirements to determine if you qualify to get a business loan the same day or the next day. Verify they are not payday loans or car title loans.
    • After reviewing, make a list of the top two or three funding programs that best match your business.

Make a list of the top two or three funding programs that best match your business.

    • Contact those funding programs. Verify features, benefits and requirements with a representative. Ask if there are cut off times or deadlines during the day for providing information, documentation, or other stipulations.

Contact those funding programs. Verify features, benefits and requirements with a representative.

    • If your business meets the requirements, consider applying for the program that best aligns with your business.

If your business meets the requirements, consider applying for the best matching program

    • On any offer made to your business, review the terms with a representative. Before closing, verify that you will be funded by the day and time of day your business needs to receive funding into your business account. Confirm that funds will be wired by a certain time and that your bank immediately credits incoming wires into your business account. Complete the transaction and receive funding.


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Data Secure 15 Second Request Form Here.

Call 919-771-4177 for more info.

F.A.Q.:

How fast can we get funds into our business account?

Application to funding can be as fast as three or four hours. Approvals completed by late afternoon can still be funded the same day.

When can I be sure I am getting the loan the same day or next day?

Ask if all of the requirements have been met and if there is anything else that needs to be completed before the funding wire is sent to your business account. Also ask for daily cut off times for funding the same day.

How do I know if I qualify?

Revenue over $5,000 per month and average daily balances over $750 are the most important qualifications. At least three months time in business and roughly 5 deposits per month are also important.

Do I have to send in a lot of paperwork?

Approvals require only a one page online application and the most recent three months bank statements. For asset based programs,
provide an asset list that includes description, year, manufacturer and model number for offers.

What if I get the money too late and don’t need it?

Request to return the funds and cancel the contract if funds are not wired out by an agreed day and time. Ask to have a cancellation agreement clause put into the contract. Right of rescission laws may allow you to return the money and cancel the contract up to 72 hours after closing.

Some examples of same day or next day business loans include merchant cash advances and loans against OTR over the road
tractor trailers and semi-trucks.

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 SmallBusinessLoansDepot.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.

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Get Money to Pay IRS Business Taxes Today!

Money for IRS Business Taxes

Fast Funding takes care different types of taxes:
1. US Federal 
2. State 
3. Back Taxes & OIC Offer In Compromise
4. Payoff Liens
5. Settlements
6. Payroll

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The money can also be used to pay quarterly payments , OIC offer in compromise settlements, tax extension payments and income tax settlements.    Check out 10 uncommon reasons for needing a business loan, as there are quite a few.

How to get money to pay IRS and State business taxes:

Identify business funding programs that offer money to pay IRS business back taxes, open tax liens and OIC, offer in compromise, and settlements.

Select programs are available to satisfy the need to pay your specific tax debt.  Liens of all amounts are usually considered by these specialty programs.  Some may require additional collateral such as real estate, listed stock, or other collateral that covers the amount of the upaid federal debt.   Open tax liens over $10,000 are more difficult to get money for without collateral.

After evaluating, choose the program that is most likely to provide the capital needed for your business to pay.

Choose the program to pay business tax debt

Contact the lender.  Check features, benefits and program requirements.  Ask about restrictions, including what is needed for approval and closing.

Check features, benefits and program requirements

When you determine your business meets the requirements, apply for funding.

Do you meet the guidelines? Apply for a loan to pay business taxes.

For any offers made, review the full terms and determine if your business can make the payments.   If so, provide the items needed by the funder to close the transaction.

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Data Secure 15 Second Request Form Here.

Call 919-771-4177 for more info.

FAQ Frequently asked questions on how to get money to pay irs business taxes.

What are my chances to qualify for a loan to pay off my business taxes?

If you have sales then you have an outstanding chance to get approved. Unsecured loans are available with terms between 2 to 18 months. Strong credit may allow you to get up to 60 months based on the sales or collateral you have. Even more loan options include asset based against equipment or real estate.

How long does it take to get funding?

Processing time from application to funding on unsecured approvals is 2-3 business days. This depends on how many tax liens you have and if they are being paid off at closing.

Do I have to be in a payment plan to get the loan?

Being in a payment plan is preferred but not required. If you have a payment plan or OIC offer in compromise, then provide documentation to increase your approval amount.

What if I have an open tax lien?

We have programs for your business to payoff and settle an open tax lien. Approval depends on the amount of the lien and business sales. Other factors include time in business and assets.

Can I get approved if the IRS has already filed a lien against me?

A lien on you or your credit that is already in place is usually not the deciding factor. You still have an excellent opportunity to get money for your business. It is the cash flow of the business and being able to show documentation on the lien that is most critical.

Do I payoff the IRS or state tax lien myself?

You can be funded into your business checking account and payoff the IRS or state tax lien yourself. A requirement for closing your business loan may be for the lien to be paid off by the lender at closing.

Do I need collateral for a business loan to pay IRS taxes?

Having collateral is not a requirement. For larger tax liens the borrower may have to use real estate in order to payoff the full amount.

If I filed an extension can I still get a loan to pay business taxes?

You can still get a loan to pay even if you filed an extension and paid estimated taxes. Provide a copy of your completed IRS Extension form 4868 when you apply.

In conclusion, get money to pay IRS business back taxes, liens and OIC, offer in compromise, and settlements.

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 SmallBusinessLoansDepot.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.

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How to Get a Used Car Dealer Business Loan

Used Car Dealer Business Loans

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Programs for:
Buy Here Pay Here Car Lots.
Start Up Car Lots.
Small and Low inventory Lots.
Low Monthly Sales Lots.
Bad Credit Owner down to below a 500 bureau.
Exotic and Specialty Care Lots.
Author Biography: Will Sanio

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Call us at Tel:  1-919-771-4177, or Question? 

How to get a used car dealer business loan

Preparation

Step 1:  Research companies that specialize in used car dealer business loans. Decide which programs meet your dealership’s needs for the amount, credit, time in business and what you need the funds for.

Search online for used car dealer lenders

Prepare your documents

Step 2: Tip: Prep your information a few days before you need the funding. Amounts over $50,000 need more time to be approved and closed. Car 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 closely 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 funding and provide all supporting documentation needed.

Apply with the best matching program.

Review Approvals

Step 5:  After approval, closely look at 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 wired funds 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 car 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 car lot have to be in business?

Time in business of at least 3 months is needed. The most recent three months business checking account statements are then submitted to pre-qualify.

What types of 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 in business. 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. Having cash flow and positive business checking 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 for anything such as to buy cars at auction, from wholesalers, customer trade ins, or anywhere your dealership buys.
It can also be used to buy lot space, repairs and improvements.

Used car dealer loan financing. $2,500 to $1,000,000. Tips and steps on how to get a used car dealer loan.

 

 

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 SmallBusinessLoansDepot.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.

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How To Get a Large Business Loan

How to get a Large Business Loan

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.

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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 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 SmallBusinessLoansDepot.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.

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How to Get the Best Merchant Cash Advance Renewal

Get the best and lowest rate merchant cash advance renewal terms

The lowest rates your business can qualify for. Terms as long as 12, 16, and 18 months.

Apply below now to get a better renewal offer.

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The best merchant cash advance renewal terms: Benefits and steps

  • More money
  • Longer Terms
  • Lowest Rates
  • Best Terms
  • Largest Early Payoff Discounts

How to Direction:

  1. Step 1 Talk with a representative at your current mca company.  Give them your most recent three months business checking account statements and ask them to review your file in advance of their underwriting reviewing your request.
  2. Step 2 Ask the representative to estimate the renewal amount, the number of months and rates.  Ask for a better rate on a renewal.
    How to Tip: If a renewal offer is made, ask for  at least a 2% lower rate on each renewal.   Some cash advance companies will not pre-review your file.  If they won’t,  let underwriting process your file.
  3. Step 3 Tell your current cash advance company that you are shopping for a better offer and are comparing their offer to others.
  4. Step 4 Apply with one or two competitors. If they beat your current mca cash advance companies rate and terms, take their approval offer and ask your current cash advance company to beat that offer.   Review the funding stipulations to make sure you can provide everything needed to close.
  5. Step 5 Decide which renewal is the better loan offer, complete the transaction and receive funding.

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Complete the Secure Form here Data Secure 15 Second Request Form Here.

 


Call us at Tel:  1-919-771-4177, or Question? 

What are renewal options ?

Get a mca merchant cash advance or business loan with the best and longest renewal terms of up to 18 months.
Get a better and less expensive cash advance renewal.   Also available are  large business loans,   bank statement loans, loans against equipment, asset based loans and other options such as paying off your mca merchant cash advances.
Click and apply above now to get your longest merchant cash advance renewal terms.

What can you do to get the best cash advance renewal terms possible? Follow these tips.

FAQ: How to get the best merchant cash advance renewal

How can I qualify for more money on a renewal?

All programs have the most aggressive approval offers on renewals with fast funding. Submit your application and provide
the most recent statements for same day offers.

What are your longest terms?

The longest terms are up to 18 months. Your business will get the longest offer available.
Monthly payment programs are up to 60 months now for qualifying customers.

Can you approve me after I was declined by my current mca for a renewal?

Yes, these programs specialize in approval offers for customers declined for renewals with their current mca lender.
More customers get an approval with the highest offers compared to other advance programs.

Do you match or beat other offers?

We match or beat other offers. Provide the approval information from a competitor to get started on a better approval today.


Before applying for a the advance renewal

Make a list of this specific information.   Discuss it in advance of applying with all cash advance companies you want to talk to. You may be able to either pre-approve yourself or pre-decline yourself before applying. It is better to know you will likely be declined before applying, rather than applying and being declined.

If the cash advance company is not willing to seriously pre-review your file, you can choose to apply anyway.   Your goal is to get as many cash advance companies to pre-assess your file as possible.   Do not demand they do in order to apply.   If you demand that the cash advance company pre-reviews your file, you may be eliminating yourself from the best option available.

Is your cash advance renewal not enough? Then a 3rd position cash advance for instance, is another option.

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 SmallBusinessLoansDepot.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.

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How to Get a Business Loan with Low Deposit Volume

Business Loan with Low Monthly Deposits

If your business was turned down for a business loan for having low deposit volume under $10,000 a month, programs are now available to get approved for business funding.  Your business can get approved with slow sales, and dropped deposit volumes down to less than $10,000 per month. Your business can even get funding with deposits as low as $7,500 per month and as low as $5,000 per month.

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Call 919-771-4177 for more info.
A drop in sales could be from many reasons.  If so, then go with other loan options that are available now such as a loan on equipment.

How to get a business loan with low deposit volume

  1. Look at your last 3 months business checking account statements and document your total deposits.
  2. Search for a business loan program that specializes in funding with average deposits of less than $10,000 per month.
  3. Review approval requirements and terms and conditions as much as you are able prior to applying
  4. If satisfied, apply for funding.   When you are approved, review approval terms. If you want to close the transaction, request and complete closing documents.
  5. Close transaction

Does your business have low monthly deposit volume? Find a program that your business will be approved for.

Data Secure 15 Second Request Form Here.
Or call us at Tel:  1-919-771-4177.

FAQ Low Deposit Volume

Can my business get funding with less than $10000 a month in deposits?

Your business can get funding with monthly revenues as low as $5,000 per month. Average daily balances of at
least $1,000 per month will help offset low deposits totals. The deposits need to be from real business revenue.

Can we be approved with only 1 low month?

1 low deposit month can often be worked around if it was an exception. Providing the most recent 6 to 12 months business statements to show that the one month was unusual will strengthen your request. Also write an explanation for the low month at the time of application.

How much can we get?

Approvals depend heavily on how low the deposits are, your credit score, average daily balances, time in business and more. Average monthly deposits between $5,000 and $10,000 per month result in $2,500 to $5,000 offers.

How can my business get more money?

You can either get a second position funding or another type of loan. Your business may be an excellent fit for more options based on cash flow, credit, other assets or real estate.

Why do most lenders require $10,000 per month in deposits?

Many funders believe a business with $10000 in monthly revenues may not have enough money left after business expenses to repay loans. The biggest expenses include rental payments, payroll, inventory, utilities, taxes and insurance.

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 SmallBusinessLoansDepot.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.

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How to Lower Daily MCA Merchant Cash Advance Payments

Lower daily mca merchant cash advance payments immediately

Is your account sometimes overdrawn because the mca companies keep debiting the daily payment?   Do you have multiple advances and do not know what to do if your daily mca payment is too high?  What can you do?

START NOW

Call 919-771-4177 for more info.

Apply for one of several options below that do not involve settlements, closing your bank account, being declared in default, nor having a cash advance company file a coj certificate of judgement against you.   If your payments were temporarily lowered and the cash advance company is restarting the daily payments, consider term extensions or consolidations.

How to lower your daily mca merchant cash advance payments.

1:  Negotiate with the mca merchant cash companies to extend the term and lower the payments.  Offer to pay a lower amount for a longer amount of time or make changing daily payments based on a percentage of sales.

2:  Give the cash advance company solid reasons why you cannot pay the current daily advances.

3:  Get an alternative loan or consolidation loan to payoff the advances.

4:  Use the equity in assets such as a real estate loan or loan against equipment to payoff the advances.

Get lower daily payments now without adverse action against you or your business.

Data Secure 15 Second Request Form Here.

FAQ, Frequently asked Questions on how to lower daily mca merchant cash advance payments

Can I get a monthly payment loan to pay these off?

Yes. One of the ways to lower your daily mca merchant cash advance payments is to get an alternative loan to pay off the mca cash advances. By doing so, you will be lowering the payment because your monthly payment on the loan to pay off the mca’s will be much lower than the monthly amount you were paying on the daily cash advances.
Usually, you will be paying 50% to 75% less if you are successful in securing a monthly loan to pay the mca’s off.

What if the cash advance companies do not want to lower the payments?

You may have to push hard to get a concession. If your business had a true hardship, such as a hurricane or another type of hardship, make that known. If that fails, read the mca merchant cash advance contract in detail.

Make sure you know exactly what can happen if you do not pay. It may be advisable to seek legal advice through an attorney if you know you cannot repay the advances.
If you know in advance your business will not be able to repay the advances, you can use the time in advance to:
– Determine what your options are
– Know what actions you can legally take

I cannot pay my advance. What can I do?

Check your state laws to find out if your state has special protections and laws. Some laws vary by state. Negotiate with the cash advance company either directly final options may include bankruptcy.

Should I get my Attorney to contact the mca merchant cash advance companies?

Whether you should get an Attorney involved in talking with the cash advance companies varies on a case by case basis. In some cases, having your Attorney contact and negotiate with the cash advance companies is a good idea. If you are offering to work with the merchant cash advance companies and they are not working with you, this may be a good situation in which your attorney contacts them.

Some mca merchant cash advance companies are more willing to work with customers than others. If you do not feel comfortable negotiating or discussing your past due debt with mca merchant advance companies, this may be another reason to involve an Attorney.

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 SmallBusinessLoansDepot.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.

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Closing My Business Checking Account to Stop an MCA Cash Advance?

Is closing your business checking account to stop an mca cash advance a good idea?

Shutting down your current account and opening a new business checking account is a bad idea and the worst way to get out of a merchant cash advance.   Consider much better alternatives to stop an mca such as Payoff and Consolidation options, other unsecured cash flow options and asset based.  Apply below.

START NOW

 Or Call 919-771-4177 for more info.

Lenders may consider closing an account an intentional default.
Closing your checking account from which the payments are debited may be in violation of your contract.   Read your Contract!

Choose much safer alternatives, such as:

✅ Refinancing
✅ Consolidation
✅ Payoff
✅ Lower Payments
✅ Longer Terms

Get started on safer, better solutions. Apply Now, below:
Call Tel:  1-919-771-4177.


FAQ frequently asked questions on closing a business checking account to stop mca cash advance payments

Can I close my business checking account to stop a cash advance daily debit?

Closing your account is not allowed and may be considered an intentional default. Call the cash advance lender and try to work out a solution. Payoff or consolidation options are available if you are not offered a repayment plan you can pay.

What will they do if I close my account without telling them?

It can be called an intentional default and you can be sued. They are much more likely to take legal action against you and your business through a lawsuit filed in state or county court.  There could be accusations of fraud if accusations of an intentional fraud are made.

What are better options?

Working with the cash advance lender to negotiate a lower payment is almost always better than closing the account. That should only be seen as a possible last option under extreme circumstances.    In many cases, the bank has called the loan due and you must come to a negotiated solution with the lender to avoid a default.

The following is what many debt settlement programs tell customers to do.

  1. Sign a contract which allow them to represent your firm in communications with lenders and mca merchant cash advance companies  after missed mca payments.
  2. Pay their company to start the process.
  3. Close your business checking account per their instructions or advice.
  4. Allow them to represent you in negotiations.

There are several problems and possible severe consequences to closing your business checking account to stop paying cash advances or loans and signing a debt settlement contract .

  1. The lender can also consider this an intentional default or fraud.
  2. The lender or mca company can file a certificate of judgement and may also be able to debit funds in other accounts you may have at the same bank or other banks
  3. You may not be able to talk to the lenders or cash advance companies directly any more even if you want to. Language in the contract may not allow you to talk contact the funder directly
  4. You may not have influence or say in the final agreement.

The contract you sign take power and decisions out of your hands and puts much of it in the hands of a 3rd party.

Other options to closing your business checking account

  1. Contact the lenders directly and try to discuss your financial situation and reach an agreement with the lenders yourself.
  2. Payoff the merchant cash advances with other loans if the balances are low enough
  3. Discuss your financial situation with a business attorney
  4. Filing bankruptcy

The advantage of some of these options in general is that they either show you are sincerely trying to work with your lenders to settle your debt, are forming a coherent strategy to do so, or have officially determined that you cannot pay. These also have advantages over closing your account.

Have you been told to close your business checking account to get out of an mca merchant cash advance? Don’t do it.

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 SmallBusinessLoansDepot.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.

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How to Get Approved For a Small Business Loan

How to Get Approved For a Small Business Loan

Follow the steps on how to get approved for a small business loan. The steps below increase your chance of being approved.

START NOW

Call 919-771-4177 for more info.

  1. Step 1  Search online for lenders that allow you to leverage the strengths of your business when you apply.   Consider your revenues and type of operation as well as credit and time established.
  2. Step 2 TIP: Picking a program that matches your company strengths will go a long way towards getting approved.
  3. Step 3  Review the criteria from different lenders needed for approval. Make a list of the top two or three funders and their best matching programs.

    Make a list of the top two or three funders after reviewing the criteria.

  4. Step 4 Contact lenders online and by phone. Review as much approval criteria as you can with a representative. Try to get the best idea possible how closely your profile matches the requirements for approval.

    Get the best idea how likely your business is to get approved for funding with approval criteria.

  5. Step 5 Settle on the best match between different business loan programs and your strengths. Also consider your business requirements and time for funding. Apply for those programs that are the best match.

    Choose the best matching business funding program then apply

  6. Step 6 Read the terms and conditions on any approval.  Make sure there are enough revenues to cover the payments and meet all the requirements. Complete closing requirements to fund the transaction.

    Small Business Loans Depot

    Small Business Loans Depot

Need to get approved for financing?  Apply now below:

Step and tips to help get approved for a small business loan.

Data Secure 15 Second Request Form Here.
Or Question, call us at Tel:  1-919-771-4177.

FAQ :

How can we get approved for a small business loan?

Complete an online application. Provide any additional information on your company’s strengths, such as sales or start date. Doing so gives you a better chance of being approved, for a higher amount, and with better terms.

Is there a minimum time in business required?

Three months are required. Programs with vehicles or accounts receivables do not require 3 months. With revenues, you may be approved right after setting up licensing.

Can we be prequalified to avoid being declined and credit pulled?

Call us and we can review your information and prequalify you over the phone. If your business does not qualify for one product, you may qualify for one of many other loan options.

Can we get a longer term?

Options for 1 to 2 years are available. 36, 48 and 60 month programs with a monthly payment are available for customers wanting a longer repayment.

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 SmallBusinessLoansDepot.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.

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How to Get a Soft Pull Business Loan

How to get a soft pull business loan including for a cash advance.


Interested in using your business’ cash flow overall or company assets to get funding? Watch the video Above:

Definition: What is a soft pull business loan?A soft pull is when personal credit is pulled and checked but does not show as a credit inquiry or lower your credit score.

Apply below for:
High Approval Amounts
Longest Term Soft Pull Programs
Highest number of soft pull programs in the industry

START NOW

Call 919-771-4177 for more info.
1. Review the website.
See if says credit pulls will be a soft pull or hard pull. If it does not say so review the benefits and requirements.
2. Call the funder.
Ask if it will be a soft credit pull or a hard credit pull for program you like.
3. Pre-review the info.
Some lenders will review your information and can pre-approve you or make a pre-assessment without any credit being pulled.  Ask for a pre-application review.
4. Apply.
When it is a soft credit pull and the lenders criteria matches your need, consider applying.
5. Review terms.
If approved, review final terms and conditions.  If acceptable, complete transaction.

Need to close a soft pull business loan quickly?  Apply now below:

Frequently asked questions FAQ: soft pull business loans

Do you offer soft credit pulls?

Many soft pull options are available. Simply make the request and a representative will review the choices with you.

What is the difference between a hard and soft pull?

Hard credit pulls can lower your credit score slightly in the short term. Credit scores that have gone down from too many inquiries usually recover within three months and are short term. Soft pulls do not affect your score but can still be used to get an approval and funding without any hard pulls.

Are there fewer options with soft pull programs?

Many hard pull programs have better terms and conditions. Rates may also be lower with longer terms and monthly payments. You may be eliminating your business from better approvals by considering only soft pull options.

Can you use a credit report I provide?

You can provide credit reports 30 days old or less. We will give you a free pre-review, after which you can move on to a full review. The analysis using your credit report will be completed before your file goes into underwriting.

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 SmallBusinessLoansDepot.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.

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Lower Rates: MCA Merchant Cash Advance

Lower Rates: MCA Cash Advance

  1. Contact merchant cash advance companies that offer programs with lower rates that match your business profile.
  2. Get the rates and terms available from each program.
  3. Ask in advance if your business profile matches the lower rate programs available.   If so, select the best match and apply.
  4. When approved, review closing contracts and complete the transaction.
  5. Receive funds deposited into your business checking account and begin a lower repayment.

START NOW

Call 919-771-4177 for more info.

Your business can get an mca merchant cash advance renewal with lower rates and longer terms by understanding tips on cash advance qualifications and guidelines.
The same programs also offer mca merchant cash advance renewals with rates as low as 12% to 15% and up rate factors and longer terms if your business qualifies.

Steps to get a cash advance with lower rates. Stop paying the highest rates for an mca cash advance.

Frequently asked questions FAQ How to get an mca merchant cash advance with lower rates.

How low of a rate can I get?

The lowest rates start at 8% for the best credit, strongest cash flow and longest time in business. Rates in the low teens and higher are more common for most businesses.

Can we switch to a lower rate immediately?

You can by paying it off with a lower rate advance or regular loan. Using the funds from your new funding to payoff the balance on your old advance works especially well when the balance is low.

Can we get a better rate with a regular business loan?

Regular business loans usually do have a lower rate. They may also require a personal credit bureau score of 600 or higher. Time in business of 1 year or longer is needed for lower rate business loans.

Can I get a lower rate line of credit advance?  mca merchant cash advance?

There are cash advances you can use like a line of credit. Your business can borrow, repay, and re-borrow repeatedly. You can borrow from the line as soon as 30 to 60 days after closing with good repayment history.

If you would also like to learn more about qualifying for a cash flow loan based on sales in general, or Your Company’s Assets,
please watch the video below.

Other options to get better terms

Consider other loan types such as asset based or longer term loans if your credit score is higher

Increase your personal credit score by review your credit and disputing any inaccuracies

Establish a business credit profile and build business credit

Maintain business financial that show your business has a net profit that is more than any new loan payment you are applying for.

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 SmallBusinessLoansDepot.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.

Follow me and our Videos below!

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3rd Position Cash Advance: Maximum Offers

How to get a third MCA Cash Advance

0:17 Calculate if you can afford a third daily payment
0:52 Total Monthly Deposits: increasing or decreasing
1:03 Average Daily Balance: Minimum amount needed
1:13 Overdrafts or NSF’s: How many can I have?
1:34 Approval and Closing: What do I need?
1:50 How to avoid repayment problems: Multiple Advances;
Video Description: How to get a third position mca cash advance

START NOW

Want to just watch the Video only? Watch above or go to the Video only page here

Get a third position mca!

Supply: Last 3 months business bank statements

Tool: Desktop, laptop, tablet or phone

STEP 1: Check if you can afford another Daily payment.

Today’s Video, how to get a 3rd position MCA Cash Advance. Start the process anytime by Tapping apply on the Bottom right of this Screen, or Tapping on the End screen of this Video, or on the Apply Button on the Webpage.

Make sure you can afford another Daily payment. The Lender will be checking your profile closely.

Let’s review an Example: Multiply a $10,000 Offer amount times a 1.35 Rate Factor. There are 21 Payment Days most Months. If your offer Amount is for 8 Months, that’s 21 times 8 = 168 Payment Days. Take the $13,500 Total Repay and divide it by 168 Payment Days. That’s $80.36 Per payment day for every $10,000.

How to calculate the cost of an mca cash advance.

VIDEO CLIP below: Calculate MCA Affordability:   17 Seconds –  46 Seconds in Clip below.


Review your Last 3 Months Business Bank Statements, or 4 Months in States that require 4 Months like California. Your total Monthly Deposits should have increased or stayed the same.

Total Monthly Deposits that have been increasing in the last 3 months may bring a higher offer amount. Decreasing may bring a lower offer amount.

VIDEO CLIP below: Check Total Monthly Deposits:  52 Seconds – 63 Seconds in Clip below.


Average Daily Balance:That is the average balance per day for the month.

TIP:

You want your Average Daily Balance to be at least $750, but better $1000 or higher.

What is the Average Daily Balance in your account?

VIDEO CLIP below: Review Average Daily Balance  63 Seconds – 74 Seconds in Clip below.


TIP:

Overdrafts or NSF’s: You should not have more than 5 to 7 Overdrafts or NSF’s in any 1 Month, or it is more likely you will be declined.
If you have more, it is better to wait until you get your next statement and those are gone.

NSF’s and Overdrafts: How many are too many?

VIDEO CLIP below: Overdrafts or NSF’s  73 Seconds – 87 Seconds in Clip below.


STEP 2: Match with a Lender

Match with a lender that fits your business type.

TIP:

Talk to a Representative first, that often avoids unnecessary declines.

Match with a lender that makes aggressive third positions cash advance mca’s.


STEP 3: Apply.

If approved, request the closing docs.

Apply for a third position cash advance


STEP 4: Close

Get a Copy of your Driver’s License, Voided Business Check and Proof of Ownership. Next, Close. Review the Contracts, and if you’re satisfied, complete the contracts and expect funding into your Account in 2 to 4 hours.

Approval then Closing: What are the next steps?

VIDEO CLIP below: Approval and Closing  94 Seconds – 111 Seconds in Clip below.


TIP:

If you have repayment problems with 3 Advances, communicate with the Lenders immediately and consistently[ desert wind blowing ] to protect your business’ ability to borrow again in the future [ wind continues ]

What if you have repayment problems with 3 Advances?

VIDEO CLIP below: Repayment problems with 3 Advances  110 Seconds – 119 Seconds in Clip below.


START NOW

Show Video Transcript

how to get a third position MCA Cash Advance

In minutes and seconds.
0:17 Calculate if you can afford a third daily payment
0:52 Total Monthly Deposits: increasing or decreasing
1:03 Average Daily Balance: Minimum amount needed
1:13 Overdrafts or NSF’s: How many can I have?
1:34 Approval and Closing: What do I need?
1:50 How to avoid repayment problems: Multiple Advances

[ city street sounds ][ introduction sound effect ] Will Sanio, SmallBusinessLoansDepot.com. Today’s Video, how to get a 3rd position MCA Cash Advance.

Start the process anytime by tapping apply on the bottom right of this screen, or tapping on the end screen of this video, or on the apply button on the webpage.

Make sure you can afford a third daily payment, The Lender will be checking your profile closely. [ woman giggling ].

Let’s review an example. Multiply a $10,000 offer amount times a 1.35 rate factor. There are 21 payment days most months. If your Offer is for 8 Months, that’s 21 times 8 = 168 payment days.

Take the $13,500 total repay and divide it by 168 payment days.

That’s $80.36 Per payment day for every $10,000.

Review your last 3 months business bank statements, or 4 Months in States that require 4 Months like California. [ ocean surf sound ]

Your total monthly deposits should have increased or stayed the same. Total monthly deposits that have been increasing in the last 3 months may bring a higher offer amount. Decreasing may bring a lower offer amount.

Average Daily Balance: That is the average balance per day for the month. You want your average daily balance to be at least $750, but better $1000 or higher.

Overdrafts or NSF’s. You should not have more than 5 to 7 overdrafts or NSF’s in any 1 Month, or it is more likely you will be declined. If you have more, it is better to wait until you get your next statement and those are gone.

Match with a Lender that fits your business type. Talk to a representative first, that often avoids unnecessary declines.

Next, apply. If approved, request the closing docs.

Get a copy of your driver’s license, voided business check and proof of ownership.

Next, close. Review the contracts, and if you’re satisfied, complete the contracts and expect funding into your account in 2 to 4 hours.

If you have repayment problems with 3 advances, communicate with the lenders immediately and consistently to protect your business’ ability to borrow again in the future.


But how do you get an initial, or first advance? Go to how to get an mca cash advance here for the steps.

We will help you structure your existing business cash flow as well to insure your payments can safely be made. Apply below now to get your offer and cash quickly!

Call 919-771-4177 for more info.

 


 

F.A.Q.’s, Frequently asked questions 

How much can we get on a 3rd position MCA?

You will get the highest offer that your business budget can handle which will be reviewed through the bank statements. If the balance on one of your other advances is low enough, it can be paid off to get an ever higher offer.

What is the longest term we can get?

Payments and terms on a 3rd funding can go up to 1 year, though most are 6 months. The longest term depends on the balances of your current MCA’s, your available funds and the ability to handle the new payment.

How fast can I get funded?

Submit your application and last three months statements in the morning and it is possible to be funded the same day.

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 SmallBusinessLoansDepot.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.

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2nd Position: How To Get Another MCA Cash Advance: Video

How to get Another 2nd MCA Cash Advance

Video Description: How to get another second position mcas cash advance. Get approved and how to avoid declines. Information on calculating daily payments and terms.

Apply here for another Position

START NOW

Call 919-771-4177 for more info.

How to get a 2nd MCA Cash Advance

Supply: Last 3 months business bank statements

Tool: Desktop, laptop, tablet or phone

STEP 1: Check if you can afford another Daily payment.

Will Sanio, SmallBusinessLoansDepot.com. Today’s topic, how to get another MCA Cash Advance, also known as a second position. Start the process anytime by Tapping apply on the Bottom right of this Screen, or Tapping on the End screen of this Video, or on the Apply Button on the Webpage.

Check if you can afford another Daily payment, because the Lender will check. First calculate an estimate of what your new daily Cash Advance Payment will be.

Let’s take an Example: Multiply a $10,000 offer amount times a 1.4 Rate Factor. There are 21 Payment Days most Months. If your offer Amount is for 7 Months, that’s 21 times 7 = 147 Payment Days. Take the $14,000 Total Repay and divide it by 147. That Equals $95.23 Per payment day for every $10,000.

How to calculate the cost of an mca cash advance.

VIDEO CLIP below: Calculate MCA Affordability:  23 Seconds – 53 Seconds in Clip below.

Review your Last 3 Months Business Bank Statements, or 4 Months in States that require 4 Months like California. [ ocean surf sound ]. Your total Monthly Deposits should have increased or stayed the same.

Average Daily Balance: That is the average balance per day for the Month.

TIP:

You want your Average Daily Balance to be at least $750, but better $1000 or higher.

What is the Average Daily Balance in your account?

VIDEO CLIP below: Check Average Daily Balance:  62 Seconds – 72 Seconds in Clip below.

TIP:

Overdrafts or NSF’s: You should not have more than 5 to 7 Overdrafts or NSF”s in any 1 Month, or it is more likely you will be declined.
If you have more, it is better to wait until you get your next statement and those are gone.

NSF’s and Overdrafts: How many are too many?

VIDEO CLIP below: Review Overdrafts and NSF’s  72 Seconds – 86 Seconds in Clip below.


STEP 2: Match with a Lender

Match with a lender that fits your business type.

TIP:

Talk to a Representative first, that often avoids unnecessary declines.

Match with a lender that makes loans against equipment


STEP 3: Apply.

If approved, request the closing docs.


STEP 4: Close

Get a Copy of your Driver’s License, Voided Business Check and Proof of Ownership. Next, Close. Review the Contracts, and if you’re satisfied, complete the contracts and expect funding into your Account in 2 to 4 hours.

Approval then Closing: What are the next steps?

VIDEO CLIP below: Approval and Closing  86 Seconds – 102 Seconds in Clip below.


TIP:

If you have repayment problems with 2 Advances, communicate with the Lenders immediately and consistently[ desert wind blowing ] to protect your business’ ability to borrow again in the future [ wind continues ]

What if you have repayment problems with 2 Advances?

VIDEO CLIP below: Repayment problems with 2 Advances  102 Seconds – 111 Seconds in Clip below.


START NOW

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 SmallBusinessLoansDepot.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.

Follow me and our Videos below!

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Show Video Transcript

How to get another 2nd position MCA Cash Advance

In minutes and seconds.
0:23 Example: Calculate MCA Affordability
1:02 Average Daily Balance
1:12 Overdrafts and NSF’s
1:26 Approval and Closing
1:42 repayment problems with 2 Advances

[ city street sounds ], [ introduction sound effect ] Will Sanio, SmallBusinessLoansDepot.com, today’s topic, how to get another MCA Cash Advance, also known as a second position.

Start the process anytime by Tapping apply on the Bottom right of this Screen, or Tapping on the End screen of this Video, or on the Apply Button on the Webpage.

Check if you can afford another Daily payment, because the Lender will check. [ woman giggling ] First calculate an estimate of what your new daily Cash Advance Payment will be. Let’s take an example: Multiply a $10,000 offer amount times a 1.4 Rate Factor.

There are 21 Payment Days most Months. If your Offer Amount is for 7 Months, that’s 21 times 7 = 147 Payment Days. Take the $14,000 Total Repay and divide it by 147. That Equals $95.23 Per Payment Day for every $10,000.

Review your Last 3 Months Business Bank Statements, or 4 Months in States that require 4 Months like California. [ ocean surf sound ]

Your total Monthly Deposits should have increased or stayed the same.

Average Daily Balance: That is the average balance per day for the Month. You want your Average Daily Balance to be at least $750, but better $1000 or higher.

Overdrafts or NSF’s. You should not have more than 5 to 7 Overdrafts or NSF’s in any 1 Month, or it is more likely you will be declined. If you have more, it is better to wait until you get your next statement and those are gone.

Next, apply, if approved, request the closing docs. Get a Copy of your Driver’s License, Voided Business Check and Proof of Ownership.

Next, Close. Review the Contracts, and if you’re satisfied, complete the contracts and expect funding into your Account in 2 to 4 hours.

If you have repayment problems with 2 Advances, communicate with the Lenders immediately and consistently to protect your business’ ability to borrow again in the future. [ desert wind blowing ]

  • Highest offers on: second positions
  • The Longest Terms
  • Quick approvals and funding

We specialize in these offers. We will help you structure your existing cash flow as well to insure your payments can safely be made. Apply below now to get your offer and funding quickly!

Interested in an MCA for the first time?  Go to: How to get an MCA Cash Advance. 

A Want to just watch the Video? Go to the Additional 2nd Position MCA Cash Advance Video Page here

Or Get a 3rd position mca cash advance if your business can handle and needs more funds.

Frequently asked questions:

 

What is a 2nd position cash advance?

When a business takes out a cash advance while having an existing one they are paying on. The business will then have a 2nd advance that is in position behind their first one and make payments on two. The second company considers the existing payment into their decision for how much and long to approve another mca for you.

How can I get a second position for more money?

Show more cash flow through other checking accounts or financial statements. Proof that you will soon payoff other existing debt is another way. Your current first position cash advance may be paid off if the balance is low enough. This allows for even more money on top of the amount to payoff the 1st position.

Can I get a lower payment than I have now?

Ask for the lowest payment when applying so that the longest term offer will be made, and thereby lowest payment. Terms as long as 18 and up to 60 months are available to get the payment down the most.

How important is credit?

Credit is a minor part of the approval.   The strength of company cash flow and ability to make the new payment are the most important qualifiers.

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Need a First Position Merchant Cash Advance?

Get a First Position Merchant Cash Advance

Same day funding available.  If your business is interested in a 1st position cash advance with low rates available, apply for a bank statement loan option now below:  Go to the How to get an MCA Advance Video page here

START NOW

Call 919-771-4177 for more info.

Need a 1st first position merchant cash advance? Lower your daily or weekly payment.

How to get first 1st first position cash advance:

  1. Review your funding requirements.  Calculate how much you can afford to pay per day or per week.
  2. Apply with a merchant cash advance company or funder that offers the best  products that match your businesses’ cash flow, credit and time in business.
  3. If your business is approved, review the daily or weekly repayment terms and the merchant contract.  If you agree, submit all the required closing documentation and close  transaction.
  4. Receive funds into your business checking account.

Additional funding options

Accounts receivables financing
If a merchant cash advance cannot be obtained, a further option is also accounts receivables financing.  When your business has to wait more than 2 weeks to get paid on invoices but needs funding in one or two days, review accounts receivables financing.    Get paid about 75% of the face value of the invoice immediately.   Once the company you have invoiced pays, get the remainder less a 1% to 4% fee.

Asset based loan
Get funding for your business based on the assets.  Assets can be real estate or certain types of equipment.   Find out more

FAQ: First position merchant cash advance

What is the highest first position we can get?

The highest amount depends on your most recent three months business cash flow and other debts. Point out when
applying whether you intend to use the funds to payoff other debt. Doing so will allow you to be approved for
a higher amount.

Can you buyout another position?

Buyouts of up to 3 other positions can be offered. Provide an approximate payoff amount for each existing advance when applying and state which other positions you want to buyout.

How long is it for?

Terms are between 2 and 18 months. Discounts are available for early payoff.

What are the rates?

Rates start as low as 1.18.  Paying off any existing 1st position advance will give you better terms by having one advance instead of two.

Is credit important?

Credit is not a main factor for approval. The company’s cash flow, consistency of sales and time in business are more important. Higher credit scores will bring lower rates and lower terms.

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 SmallBusinessLoansDepot.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.

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How to Get Money For Payroll

How to Get Money for Payroll

This article will direct you on how to get money for payroll today.   Same day funding available.  If your business is interested in getting money for payroll immediately,  then apply now, below or call: 919-771-4177.

;START NOW

Or Call 919-771-4177 for more info.

Does your business need money for payroll? Follow the steps and tips provided. Apply today for fast and the best options to finance payroll.

Need money for payroll today? if your business needs money for payroll asap,
this speedy program can get funding in your account by the end of the business day. Apply today.
Estimated Cost: $0
Total Time: Up to 2 days
Supplies Needed: Monthly payroll information, Time available
Tools needed: Internet connection, phone, computer

Step 1: Preparation

Review your current month’s payroll expenses

Calculate how much your business needs, for how long and how soon.

Run the numbers to verify how much your business needs in payroll for the month and a deadline.

—-

Step 2: Prepare your documentation

Tip: Start the process a week before needing payroll funding if possible to avoid missing your deadline payroll date.

Get your business financial information together. This includes an interim or monthly profit and loss statement, copy of your monthly payroll, tax returns and bank statements.

Begin the process several days early and avoid missing your deadline payroll date

Step 3: Research payroll financing companies and programs

Look for payroll finance companies that meet your needs and requirements.
Contact qualifying companies and request their qualifying criteria
Match and prioritize your needs with the company that meets your criteria and you appear to qualify with.
Ask if your business will qualify or prequalify. Some lenders may be able to prequalify you over the phone prepare to submit your documentation

Ask the lender representative to review your information and if you will qualify.

Step 4: Submit application information

Apply with the best qualifying company for your business.

Apply for the best matching payroll financing program for your business.

Step 5: Approved or declined

Approved? Review terms. If you want to accept, provide all closing documentation and complete transaction denied? Contact lender to find out why you were declined and if there is anything that can be done to get approved.
If you cannot get approved, consider the reasons for the denial. Go back to other lenders you previously considered.
Ask those lenders if that will be a decline reason. If not, consider applying with that alternative lender.

If your business is approved, review all the terms. Provide closing items and stipulations to fund payroll into your account.

Get money for payroll same day or next day. Use the financing each time you need funds for payroll.

FAQ

How to get money for payroll – Frequently asked questions

What is payroll financing?

Financing that is used to help companies cover shortfalls in their payroll costs. It is based on the the average weekly payroll and can be used repeatedly to cover shortages.

Will we get 100% of the payroll that we need for all employees?

You can get the full amount needed to cover payroll. Qualifying is based on the gross revenue of the business. List the total monthly amount your business needs and the amount the company can pay.

Can we get the money by the end of the week to pay employees?

You can get money to make payroll as fast as one or two days. If your business applies early in the day then there is an excellent chance to pay employees the next day.

Can we use this financing in the future?

You can use the financing like a line of credit. Borrow, repay and use the line again.

Can we get payroll financing while we are still using PPP money?

You can combine PPP money that you received with payroll financing money now.

Info on how to deal with a PPP loan that was denied forgiveness.

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 SmallBusinessLoansDepot.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.

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How To Get Money For Product Orders

How to Get Money for Product Orders

✅ Step 1: Determine how much total $ amount the business needs to fulfill the order. Don’t underestimate!
✅ Step 2: Contact us to quickly match the approval criteria. If your business meets the criteria, then apply.
✅ Step 3: If approved and terms are acceptable, gather required closing documentation to fund loan.

Get money for product order financing.  Apply below now!

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Call 919-771-4177 for more info.

FAQ Frequently Asked Questions

What is a product order?

It is an order for goods issued by one company to another. An invoice is issued to the company the order is placed with. It includes a description of the product, number of units, price, model number and delivery date.
How can we get money to finance our product orders?

A percentage of the cost of raw materials and manufacturing for production is financed. The term depends on how long the process takes including delivery to the buyer and payment. Once the process is complete the borrowed funds are to be repaid by the seller. The transaction is often converted to an account receivable and the receivable is used instead as an instrument to repay the debt. In those cases, the buyer pays the cost of the finished product when they pay the invoice.

How do we qualify for product order financing?

Some of the main qualifications include the strength of the company your business is providing product to. How likely they are to pay after they have received product is considered. Also reviewed is whether your company can withstand not being paid for 30 to 60 days after delivering the product. Qualifying for accounts receivables financing helps getting approved for purchase order financing.”

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 SmallBusinessLoansDepot.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.

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Can My Business Afford an MCA Merchant Cash Advance?

Can my Business Afford an MCA Merchant Cash Advance?

Simple calculation to determine if your business can afford a cash advance.
See the 3 month average and 20% example below.

Or – We will do the math for you!

Complete the application below. We will work with you during the to give you certainty that you can handle the payment. We will show you the numbers and go over a budget.  Calculate what percent of your monthly revenues the mca will be.  Get your affordable cash advance now.   These are business loans based on bank statements. 

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Data Secure 15 Second Request Form Here.

Call 919-771-4177 for more info.

calculate how much of an mca merchant cash advance your business can afford. Get conservative and aggressive amounts.

How to figure out what your business can pay.

  1. Find the lowest deposit month of your last 3 checking account cycles.   Example, $50,000.
  2. Take that figure and multiply it times .20.  This is approximately the amount you should conservatively be taking for an mca merchant cash advance.
  3. Contact mca companies and apply.   If you are approved for more than your recommended safe amount,  do not take more unless you are sure you can make the payments.
  4. Close the cash advance and funds are deposited into your account.

How to calculate the amount

Below is an example of how to estimate a conservative funding amount.

  1. Look at your most recent (3) months business checking account statements.  Find and add the amount of your total deposits.  Most banks give you one amount and list it as “total deposits”.   Some banks will also have a separate entry for electronic deposits.  If your bank itemizes different deposit types, add them up.  Example figures are below.
    December total Deposits $25,000
    January total Deposits = $15,000
    February total deposits = $19,000
  2. The lowest one is January at $15,000 in total deposits.   Multiply $15,000 X .2 = $3,000.     $3,000 is a safe and conservative amount.   
  3. A more aggressive amount is $15,000 times .5 = $7,500.
  4. Figure out your daily payment.   On average, the term of an mca merchant cash advance is approximately 6 months.  For $3,000,  your daily payment will be approximately $3,000 X 1.35 % (6 x 21) = $155.77 per business day.    There are approximately 21 business days every 30 days.   The rate factor used here is 1.35.
  5. If you can handle this payment for 6 months, you can close the transaction.
  6. Look at the bank statement payback months from last year.  Can you afford the new payment if your sales are the same this year?

Other factors that affect offer and approval amounts:

Depending upon other factors such as start date, average daily balances and amount of revenues, the funder may offer a much larger business loan or advance.    Larger funding amounts may be O.K..  The purpose here is to determine what is a conservative and safe amount.

More net income with higher deposits

Companies with higher gross deposits can often afford a much higher advance.

Case 1) Fixed total expenses of $7,500 out of $10,000 equal disposable income of $2,500.

Case 2) When gross deposits are $100,000 and fixed expenses are $75,000, then disposable income is $25,000.

Fixed expenses are 75% in both cases, but the company in cash 2 has a much higher net income.

Many businesses continue to take out merchant cash advances by renewing them once they are paid off, or before.    1st time taking out a merchant cash advance?   Try a lower amount first to make sure the cash flow is there to cover it.   If so, you can take out a larger amount in a second round.

FAQ, Frequently asked questions: Can my business afford an mca merchant cash advance?

How can I make sure I can handle the mca payment?

Use the formula above to figure out how much of a daily payment you can afford. Also consider if the amount per week and month fits into your company’s budget. Multiply the daily payment times 5 for the weekly total and times 21 for the monthly total. Daily mca cash advance payments should not be more than 20% of total deposits.

Can I lower the daily payment when my business has a slow month?

Take the average sales of your 3 lowest months per year. The cash advance approval you accept and close should be 20% maximum of the average and that will be affordable during the slow season.

How can we figure out if we can repay a merchant advance for our seasonal business?

Look at last years sales during the same months you would be repaying a new cash advance now. Take the average monthly sales during that time last year and multiply it times .20, which is 20%. That is the affordable approval amount a seasonal company can pay.

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 SmallBusinessLoansDepot.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.

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Get Money To Stay In Business

Need money to stay in Business

What are your options on how to get money to stay in business and afloat during low cash flow times?

There are excellent options to qualify and survive slow sales periods.   Contact us below now.

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Call 919-771-4177 for more info.

How to get money to keep your business open:

  1. Step 1 Calculate your recent cash flow numbers.  This includes monthly gross and net income.   Look at your assets and your credit.
  2. Step 2 Find lenders that offer funding programs based on your numbers and your strengths.
  3. Step 3 Apply for the program that you determine best fits your company’s profile and has the best chance for approval.

Consider all relevant options such as bank statement loans to make sure you are not missing any opportunities for funding.   You may be able to get funding through programs you were not aware are available.

Get money to stay in business by matching your strengths to company programs.

F.A.Q. – Frequently asked questions.

How can I get a loan to stay in business?
Alternative funding is available when your business is trying to stay open. A bank will not loan in this situation. Show proof of income and assets with bank statements and a collateral list, and you may be able to get either asset based or cash flow capital.
I’ve tried to get funding and have been declined. How is this different?

Can I get a bridge loan while sales recover?
Bridge loans may be approved while your sales rebound. Offer amounts will be lower and increase as your sales increase back from their previous levels.

What if I can’t get a loan to save my business?
Call us and we will help you figure out if you may be missing opportunities. Another type of funding or other option may help you.

These options focus on programs that really match what your enterprise will qualify for.   Too often, companies apply for programs they never had a chance to get approved for.

Some funders focus on better credit.  If your credit is not good, you may have been declined for credit.    It may have been better to apply with a lender that focuses on tougher credit customers.

Some lenders focus on programs that offer higher approval for better credit and cash flow.  With neither, then you may have applied for the wrong programs.

Matching loan programs to your company’s strengths is critical.   Make a mental list of your company’s strengths.   This will give you a blueprint from which to work when you decide on lender.

Ask the lender about their programs first to make sure they are not trying to offer products that do not fit.

Final options after business loan decline:

Final options after business loan declines include:

  1. Adding a strong owner and sharing ownership.   This can bring in money and credit.
  2. Change your business model
  3. Scaling back the company
  4. Major expense cutting.
  5. Temporary closing.

These options may allow you to work around the problem and get back up and running in the short term.

It may also be a good time to change your operational model.  You can do this over the course of a few months and transition into a new product or service line.

Consider a co-signer to qualify.   This can be someone who becomes another owner.   If they have good credit, the may be able to co-sign for a loan for the company.

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 SmallBusinessLoansDepot.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.

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How to Fix Missed Payments on a MCA Merchant Cash Advance or Business Loan

How to Fix missed payments on an mca cash advance

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.

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If you are not going to be able to get current, here are options to get out of an mca cash advance, or watch the get out of mca video.

Call 919-771-4177 for more info.

  1. 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.
  2. 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
  3. Step 3 Follow through on your agreement.
  4. 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 SmallBusinessLoansDepot.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.

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How to get a Business Loan when an Account is overdrawn

Get a Business Loan when your Account is Overdrawn

This article covers 3 options on how to get a business loan when an account is overdrawn or has been overdrawn.

There are several ways to go about closing an approved loan or getting an approval, even if your Account is overdrawn.

The timing of when to close after an approval is important.

Apply for low balance programs below now that can get you approved if you have a current or a business account with excessive overdrafts.

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Data Secure 15 Second Request Form Here.

Call 919-771-4177 for more info.

FAQ: 

Can I get a business loan with an overdrawn account?

Yes, there are several solutions for approval to get funding fast when your account is overdrawn.

How can we get business funding when our account has been overdrawn?

Occasionally overdrawn accounts are expected and can be funded. You are matched to one of several programs that fits your situation. How much and long it has been overdrawn is reviewed and matched to the best programs.

How much can we get after being overdrawn?

Your sales in the current month and time in business are important in evaluating an offer. Average balances and sales in the last three months are also looked at. Programs consider low recent sales.

3 Options for an overdrawn business account.

  1. Step 1 You can apply while being overdrawn, however it is best if you can make it positive during the application process. The processing may go quickly and a bank verification may be done before you have a chance to make a deposit it into the positive.
  2. Step 2 Keep funds in the account until closing because the lender may do a DecisionLogic check anytime before closing.
  3. Step 3 Pass bank verification.   The lender will verify your account, including the balance and also the most recent activity in the last few weeks.

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Follow these instructions to find out how to get a business loan when your account is overdrawn

Next steps when your business has already been declined

When your company is  declined for a business loan request  for having a negative balance, it will be difficult to get approved in the next 30 days.   Many funding sources do not want to fund to a business that is now, or was recently overdrawn.

The minimum balance they want to see is at least $500, even with no overdrafts.   Lenders like to see the average daily balance of  $1,000 or more.

The lender may tell you they will re-consider your request once your account has been in the positive for 30 days.   You can do this, but most businesses do not want to wait.   What can you do?

Apply with another lender

This may be your best choice if the account is now in the positive and the lender will not re-consider the request for 30 days.   In this case, choose another lender and apply.     If you are still overdrawn, then wait until you can get to a positive balance.   Lenders will not fund if they verify balances and find out there is a negative balance.

Other business loan options

Asset based loan

Another option is also a loan against equipment, also called a loan on collateral.   This type of funding is between 24 and 48 months with a monthly payment.    Equipment such as construction equipment and also semi-trucks may qualify.  Trucks must be 2009 and newer.

Unsecured Options 

Accounts receivables financing or bank statement loans to get capital.   You may be able to get the capital the business needs this way.

Your main customers are likely factoring for other clients just like you and you are unlikely the 1st one they are factoring.

Contact us@ 919-771-4177 to discuss these approvable loan options, or apply above now.

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 SmallBusinessLoansDepot.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.

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Daily MCA payments Too High? Lower Payment Rescue

Are your Daily MCA Payments too high?

Choose from several options to lower your daily mca merchant cash advance payments quickly – and safely.   No settlements, coj filings, or having to default.  You do not need to close your accounts.   Your business reputation is not damaged with these options.

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Call 919-771-4177 for more info.

Your payments can be safely lowered or eliminated without hurting any of your relationships, including vendor relationships.  No delinquencies or disputes with your existing cash advance companies, upfront payments or paying into an account to solve the problem.

Daily or weekly payments are reduced 25% to 50%.   Some options reduce payments up to 75%.   Apply below for the fast track to affordable mca payments for your business:

Is your daily merchant cash advance payment too high for you to survive? Solve your problem now.

Avoid closing your business checking account and being declared in default. These lower daily payment options are safe.   They typically prevent a coj certificate of judgment from being filed against your business when you act immediately.

FAQ, Frequently asked questions:

Question: How are my payments lowered?

Answer: The daily and weekly payments are lowered through a payoff, restructuring or consolidation. Your business will be paying a much lower amount for a longer amount of time.

Question: How much lower will my payments be?

Answer: Payments are lowered 25% to 50%. Some get payments lowered up to 75% with a monthly payment for 2 to 3 years. There are not any negative actions on your current advances. The advances you have now do not go delinquent, charge off or default.

Question: Can I get my payments lowered on more than 1 advance?

The programs lower or pay them all off, even if you have several advances. Your payments are reduced the maximum amount based on your current situation.

Question: Does lowering my daily payments cause any new problems with my existing advances?

No. There should not be any problems if you are approved for one of these programs and payoff the other advances. Act before you miss payments, are declared in default and cannot qualify for the better programs. Your current advance companies are not negatively affected or contacted other than to pay them off.

Question: Do I have to keep making the full daily payments like the mca company is telling me?

Apply for programs that consolidate or refinance them for a much longer term. Continue making your daily payments on the current advances if possible until you are approved. You want to avoid missing more than two or three payments in a row or be declared a default.

In summary

Is your mca payment is too high? Reduce it without settlements, coj filings, or having to default.  No closing accounts or harming your business reputation.

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 SmallBusinessLoansDepot.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.

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Longer Term Merchant Cash Advance Options

Longer Term MCA Merchant Cash Advance Options

Get a longer term merchant cash advance with terms up to 12, 18 or 24 months.   Businesses want the longest term merchant cash advance and the longest term business loan choices.

We specialize in longer term loans and longer term merchant cash advances.

You will be approved for the longest term possible.  Apply now below:

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Call 919-771-4177 for more info.

Get longer term merchant advance options and alternative loans with longer terms.

FAQ’s Frequently asked questions on how to get a longer term merchant cash advance

Are merchant cash advances longer than a year available?

Advances over a year long are available. Terms up to 18 and 24 months are approved for qualifying applicants in most industries.

What are the requirements for a longer term merchant advance?

Time in business over 1 year and credit scores over 600 are usually needed. Other guidelines are good average daily business bank balances, and limited or no overdraft and nsf activity.

Can you payoff my shorter term advance with a longer advance?

A shorter term advance that has a low balance can be paid off. If the approval for the longer term advance is higher than the payoff of your current short term advance, you will get the difference funded to your business checking account.

Monthly payment options.

Many programs have a monthly payment option.   Monthly payment business loans are harder to get and be approved for.    Credit scores also have to be higher, often 660 or higher.   The minimum time in business will need to be a year or more.  The average daily balance of the business checking account has to be $2,500 to $3,500 or more.

Leaseback real estate

If your business has commercial real estate with equity in it,  one option for much longer financing is to leaseback real estate.   Funding amounts will usually be much higher and the terms are much longer, as long at 5 year or more.    Payments will be monthly instead of daily or weekly.   There can also be major tax benefits to this approach.   Contact your tax professional for details using this method.

Asset based loan

Another option to getting a longer term merchant cash advance or longer term funding is to convert the merchant cash advance into something else.  That involves a payoff.    The new funding can payoff the old funding.  One option is a loan against equipment.   This type of funding is 24 to 48 months with a monthly payment.    Equipment such as construction equipment, semi-trucks and also some types of machinery may qualify.

Accounts receivables financing

Accounts receivables financing does not directly get the merchant longer term financing.  However, it can be an excellent way to improve cash flow and eliminate the need for a merchant cash advance or short term loan in the first place.

If a business can improve their cash flow and not have to take out another short  term advance, they can avoid taking out a business loan.    This type of financing should be seriously looked at when funding options are considered.

“I don’t want accounts receivables financing” or “I don’t want factoring”, some clients tell us.
Many merchants are resistant to merchant cash advance financing.  They are afraid their client accounts will not like it and they will lose that account.
Merchants can tell their clients that their accountant recommended factoring to improve cash flow.  They can call their client and say:
“My accountant told me to look at factoring.   Do you all offer that?”

This question is more of an indirect approach and less threatening to your customer.  If they do not want to factor, they will feel less pressured since it was your accountant’s idea and may just say no.

Chance are very high that your customer is already factoring for other clients like your business and your business is not the first one they are would factor.

Extending merchant cash advance terms

Some final options include calling the merchant cash advance companies and asking for longer terms.   This is less desirable because it means that you will not be fulfilling the contract terms as originally agreed.   Therefore, the merchant cash advance company does not have to agree to longer terms and can consider doing so a default.

In summary:
Longer term merchant cash advances are not easy to get.   The entire risk model on which it works is based on short term financing with the customer.   Their risk analysis shows that past due accounts and charge off’s increase a lot if the term is over 1 year.

Funders that do merchant cash advances do not want a long term relationship with their clients for one funding.   They want renewals and also repeat business but not a long term with each transaction.

This is especially true if the merchant already has one cash advance.   For merchants that already have one cash advance, merchant cash advance companies are reluctant to offer a longer term on any new advance.

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 SmallBusinessLoansDepot.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.

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Merchant Cash Advance Qualifications and Guidelines

Merchant cash advance Qualifications and Guidelines

The amount of total monthly deposits is the #1 qualifying factor in being approved for an mca cash advance.    How do you qualify?   Apply below now.

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The biggest qualifying factors are: Total monthly deposits, time in business, credit, cash flow along with several more profile characteristics further below.

Not sure where you would fit?

Get one of our qualifying experts work 1 on 1 with you to get you approved and with the best program your business can qualify for.   Apply below now.

Find out what the mca merchant cash advance qualifications and guidelines are.

FAQ Frequently asked questions on Merchant Cash Advance qualifications and guidelines

What are the most important qualifications for approval?

The average of the last 3 months total deposits to your business checking account is the most important guideline. Also critical is the average daily bank account balances along with time in business and industry type. Limited overdrafts and negative balances are also qualifications needed.

How important is credit?

Bad credit and low credit scores usually do not make a difference between an approval or decline. However, a better credit score helps your business get more money, longer terms and better rates.

Is a minimum time in business needed?

At least 3 months along with bank statements are needed. If your company has just under 3 months since starting, you can send a month to date daily activity printout of the current activity to request an offer.

Top Customer Profile Issues

500 + bureau score

Many programs have a minimum credit score requirement of 500. Some programs require a credit score of 525.  Other programs either do not have a credit bureau score requirement,  or have a 550 minimum.

51% + Ownership

Many MCA Merchant Cash Advance programs and lenders require at least 51% ownership to close cash advance funding or other loans.  Another requirement under some programs is to have any owner with 25% or more ownership listed on the application and also be a signer at closing.

Minority Ownership

Minority ownership means any owner with less than 50% ownership. This can also mean an owner that has between 1% and 49% ownership in a business or enterprise. Another option some lenders offer is to approve and close financing with owners who are less than 50% owners.  However, this is not the norm and also rare and hard to find.

3 months time in business

Many lenders have a minimum time in business requirement of 3 months. Others have a 6 or 1 year guideline.

Less than 3 months time in business

Some mca merchant cash advance companies do not have a minimum time in operation requirement but need at least 2 months proof of income or revenue.    These are considered start ups.   Find more information on start up businesses here.

$10,000 or more per month in deposits guideline.

A high percentage of funders require the merchant to have a minimum of $10,000 or more in deposits every 30 day cycle.  Some merchant cash advance companies offer funding programs that demand only $5,000 to $7,500 minimum deposits.  However it is harder to find good options with less than the $10,000 floor.

We have programs that only require $4,000 + per month in deposits.

5 Overdrafts or NSF’s or less per month

Another frequent requirement is for the business to have no more than 5 Overdraft or NSF occurrence items per month.  In 2017, some MCA Merchant cash advance companies began to offer programs with 7 or 8 Overdrafts or NSF occurrences per month allowed, but this is also not common.

Less than 5 Deposits per month

Most funders require 5 or more deposits per month. A few require less, such as 3 or 4, but the majority still require 5. Merchants complain that they were denied for too few deposits.   How can that happen? To find out the answer, we need to look at what lenders and mca merchant advance companies consider a “deposit”

What is the definition of: Number of real business deposits per month?

Those are deposits that are generated from sales or real company operations. Deposits are not the following:

1) Small dollar amounts such as less than $100.   This dollar figure can be higher, even $200 or $300 and funders may not consider that deposit because the dollar amount is too low.
2) Transfers from savings accounts or other accounts are also not considered deposits.  The reason for this is that the funder does not know if the original source of those transfers are from real business revenue.
3) Credits and rebates are not true revenue.

Restricted industry?

Most mca merchant cash advance companies have industries that they will
not lend to and restrict funding to.    You can ask in advance if your industry is one of those types of businesses they will not fund.    For more information see a list of restricted industries here


Conclusion:

Many of the criteria listed above are minimum guidelines needed for approval.   Many lenders and merchant cash advance companies list a minimum criteria but may still decline the merchant for other reasons.

In their analysis, if your company profile meets merchant cash advance qualifications and guidelines criteria, they will consider the request, but might still not approve it.   Increase your chances of getting money by knowing the qualifications and guidelines ahead of time.

We specialize in identifying which mca programs busineess will qualify for.

Review tips on qualifying and lowest rates and terms on a 2nd position or 3rd position merchant cash advance.    Read the steps and tips further below to get approved with the best mca terms with the lowest rates.

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 SmallBusinessLoansDepot.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.

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Too Many Credit Inquiries Pulled? What To Do Next

Too many Credit Inquiries?

Has your credit pulled too many times recently?   Has your business also been declined for excessive inquiries? Business owners often get turned down for having too many in the last 30 to 60 days. Even if they are approved, they get lower approval amounts and shorter terms.    Author Biography: Will Sanio

These programs specialize for people that have had their credit pulled too many times recently.

For programs that work best with a lot of inquiries, as well as offering the highest amounts with longest terms. Apply below:

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Data Secure Request Form Here.

Call 919-771-4177 for more info.

Options if too many credit inquiries were pulled.

1. Other helpful actions
2. Recent credit inquiries
3. inquiries from mortgage companies and car loans
4. Talk to a representative
5. Ask for the criteria
6. Hard or soft pull

Too many credit inquiries pulled

If you need a program that will not deny you for having your credit bureau pulled a lot, apply above.

Frequently asked questions FAQ: too many credit inquiries pulled

Can I get a business loan with a lot of inquires on my file?
Approval offers can be made with many recent credit inquires on a person’s credit file.  Many times they are not relevant to the risk. This includes those for cars, housing, utilities, or an applicant not knowing multiple pulls were made for one request.

Why are a lot of inquires a problem?

Lenders do not know if you were approved and a new account was opened that isn’t showing up yet as a trade line in your file. Approvals from recent inquires take a few weeks to show up on your credit file.

Can I just submit a copy of my credit report to get a decision?

A copy can be provided to assist in the decision. A separate bureau is pulled to make any final offers or approvals. Bureaus are pulled separately so the most currently dated file can be reviewed.

Do lenders have to check my personal credit to get a business loan?

Business loans without the personal credit of the owner being pulled are very limited. These are known as corporation only requests. Smaller companies with less than 35 employees rarely get approved for these.

 

General credit inquiry Questions and Issues

“I had my credit pulled too many times and can’t get approved”
A broker sent my file out a bunch of lenders and now I can’t get approved for a business loan.  What can I do?
They told me my file has been shopped and I have too many inquiries.   What kind of financing can I get now?
“They pulled my credit too many times”

In general, your credit and credit score recovers from inquiries faster than any other type of derogatory or adverse action.    One pull may drop your score just a few points for a relatively short amount of time.

General Inquiry Information

Do inquiries hurt my credit?

A credit inquiry is often part of the process of applying for credit and should not be considered a negative by the applicant.  Lenders also know that applicants will have some checks on their file.
How many inquiries are too many?

There is not one answer to how many bureau pulls are too many.   This varies on a case by case basis.    Older credit files can have more inquiries before they are impacted.  Another  difference is that some inquiries are necessary and some credit inquires you cannot avoid.

Other helpful actions

Actions you can take if your credit has been pulled too many times

recent credit inquiries

Count the number of inquiries in the last 30 days. Remember which companies checked your file.   As mentioned, some checks on your file should not affect your request for financing at all.  Make lenders will manually review your bureau and may overturn any denial.

Inquiries from Mortgage Companies and Car loans

The ones from mortgage companies or to finance a car should not count against you.   Tell the lender if you have these.

Talk to a representative

When applying for financing, try to talk to a representative that knows the lender’s criteria and can talk to you about it.   Will they decline for too many inquiries within a certain amount of time?

Ask for the criteria

Ask lenders to tell you as much about their approval criteria as they are willing to tell  you.  You may be able to find out that you will very likely be declined for a business or personal loan.   You can decide not to apply and avoid the inquiry before it is even pulled.

Hard or soft pull
Find out if the pull was a hard or soft pull.

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 SmallBusinessLoansDepot.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.

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Business Loan During Holidays

Business Loan During the Holidays

During the 2024 holidays your business may need a loan fast.    Where can you go to avoid the slowdown your business does not have time for?   We have several programs that are fast and do not have slow processing during a holiday such as 4th of July, Labor day, Thanksgiving, Christmas, New Year’s day, Rosh hashanah, Yom Kippur, and Hanukkah.     Contact us below now for fast business loans during the holidays.  Same day closings often possible.

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Call 919-771-4177 for more info.

Don’t want to wait until after the New Year to get funding?   Often lenders will require additional items for closing and take a long time to get back to you.

Need a business loan during the holidays?

FAQ: Frequently asked questions on getting a business loan during the 2024 holidays

Is getting a business loan during the holiday season realistic?

Yes you can get a business loan during the slow holiday season. This includes 4th of July, Labor day, Thanksgiving, Christmas, New Years day, Rosh Hashanah, Yom Kippur, and Hanukkah. Fast closings are available during those holiday weeks.

How much slower will processing be?

Processing will still be fast leading right up to the holiday. Offices are open with normal business hours the next day to process applications for funding quickly.

Will staff be available to answer questions?

There will be regular staffing to answer your questions and process your request.

What about closing documentation or closing stipulations.   Won’t those show down the closing process?
Closing documentation may be required.   We work fast through these issues to avoid closing delays.    What if I need a loan the same day?    A loan closing same day is possible.    If you are approved, you may be able to be funded the next day if you cannot be funded same day.

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 SmallBusinessLoansDepot.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.

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Average Daily Balance for a Business Loan

What is Average Daily Balance?

It is also know as the average ledger balance and is the daily average for one month at your bank.

How does it affect me? If it is too low it can affect you in several ways:

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❎ Paying fees on bank accounts
❎ Declined for personal loans and services
❎ Being declined for business loans or services

If it is not high enough, it may be a reason for a decline with a lender who does not tell you what the requirement is.

We specialize in low cash flow businesses and as a result, will get the best program for your company.  For approvals with low average balances, ✅  Below Now:

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Frequently asked questions FAQ: Average daily balance for a business loan

What is average daily balance?

It is the average of your ending daily balances for a one month cycle in your account. Lenders may decline business loans when it is too low, not believing your company has the daily cash flow to handle a new loan. It is also sometimes called the average ledger or collected balance.

What does the average daily balance have to be?

Lenders look for certain minimum amounts and often want to see at least $1,000. Others want a $1,500 average and as high as $2,500. A higher amount gives lenders more confidence that your business has the cash flow to handle the new debt.

Why does the average daily balance in my business account matter?

Low average balances are a major factor in your request being denied. The higher the average daily balance, the more likely you are to getting approved and for a higher amount.

Keeping high daily balances is challenging for businesses.    Many use almost all of the funds that are in their account immediately after it is deposited.

What is average daily balance and why does it matter?

Why do lenders care about average daily balances?
Lenders, especially short term lenders, also want your business to keep more in your account than what their future payment will be.   The lower it  is, the more worried they are you will not be able to make payments to them.    As a result, they take any new payment into consideration when making the approval or decline decision.   Lenders may also consider what the percent of your loan payments will be as a percentage of total deposits.  This is similar to a debt to income ratio that many lenders use to assess business cash flow and affordability.

Many businesses that are declined for this reason may get declined for having less than $10,000 in deposits per month or also for the account being overdrawn.
Contact us for other options because there are specialty programs for this issue.    We hope this information can assist you and also help you decide what to do next.   Contact us or call us if you have any questions.

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 SmallBusinessLoansDepot.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.

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MCA: Less $10000 in Deposits a Month

How to get an MCA with less than $10,000 per month in Deposits

Less than $10,000 per month in deposits? Loans for businesses that deposit as little as $4,000 per month. Lenders will decline companies that have low monthly sales. We have several options for these companies.
Apply below or Call 919-771-4177

Has your business been declined for having less than $10000 in deposits per month?    Most lenders will decline companies that have monthly sales below this amount.    New bank statement loan programs for sales as low as $4,000 per month, including one program using business vehicles.  Go to the Video only page
less than $10,000 per month in deposits.

Apply below now to get specialty program funding for your business if you have low sales or other top decline reasons. !

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Have less than $10,000 in deposits per month.

Get an MCA with under 10,000 a Month in Deposits (Video Transcript: Click to Expand)
Under 10000 per month in sales for your business? [ city street sounds ] Welcome to Smallbusinessloansdepot.com. You’ve heard it before, we need at least $10,000 per month in deposits. Need a Business loan or mca cash advance with less than 10,000 per Month in Sales ? Even as little as 4,000 Per Month? Or Funding with Even Less?
We have options. If you have less than 10000 per month in Sales, your business may qualify and be eligible for funding. You’ll find what you need here. 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 smallbusinessloansdepot.com.

Eligibility

These are programs that help businesses with low sales and new businesses. It’s also for companies that need more options or alternatives for funding because their sales are not high enough. We have just added more funding options for your type of business. Some Conditions and restrictions apply. Apply now or call us. Businesses are almost always turned down if they do not have at least the minimum monthly sales. Also, the $10000 per month you hear about is business revenue. Transfers, refunds, deposits from other loans or anything besides business revenue does not count and will be deducted from your monthly sales. Do you have transfers from other business accounts? None of your accounts have enough deposits per month to get you approved or approved for as much as you need?

TIP:

Send the most recent statements from these other accounts also and the revenue from those other accounts you are transferring from, may be counted. PayPal statements do not qualify. If you are running your business revenue through PayPal, even a business PayPal revenue account, it will not be counted as revenue for business funding. Open a business checking account and start running your money and deposits through that account. Don’t qualify for any cash flow funding options? We have several other choices.

Alternatives:

. They include money against your equipment or Vehicles. Another good option is getting money now against your accounts receivables. This is excellent for newer businesses that need cash in early stages. If your deposit totals are less than $5,000 per month in one of the last several months, that is not necessarily a decline. If one of the other months is higher, the average may be accepted.

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 smallbusinessloansdepot.com.

FAQ’s on getting a businesses loan with less than $10000 per month in deposits

Can we qualify with less than $10,000 per month in deposits?

Yes, you can qualify for business funding with less than $10000 a month in deposits.  You can get approved on an average of your monthly deposits.

What is the lowest amount in deposits we can have per month?

For business funding using cash flow, your business should have at least $5,000  per month in deposits from business revenue.

Are there other options if we had a month below the minimum?

There are several asset based business loan options that do not require a minimum amount of deposits per month. Options with high credit scores are also available.

We have outstanding programs for companies with low deposit volume of less than $7,500 per month.   Companies may also qualify for a weekly or monthly payment.

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Funding Example with Monthly Payments:

# 1: A Monthly Payment for 9 and 12 Months:

Mildred’s day care deposits $8,000 per month.   She was declined by other funders for being below $10000 per month in deposits and her average daily balances too low.

How much can she qualify for Monthly?

She qualifies for 20% of her monthly deposits to be paid towards a loan.  $8,000 times .20 = $1,600.

For a  monthly repayment loan over 9 months, then her payment is:
$205.50 per month for  months.   This is based on a total repayment of
$1,850.    $1,850 % 9 = $205.50 per month.

For a  monthly repayment loan over 12 months, then her payment is:
$158.33 per month for 12 months.     This is based on a total repayment of $1,900.    $1,900 % 12 = $158 per month.

Funding Example with a Daily Payment

#2: A Daily Payment for 9 and 12 Months:

How much can she qualify for daily?

Using Mildred’s Day Care again but calculating a daily payment for the same 9 and 12 month example.

For a daily repayment loan over 9 months, then her payment is:

$10 per business day for  9 months.   This is based on a total repayment of
$1,850.    $1,850 % 9 = $205.50 per month.   $205.50 per month % 21 days = $10 per business day based on 21 payment days every month.

For a daily repayment loan over 12 months, then her payment is:

$7.52 per business day for 12 months.   This based on a total repayment of
$1,900.    $1,900 % 12 = $158 per month.   $158 per month % 21 days = $7.52 per business day based on 21 payment days every month.

These are low payments designed so that business owners can make the payments, repay the funding and borrow again as soon as they have a need.

Other Benefits:

50% pay down rule.:   Borrowers making timely payments can borrow again as soon as the total balance is 50% paid down or more.   They provide their most recent 3 months statements and if sales have remained the same or increased they can be funded again or increased.

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 SmallBusinessLoansDepot.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.

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Pick Your Escape from MCA merchant Cash Advances

Pick your Escape from MCA Merchant Cash Advances

Select several safe ways to escape from mca cash advances.  Get on a cash flow path your business not only can survive, but have a healthy cash flow back!

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  • Preserve Your Credit
  • No Defaults!
  • Longer Terms
  • Sustainable for your Business: Payments you can make

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How would you like to escape your mca merchant cash advances?

FAQ: Frequently asked questions on picking your escape from mca merchant cash advances

What ways can we get out of our cash advances?

There are both unsecured and secured options. Terms are available up to 10 years and may be a consolidation, if qualified. The business can also use qualifying equipment for a payoff. Real Estate can be use for very high total balances.

Can I get out of the advances with low credit scores?

Several low credit score programs are available for approval. These do not all require a high bureau score to refinance, consolidate or payoff your remaining payments. Scores can be as low as 500 and below for some programs.

Will I get a monthly payment to pay these off?

Monthly payments with credit scores down to 500 and lower are available for secured programs. Unsecured monthly payments need scores 600 or higher to pre-qualify.

Do I have to be current on my advances right now?

Options are available if your business is not current on its advances at this time. Being current qualifies you for more programs. If you expect go past due soon, take action before the payments are behind.

Choose your escape from MCA merchant cash advances.

Permanent relief from your mca merchant cash advance problem:

1) Call the merchant cash advance companies and negotiate a solution. 

Tell them the pressure on your cash flow has been far greater than you thought and ask if you can negotiate the terms.

If the Merchant Cash Advance company agrees, they normally lower the daily or weekly payment and the term is extended.

2) Try to qualify for a different loan to payoff the merchant cash advances.

Options are an asset based loan such a loan against real estate.    There are other loans that may be able to help business cash flow such as Factoring.

Factoring helps you get money owed to you much sooner.
If you cannot get one of these loans and the time left on your advances is only 2 or 3 months, another option is a bank statement loan.

If you can get approved for 6 to 10 month funding that pays off advances you only have 2 to 3 months left on, then you may be able to extend the term of your existing debt by 7 or 8 months.  This can cut your daily payment by 75%.

3) Ask for a pause in your merchant cash advance payments.  
This works best if your business only needs a pause in the payments.  In most cases, the mca merchant  ash advance companies will stop the payments completely for 1 or 2 weeks.

If you know your business needs much more relief than this, you probably should not request this option as it will not be enough to solve your problem.

If you request temporary relief, then ask for a permanent reduction right away.

Tips and information

Reduce your payments be as much as 25% to 50%.   Some funders give merchants more time to pay it back or a permanent reduction in the payments.

First decide if lower payments are enough.  Will you be able to handle lower payments permanently?

Do cash flow calculations to determine if your business can afford the payments, even if they are lowered as much as 50%.

4) Find a traditional consolidation program

Such a program will payoff the other advances at closing.  This is not a program that advertises consolidation but then sells another cash advance.

If you can qualify for such a consolidation program, it will often be the best choice.   The terms will vary greatly depending on the strength or weakness of your profile.

These programs also have the biggest advantage because they almost always extend the term and lower your payment a lot at the same time.   Break away from merchant cash advances.

More drastic measures

5) Hiring and involving an Attorney. 
This option can be considered if you have tried your best to work with the merchant cash advance companies and they did not offer a solution that would allow you to stay in business.

If this happens, consulting an attorney and considering your options may be in your best interest.   It could be that having an attorney contact the merchant cash advance companies to request terms that are sustainable for your business  brings you a better offer.

6) Bankruptcy.
This may be a final but viable option.  In the event you cannot work anything out and you will go out of business, bankruptcy may be the best choice.

Contact a bankruptcy attorney to discuss this.   If you have signed a COJ confession of Judgement, then make your attorney aware the merchant cash advance company has a COJ from you.

Another power the confession of Judgement also gives a creditor is to immediately access and also debit from any bank account you have an any bank.   Bankruptcy may be able to prevent this and allow your true escape from mca merchant cash advances.

Choose one of these options and start on your path to escape from mca merchant cash advances.   Break out and escape from merchant cash advances today!

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 SmallBusinessLoansDepot.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.

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Bad Credit – Fix it or Wait For it to Drop Off?

Bad Credit: Fix it or wait for it to drop off?

You have bad credit. But what do you fix, how much credit should you fix, and how fast should you fix it?  But the question remains as to bad credit – fix it or wait it out?  Derogatory or bad credit is probably the top decline reason for all loans.  Sometimes credit should be fixed, and sometimes it should not. The premise of always fixing bad credit needs to be reviewed.
Author Biography: Will Sanio

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Bad Credit – Should you even try to fix it?

Faq Frequently asked questions on fixing bad credit

Should I fix my bad credit or just wait for it to drop off my credit bureau?

Try to fix your bad credit monthly instead of waiting for it to drop off your credit file. Some derogatory items may show an updated reporting and that delays the time they take to drop off. Cleaning up the credit monthly will give you the highest consistent score.

What is the best way to fix my credit?

Get a copy of your credit report and see if there are any errors. This includes the status of your account, the number of late reported payments and the amount shown as owed. If you believe any of the items are wrong then you can dispute them with the credit bureau. Creditors must respond to disputes within a certain number of days or the derogatory item may have to be removed by the credit bureau.

How high can my score get by cleaning my credit?

It will depend on how many reporting mistakes are on your file. In many cases the score can be increased 50 to 100 points within a few months. Continuing to work on your credit will keep your score as high as possible.

Joint Accounts

You have joint accounts with someone and they are not paying them. Have a conversation with them.  Trying to fix that bad credit right away is premature.    If a Partner or Spouse was responsible for paying an account and does not, it will damage your credit if it is a Joint account.   There may have been a household verbal agreement that the Partner or Spouse was responsible. That does not matter on the credit report.   Late payments will show up for both of you.

Other questions first need to be addressed. Will you stay with your Spouse or Partner and are they communicating and working with you on the non-payment?
If you are not working together, then there is not much point to try fixing the credit right away.  Closing the Account may be the first step. If they are working with you then make a plan on whether or not it will be paid, by whom and when. Decide if you want to keep the Account open. Then later, derogatory reports can be disputed.   These issues need to be handled differently if the derogatory credit issues are with a business partner.

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Bad Credit – Fix it or wait it out?

The bad credit is already old

Bad credit, late payments, charge-off’s, foreclosures, and other derogatory items on your credit that are already 5 years old or older are not worth the cost and effort to try to remove them.  This includes 30, 60 and 90 day late reports.   After 7 years, many items drop off automatically. For those items, it does not make sense to manually try to remove them.

Federal and State Tax liens

These are much harder to remove.  It is also much easier to pay them and get a statement of “released” placed on the bureau just below the item rather than trying to get Tax Liens removed. If you have a payment arrangement, keep a copy of the payment arrangement and provide it to anyone that will look at your credit report.  Tax Liens on which there is a payment arrangement are looked at far more leniently than Tax Liens that do not have a payment arrangement in place.

Looking at some of these issues can help you decide on bad credit – fix it or wait it out?

 

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 SmallBusinessLoansDepot.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.

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Top 6 Reasons That Business Loans Do Not Close

Top 6 reasons that prevent businesses from closing an approved loan

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Cannot prove time in Business

Businesses often begin as a Sole Proprietorship or Partnership and Incorporate later.
When this happens, the Secretary of State will only show the time in business since the time of the Incorporation.  The time the Company was a Sole Proprietorship or Partnership will not be added.

For example, if a Company was Unincorporated for 3 Years and has been incorporated for 2 Years, it will only show on the Secretary of State as 2 Years Time in Business.   If the Company wants credit for the full 5 years, they should provide the business licenses since it began as a Sole Proprietorship.   Lenders will give the Company credit for the full 5 years.

Not being able to provide proof of the existence of the business

Some States do not require a business license to operate a business.   The owner will operate the business in their personal name and say they run a business.  They will not be able to get a business loan because they cannot prove the existence of the business the way Lenders require it.

Business Account balances are too low or overdrawn at the time of closing

After a business is approved for a business loan, their Business Checking account may be reviewed before closing.  This will include a review of the current balances, the Month to Date balances, NSF’s and Overdrafts within the last 30 to 60 days.

If these are too many NSF’s and overdrafts, the Lender may kill the approval just before closing.   Review your balances and activity to make sure this will not impact your approval.
Cannot pass bank verification 

Many business loans require a verification of the business bank account. This is often done through 3rd Party Vendors such as a DecisionLogic check, and Joinme.  Bank verification can also be done through phone verification.

Cannot pass merchant loan closing call
The lender will often call the merchant just before closing for a merchant loan closing call. The purpose of this is to go over the terms with the merchant, get agreement and simply verify the merchant and that they want to close the loan.

The business cannot provide all of the documentation required in the closing stipulations.

Business loans have a list of closing requirements that have to be met. If the applicant can get most of them but not all of them, they may not be able to close the loan. If you fall short in getting the Documentation required to close a business loan, talk to the Lender about what is missing. You may be able to get the remaining items waived. Another option is to provide substitute information.  Many times alternatives to what was asked for may be accepted.
New business
A new business and businesses less than 2 years old will have a hard time getting funding. There are still some options for a very short time in business that a new operation can take advantage of to get funding.

All of these reasons add up to a long list of why banks don’t lend to small business.  Apply for programs that DO approve small businesses.

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Top Reasons Business Loans Don’t close

Frequently asked questions FAQ: The top reasons business loans don’t close

What are the main reasons businesses can’t close a loan?

Problems at closing and denials include not being able to satisfy closing requirements and
customer background checks. Other reasons include low revenues, bad credit, short time in business and type of business.

What can we do if there is a problem before closing?

Many obstacles to closing can still be overcome and the loan might still close. Possibilities include asking the lender for a lower amount. Ask them specifically what can you do to correct any closing problems and still fund the loan. Some things cannot be corrected but get them to offer solutions to you.

What business loans can we get after the banks have turned us down?

There are many alternative options your business can consider when traditional banks won’t
close the request. Contact us to review your specific situation.

Avoid these problems and you stand an excellent chance of having your business loan close fast.

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 SmallBusinessLoansDepot.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.

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Top 12 Customer Complaints with Business Loans

Customer Complaints with Business Loans: Top 12

Customers have several common complaints about Business Loans.   Here, we will take a look at the Top 12 customer complaints.  Customers often do not close an approved business loan because of one or more of these reasons. Apply below for programs that fund businesses over these hurdles!

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Top 12 customer complaints with business loans:

    1. The rates and cost is too high.   They want a better rate and terms.
      Customers often want and need a business loan with a lower rate and better terms.
      Another requirement is they need working capital with lower total repayment and lower cost overall.
    2. The approval amount is not enough
      Customers often call in and say they need a higher approval amount and more money
      for my business loan.   They will go for a different loan if they cannot get what they want, or also get a second loan.
    3. The term of the loan is not good.
      Customers also say the term is too short and needs to be longer.  Another requirement is a business loan longer than 24 months.
    4. It is not a Monthly Payment.
      A very frequent request is to get a business loan with a Monthly payment.   Customers really want a Monthly payment if they can get it.
    5. It is a daily payment.
      Applicants will say right away if they do not want a business loan with a daily payment.   Many have had this type of repayment in the past and will not do it again.
    6. It is a Merchant Cash Advance.
      Customers oftentimes do not want a Merchant Cash Advance.   They will say they need a business loan that is not a Merchant Cash Advance. When this is the case, the customer will look for alternatives to a Merchant Cash Advance.
    7. The Prepayment option is not good.
      Another complaint is they want a business loan with no prepayment penalty.   They want to be sure they will get a good discount if they pay off early.
    8. The type of loan is not what they wanted.
      Sometimes customers will tell you they don’t want the type of loan they have been approved for.   They do not want very expensive payments or an unfamiliar product.They are not sure what type they want, but they have decided they don’t want the one being offered.   Have a conversation about other business loan types so Customers will get the loan that works for them.
    9. They don’t want to put up Collateral
      Many do not need or want a business loan with Collateral.   They do not want to put up Collateral, or they do not have Collateral.
    10. Do not want to give a Personal Guarantee.
      Customers may not want to close a business loan with a Personal Guarantee.  They believe they can get an offer without one but most financing requires it.
    11. Whether the loan will, or will not be reported on their Personal Credit.
      A business loan that reports on Personal Credit is sometimes specifically requested.   Other times, customers want the opposite and do not want it reported to the credit bureau.
    12. The request took too long.
      Some requests that are eventually approved do not close because the processing time was too long.   Customers will tell us they need funding quickly.  These are the Top 12 Customer complaints with business loans.   Contact us to apply for programs that avoid these problems.

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 SmallBusinessLoansDepot.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.

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Landlord Contact Information

Landlord contact information: What is it?

Landlord Contact information is the Name, address and Telephone number of a person or business’s Landlord.  It is used to verify personal residence or a business address.
To get a business loan without providing this info, contact us below for other options.

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Examples of Landlord Contact Information: 

A business owner applies for a business loan and is approved.  One of the closing stipulations may be giving landlord contact Information so the lender can get a landlord waiver.   Consider other types of business loans that do not require it.

Did you know?

Customers do not always have this contact information. What to you do if you are a home based business and are being asked for this information?   What if you are also the owner of the property and it is paid off?

Let the person requesting this information know you own the property and also if it is paid off.    If you are home based, let them know this.   Being home based is often acceptable and you will instead be asked for other information to satisfy this requirement.

This information is requested for many reasons.   Most often when someone is requesting a product or service, and also entering into a Contract.

What is Landlord Contact Information?

Requests and statements by callers below include:
Why am I being asked for this information and what
should I provide?
Ask why the information is being required and provide if the request is reasonable.   Sometimes a Lender will try to call the Landlord as part of a personal loan or business loan request.  Ask the Lender if they will call your Landlord.   If so, give your Landlord a heads up to expect a verification call.

Learn more about Landlord Contact information.

Recent examples from the Web:

Types of Emergency contact requests:

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 SmallBusinessLoansDepot.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.

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Payoff Letter: How It Can Help You with Loans

Payoff Letter.  What is it?

A Payoff Letter is a letter that is often required by a Lender to prove that other loans you have are paid off and have a $0 Balance.
Author Biography: Will Sanio

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Examples of reasons Payoff Letters are requested:

      • A request to show other small business loans are paid off.
      • A request to verify that a credit card is paid off
      • A Letter showing that a similar type of loan has a zero balance and is paid off.

    Many lenders may want to make sure that certain loans are paid off in order for them to be willing to approve and fund a new loan. Get a loan with out one, apply below.

    Funding without Payoff letter-Data Secure 15 Second Request Form Here.
    Or Call Tel: 919-771-4177

    Did you know?

    These Letters are also called “Zero Balance Letter”

    They are often referred to this way to emphasize that the Letter needs to show that the balance is Zero.

    What are Payoff Letters?

    Customers cannot always provide this letter.
    Sometimes customers are not well versed in this field.  Another reason is they also don’t like getting paperwork together and are unsure how to do it.   Customers also see it as a burden that they do not have the time or desire to deal with.

    How to Handle a Payoff Letter request:

    If a Lender asks you to provide a Zero balance letter, find out which Institution it is.
    If you have more than one loan with that institution, get the Account number to make sure you will be getting the information for the correct account.    Once you have this information, call the customer service number for that Lender.

    Tell the Representative what you need and they will transfer you to the correct department.  Most Companies have specific Departments that handle this type of request.   You will be routed to that Department and they will provide the Letter.  In most cases you will receive the Letter in 2 to 4 hours.

    If you have been asked for this type of Documentation, call us to discuss.   Explain what you are being requested to provide.   There are other Financing products that do not require this and other forms of verification.   You can apply for other Financing options and avoid having to provide this type of Documentation.

    FAQ Payoff Letter Questions

    What is a Payoff Letter?

    A payoff letter is sent by a lender showing the amount required to payoff the borrower’s loan by a certain date. It often shows how much the payoff increases each day or month when not paid by that date.

    How can a Payoff Letter help me?

    It proves the total amount you owe to a lender. Without it, a new lender has to guess or estimate how much you owe. Lenders may offer less or decline your request without this information.

    How do I get the letter?

    Contact your existing lender and ask them to send you a payoff letter. Ask them to address it to whom it may concern and put a date through which the payoff is valid.

    What is a payoff demand letter?

    A payoff demand letter is issued by a lender that demands the borrower to payoff the transaction. It includes the total amount owed, a pay-by date, account number and payment options. It also lists next step consequences if not paid.

    What does it mean to request a payoff?

    Requesting a payoff means a borrower contacts their lender and asks how much is owed to payoff their loan and by what date. After payoff, borrowers should verify the lender shows their loan fully paid off.

    What is a Zero balance letter?

    A zero balance letter is issued by a previous lender to a borrower to show their loan has been paid off and has a zero balance. New lenders may ask for this when considering a loan.

    Learn more about other types of request for proof of Documentation such as
    Proof of income.

    Recent examples from the Web:

    Therapeutics Corporation entering into a Payoff Agreement and Letter.

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 SmallBusinessLoansDepot.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.

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Copy of Business License

What is a Business License?

A Business License is a certificate issued by a City, County or State Government to a business.   The license legally verifies it’s right to operate and proof of ownership.    Lenders require a business license to close a business loan. Many other types of businesses transactions require a business license as proof the business exists.
Apply below for business loan programs with flexible licensing requirements.   Author Biography: Will Sanio

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Complete the secure App Data Secure 15 Second Request Form Here. Or call us at Tel:  1-919-771-4177. 

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 business license required to get a business loan?

A business license can be required by the lender. It legally proves that your business exists and verifies the exact legal name of the business in which all contracts and documents are written.

What if we are a home based business?

A residential business address is almost always accepted by counties, cities and states.
If a business 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 business is located in.

How much does it cost?

Business 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 business 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 business 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 Business license.
– Professional Licenses.

Get a business license or articles of incorporation if you are new or start up business 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 Business License?
Some States do not require a business license to legally operate.

States may allow, but it can make operating much more difficult for the business.   Other businesses that require a business license to do business with them 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 business license.  If your business was a Sole Proprietor, save all of the old Business licenses that you had.

Learn more about Business Licences.

Recent examples from the Web:

Consequences of not having a business license.

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 SmallBusinessLoansDepot.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.

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Voided Business Check: How To Get and Use

Voided Business Check

A Voided Business Check is sometimes required to close a business loan such as an loan against equipment or bank statement loans.  It is another piece of documentation needed complete other types of transactions.   Don’t have business checks?   Find alternatives here.

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Frequently asked questions FAQ: Copy of Voided Business Check

What is a copy of a voided check?

It is a check drawn against a personal or business account. The owner of the account writes the word void in large letters across the face of the check. This prevents that specific check from being negotiated.

Why is it required?

It is requested as a way to confirm the exact account information. This includes the name and address of the business, routing number and account number. Lenders often use this information to wire funds into the account after a loan is closed.

What can I offer if I don’t have a copy of a voided check?

A letter from the bank confirming the same information that is found on the check. The local branch can create the letter. The original paperwork issued by the bank to the account holder has that information and can also be provided.

Examples of a Voided Business Check.

Example of a Voided Check.  This is also referred to as a voided business check.   The Account Holder takes a check and writes in large font,  “void” on the check.    They can then take a picture of the check and send the picture as a .jpeg, or .png file, or .pdf file.

Recent Trends

Businesses have been writing far fewer checks than in the past for several years.  ACH payments, incoming and outgoing wires and debit card transactions today make up a significant number of the payments that businesses used to write checks for.   Some business do not have nor write standard business checks any longer.

Voided Check

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What can you do if the Lender  is asking for a copy of a voided business check and you do not have any?  What options are there?
– Ask the Lender what other options they offer.
– Lenders have some of the following options:
– Bank Verification.   Through this secure option, the Lender can look at the Account holder’s account and verify the validity of the account.   The Party looking at the account
cannot access the account as well as cannot make any changes or any transactions.

Callers often request and call in with the following:

I do not have business checks. What can I use instead?
– How can I get a voided business check?
The only way to get one is if your business does not have any is to
order checks the traditional way through your financial institution.    In most cases if the checks are needed quickly, expedited service can be requested for an extra $20 to $40.
If you do not have the time to order checks and wait on them, you may want to let the funder do a secure bank verification.   A bank verification is often required anyway, and
It may allow you to get around this requirement.
Question:
My business checks does not have the name of the company printed on it.
What can I provide?   If you invalidate your company check but it does not have your business name on it, you can get a bank letter as follows:

  1. A bank letter from your bank.   What is a bank letter?  A bank letter is a letter written by the bank that confirms the details of your business checking account.
  2. Review the letter to make sure it confirms the business name, business address, telephone number, routing and transit number and account number.
  3. Give the letter to the lender as confirmation of your business checking account.

 

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 SmallBusinessLoansDepot.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.

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Proof of Ownership of the Business: How to Prove

Definition of Proof of Ownership.  What is Proof of Ownership of the Business?

📑 What can a business owner show as a proof of business ownership document?   How to prove you are a business owner isn’t hard.  There are several ways including a letter or certificate.  Apply below for business loans that assist business owners with proving their ownership.

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Examples of Proof of Ownership of the Business.

A business owner applies for a business loan and is approved.
One of the closing requirements is for the owner to provide documentation of ownership and ownership percentage of the business.  The Business Owner does have a few options in providing evidence of ownership of the business.   They can also provide:

✅ Current Business License.
✅ Articles of Incorporation or a Partnership agreement.
✅ K-1 page or entire most recent Business Tax Return.
✅ TIN letter.

The TIN letter from the IRS may be accepted.   This letter shows the Tax Identification Number issued by the IRS to the business.   It is address to the business at the business address provided.

If  you cannot provide the types of documentation of ownership required for a business loan,  apply or contact us below at SmallBusinessLoansDepot.com.

Several funding options such as bank statement loans that make the process of proof of ownership much easier.

🇺🇸 Data Secure 15 Second Request Form Here Call us at Tel:  1-919-771-4177. Question? Contact us

FAQ proof of ownership

What is proof of ownership?

Verification of ownership are documents that show ownership of an asset or business, such
as a car, house or other property.

What is required to prove I am the owner?

Clear titles and deeds are accepted as proof of ownership of property. A business license,
articles of incorporation, K-1 page of the most recent tax return and Tax Identification Number letter from the IRS
are usually accepted to certify ownership of a business.

Why do I need to verify I am the owner?

It is required to document that you can legally transfer or sell an asset in your possession. It also
confirms there are no liens against the asset and you have full and clear title to transfer and sell.

What if we don’t have the documents needed?

Alternative documents may be acceptable. Try to negotiate any substitute documentation
you can provide. For example, a bill of sale might be an accepted alternative for non titled assets.

What if there are multiple owners?

All the owners have to approve and sign off on any transfer, sale or pledging of an asset. Owners
who do not consent can sell their interest to the remaining owners who can retitle and negotiate the
asset.

Proof of ownership may be required for other funding options such as a
loan against equipment, an asset based loan,

You don’t have any proof of business ownership and don’t know what to do?

Sometimes Business Owners cannot prove ownership of a business that is required to close a business loan.
How to prove business ownership and proof the business exists in other ways?  What is the lender is asking for?  There are other options in addition to the ones listed above.
If you cannot prove ownership now, review fixes below:

How you can fix the problem of cannot prove business ownership.

  1. Get an updated business license. Your city or county can reprint or resend a copy of your business license.
  2. Update your articles of incorporation. Contact the secretary of state and request the articles or update the articles to show your ownership.

What is Evidence of Ownership?

Evidence of Ownership is often required.   The person applying in the name of the Company needs to prove they are the Owner.   This prevents other people from getting Loans in the Company name that are not authorized to do so.    It also can help break down the Ownership percentage if there is another Owner.

The following are frequent requests and statements:
– What do I need for Proof of Ownership.   I don’t have it and also cannot provide it.   What can I do?     There may be alternatives that are accepted for proof of ownership.
Learn more about Proof of Ownership.
Recent examples from the Web:

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Proof of Income: All the Ways To Prove Income

Proof of Income

Definition: Documentation or other evidence that is used to prove the income of an individual or business. Apply below for business loans that assist business owners with proving their income.

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Examples of Proof of Income: 

A business owner applies for a business loan and is approved.
One of the closing stipulations is to show evidence of income.  The following is a list of the most accepted forms of proof for businesses and individuals:

1. Employer Pay Stubs
2. Tax Return
3. W-2 Statement
4. W-9 Statement
5. Bank Statements
6. Other Deposit Account statements

Need an E – Z and fast proof of income loan?  Complete the Secure App below now! 

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Did you know?

Proof of your income is required for larger loans, such as a large business loan or personal loan.

If a business owner cannot show documentation of income, they can consider other types of business loans that may not require it, such as certain asset based loans.

Customers cannot always show the type of documentation of income that is being requested.
What if you cannot provide documentation of your income? Then see our FAQ Frequently asked questions below.

FAQ proof of income

What is proof of income?

Proof of income is documentation used to verify personal or business income.

What is accepted as proof of income?

Employer pay stubs, tax returns, business or personal bank statements and other account statements are usually accepted as proof of income.

Why do I have to prove my income?

It is often required to verify you can make future payments that you are not making now. This is often for a new car, apartment or mortgage payment. It is also requested for personal and business loans and when buying into franchises or selling a business.

Can I add my spouses income to my income?

You can add spousal income to yours when you represent it as household income. List your income alone when you apply for something individually. If you do not have income and are applying alone, itemize it as spousal income or household income.

Can my credit prove my income?

Good credit shows you have enough income to pay the debts on your credit report now. It does not show if you can pay new debts or loans. The credit report also does not include all of your monthly expenses.

Are bank statements proof of income?

Bank statements may be used to show gross income or receipts. They cannot show all business or personal deductions from your gross income, or net income. Lenders wants to know if your business has the disposable income to service the new debt.


There are other funding Options.   Call us to discuss these options.

What is Proof of Income?

Evidence of Income is requested for many reasons.  Most often they are completed when someone is requesting a product or service, or entering into a Contract or Relationship with someone else.   They are not always looked at the same way.   What is looked for is totally up to the party that is pulling the report and also what they decide about the information.

The following are frequent requests and statements:
– I do not have Proof of Income.  What can I do to provide what is needed?   Other ways to show evidence of income sending Bank Statements.  If all of a person’s income goes into 1 Account, then the most recent bank statements for that account may be used to prove income.  This can be done for a business or an individual.

In summary: Questions and issues addressed:
What is proof of income? How can I prove my income? Give your pay stub, copy of paycheck, tax return, or bank statements and other ways to prove income.

Learn more:

Recent examples from the Web:

Evidence of Income

Contact us today for program options.

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Favored Industries In Business Loans: What Are They?

Favored Industries in Business Loans

Businesses in favored industries are preferred by lenders and banks.
They are more likely to get approved and for higher loan amounts.
Check to see if your business is in an industry favored by lenders. If so, these programs will give your company the most funding.  Apply below.

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Information on Favored Industries

FAQ Frequently asked questions on favored industries

What are favored industries?
They are more sought after by lenders and in general as customers for new relationships. In addition, they are usually more stable, consistently profitable and less likely to close their doors.
Are we less likely to get approved for a business loan if we are not considered a favored industry?
Your business may have one less advantage getting approved by not being considered preferred.  High risk industries may be restricted and not considered at all.
Will we get more money being as a preferred industry?
Lenders may or may not offer a higher approval amount because of the type of trade you are in. The main factors are still revenues, credit, time in operation, cash flow, and profitability.
Examples:
These include automotive Repair,  Dental Practice Loans, Physicians, and Medical Practice loans as well as  Beauty Salons, Gift, Novelty, and Souvenir Shops.    Additional businesses likely to receive approvals include Restaurants, Electrical Contractors ,Furniture outlets, and Chiropractor practices.
Other examples are Plumbing, HVAC Contractors, Hotels, Sporting Goods, Grocery Stores, Gas Stations, General Merchandise shops, Bars,  Nail Salons, General Retailers are also considered preferred.  Food and Health Care locations, Clothing outlets, Cleaning Services, and Veterinary Services are also considered more desired businesses to market to.
Business types that are not considered favored  may be considered less desirable by lenders and categorized as a restricted industry business loan.

More Examples:

Another group includes Home related businesses, such as Home Health Care Services, Home Furnishing and Hardware.
Optometrists, Automotive Parts and Accessories, as well as Beer, Wine and Liquor, Hardware suppliers, and Jewelry outlets.
Other target include:
Supermarkets, Grocery and Convenience Stores.
Not considered one of these?   Contact us above.
Optometry Centers, Glasses and Contacts
Party Supply, Pet Merchandise, Pharmacies, Specialty outlets or Specialty Department locations.   Sporting Goods suppliers, Toy, Hobby and Pet Shops.
Barber Shops, Beauty Shops and Beauticians.
Dry Cleaning  and Laundry, such as Coin Laundry.
Others include Hair, Nail and Skin Care,  and Health Spas are all more Examples of Favored .
Lenders will cater to your business more than other business trades.   Another advantage is getting better Terms on Goods and Services.
Learn more about Preferred Trades.
Recent examples from the Web:
Loans to Preferred Industries

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 SmallBusinessLoansDepot.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.

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Proof of Business Insurance

Proof of Business Insurance: What is it?

Proof of insurance for collateral is required for many types of transactions and contracts, including business loans.  Apply Below for financing that do not require proof and has flexible features.   Author Biography: Will Sanio

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A business owner is approved for a working capital request.   One of the requirements for closing is to show comprehensive insurance.  For companies without insurance on collateral, consider other programs that do not require it.

What can you do if you cannot show Proof?
Consider low cost programs to show the insurance you need.   This is probably the best option for example when you need to get business funds soon and are already approved.

Does your Transaction require Proof of Insurance

Get a different type of funding for which you may not need to show full casualty Insurance, including a Bank Statement Loan, an Accounts Receivables financing, and also money based on listed stocks.

Why is Insurance needed and can it be waived?
If a policy is needed to complete a Transaction, it will not likely be waived because the Lender needs collateral insurance.
It policy covers the replacement cost of the Asset and the Lender may be approving it based on the asset.  The Lenders needs proof of a policy because if the Collateral is damaged, a total loss or stolen, the Lender cannot recoup their losses.   If the Lender cannot get this, they probably would not have issued an approval.

So if you cannot get and afford full coverage, you can also look at other options.

The following are frequent requests and statements:
– I do not have full insurance on my Collateral.
– My collateral does not have a policy on it.
– We are looking for a business loan without casualty coverage.

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 SmallBusinessLoansDepot.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.

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Business Loan with a Felony or Misdemeanor: Video

Business Loan with a Felony or Misdemeanor

Video Description: Programs for business owners that have Felonies or Misdemeanors in their background record, but still need financing options. Learn about realistic but doable options and amounts you can expect and programs that will work.

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Background checks are an investigation of a person.   Business owners with previous arrests for criminal felony offenses and misdemeanor convictions can still get the business loans they need, now.

Do banks check criminal records for loans?  Yes.  Stop getting denied for the transgressions on your record.  You were arrested, prosecuted, convicted, incarcerated and maybe even still on probation.   We are here to help you.   Get approved.  Apply now.   Author Biography: Will Sanio

Background Check for Business Loans: Get Approved, Close and Fund.

 Watch: Business Owner requesting a Loan with a Criminal Record video top of page. Get another chance again!  Click or tap arrow to play. Apply above now or call 919-771-4177. Transcript here.
In this article we include steps to get approved for the programs available for business owners with background problems to pass a background check.  It is also one of the Top 9 Reasons why an MCA is declined.

Apply Below to get a business loan approval that is ok with bad history, having been arrested and including criminal history and felonies.

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Business loans approved for owners with felonies and misdemeanors

This can include criminal history, civil suits, credit checks, employment history, tax history and other problems.   These programs decline you for the credit you have to have.

Apply below to get funding now.

Example of a background check and history review

The owner fails the personal background check because of something on their record.   As a result, they should consider another type of business loan that will approve with their record.

Common closing stipulations require a review of the background history of the owner.   If you cannot get financing with a criminal or misdemeanor history, or if you cannot get an approval, contact us below at 919-771-4177 for several options.

Did you know?
Customers cannot always pass a criminal background check for a business loan.   What can you do if the owner cannot pass a check on their past history?

Get a business loan without a background check or if you cannot pass a background check

FAQ, On background checks for business loans

Are there programs to get a business loan with a criminal record?

We have several programs for business owners with a felony on their background to get a business loan. Establish a relationship under one of these programs today and your business can continue to borrow in future for higher amounts.

Can I get approved for a business loan with a drug conviction on my record?

Programs are also available with a record of drug use and will not be a major obstacle to getting a business loan. Severe cases involving distribution and minors are reviewed individually.

Can I get approved with a misdemeanor on my background report?

Misdemeanors usually will not cause you to be declined for a business loan. Apply and show
a history of steady payment to establish a strong relationship with one lender.


Show Video Transcript Details

business loan with criminal record

Lee had a Criminal Record in his Background from an incident 4 Years go. Now he needed a business loan with a Felony. Lenders keep declining him, after the closing background check before funding. But he had a Good Cash Flow Business. He Could Have Given Up…..but He Didn’t. Then he Called Us. We Stood by him to Get his Business Money. Apply Now, to Get a Business Loan with a Criminal Record. Including felony, DUI, Misdemeanor, Marijuana, Cannabis, Drug Convictions and More! Low Credit Scores OK. Find out how much Money you can get TODAY. Apply at SmallBusinessLoansDepot.com, or Call: 919-771-4177.


Contact us at Tel: 919-771-4177. You have options to take advantage of now. Explain what will show up on your record and we will offer other options that work.

Background checks are done for many reasons.   Most often they are completed when someone is requesting a product or service and also entering into a Contract or Relationship with someone else.   They are not always looked at the same way.   What is looked for is totally up to the party that is pulling the report and also what they decide about the information.

What do you do if you want a business loan with no background check?   If this has caused you a problem, call us above.
You will find funding options for borrowers with problems in their past. Even more, you will get personalized discreet service with a representative that understands these issues.

Learn more about background checks.

Recent examples from the Web:

Business News articles 

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 SmallBusinessLoansDepot.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.

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Business Bank Account Verification and Login

Bank Account Verification

A Bank verification or bank login is often required to complete a financing transaction. Unsecured transactions that depend on the cash flow of the borrower are more likely to have this requirement. Programs available that do not require a bank login or decisionlogic check.   Author Biography: Will Sanio

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Examples of Example of verification of information are many including a business loan closing call.
There are business loan options that often do not require a business bank account verification.  Click below for a business loan for funding that handles this issue!

Faq, frequently asked questions on bank account verification and login

What is a bank account verification?

A bank verification is when a lender validates the transaction information on statements used to approve a loan request.

Is my account information kept safe?

Your information is encrypted and 100% safe. Your account is not accessed. Nothing can be changed, transacted, or altered and information is confirmed in read-only.

Why do lenders want to verify my bank account?

Some lenders want confirmation of bank information as a general anti fraud effort. They do so by checking to make sure that the real activity seen in the account matches what is on the bank statements. Alterations of statements occurs to the extent that this verification must be done before funds are wired to customers.

How does the lender verify my account information?

Underwriting sends out a verification link, usually via DecisionLogic, a leader in the industry. The customer completes the link which verifies the account. The verification is done after an approval and just before closing.

Who sees my bank information?

Only underwriting sees the information to complete the funding process. Once verification is complete, the customer is funded.

What does read only mean?

Read-only means that the viewer of information can only see and read information. They cannot take any actions or make any changes. It is like looking at a traditional picture.

How a Bank verification and Bank Login works

Information on how bank accounts are verified: Examples of bank account verification including DecisionLogic, joinme, and 3 way telephone verification.

Did you know?

Bank verification requests can be totally secure.   The borrower’s account is not accessed and no activity can be done during the verification.   The transfer of information is encrypted.   The verifier cannot make transfers, credit, debits or changes of any kind.

Other methods include the Account Holder accessing their own Account.  Once they have accessed their account, the verification department sees the same screen.   However, it is a “Read Only”.

Applicants sometimes express concern about verification and also being asked to provide bank access information required for closing.     Using the methods above, their Account will be secure and no one else will have access to their business checking account.    This is often accomplished through one of 3 methods:
– Decisionlogic
– Joinme
– 3 way telephone verification

In addition,  the Account holder can change their password after the verification has been completed.    If they use the dual screen method, they can be sure that the other party only sees the Account Screen.   The lender that verifies Banking Information does not see the login screen and does not even see the password the Account holder is entering.

Callers have the following concerns and questions:

You can also contact us above to discuss with someone how the verification is done.
Learn more:
Recent information on the web:
Verification of Accounts

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 SmallBusinessLoansDepot.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.

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Closing Stipulations for Business Loans Video

Closing Stipulations for Business Loans

Video Description: Closing stipulations are the documents the lender requires to close the loan, or they will decline you. This Video will show you what you need. Then apply with us. Don’t have them all? Call us, we will get you past the problems and funded.

Closing stipulations are documents or requirements that are needed to complete and fund a business loan.

Avoid being declined before closing for a business loan, lease and real estate contracts.  Author Biography: Will Sanio

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Run into a problem closing? Get the answers on how to get funded.

Watch: Business Loan Closing Stipulations, at the Top of page! Apply below now or call 919-771-4177.  Transcript here

Need funding for a business with the fewest closing requirements?   Complete the application link below now.  To watch the Video only, visit Video: Closing Stipulations for Business loans. 

Call 919-771-4177 for more info.

Data Secure 15 Second Request Form Here.

List of Stipulations needed to close a Business Loan

1. Proof of Income.
2. Copy of Business License or Articles of Incorporation
3.  Proof of Ownership of the business.   Proof of business ownership percentage if multiple owners.
4. ID such as a copy of current driver’s license.
5. Copy of voided business check.
6. Bank Verification using secure vendors to pass a DecisionLogic check, or Join me, is needed, as well as a final merchant closing call.
7. Acceptable account activity in the last 90 days.   The current balance may need to be a multiple of the required payment.   For example, an mca cash advance may require three times the daily payment in the account at the time of closing.   Excessive overdrafts and NSF’s may cause a late decline.
8.   Most recent year business tax return.
9. A Background Check for a business loan is completed.   The lender will do a background check on you personally.
10.   Payoff letter from another lender.
11.  Proof of your business address or business location
12.  Proof of Insurance.
13. Landlord contact information.
14. A landlord waiver signed by your landlord may be required.   This is for  businesses that lease or rent a space.

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Loan Stipulations for Business Loans

FAQ Frequently asked questions on closing stipulations for a business loan

 

Do you have a lot of closing requirements?

Our programs have the fewest number of closing stipulations and items required for closing. Any requirements are items you can easily get to close the loan.

Can I still get funding if I don’t have all closing items?

Yes. Any items you do not have might be waived. Otherwise we can qualify you into a program that does not require certain closing documents you may not have.

What are the closing stipulations for a business loan?

Closing stipulations are documents required to close the transaction and be funded. They usually are identification, proof of ownership, and verification of accounts. Sometimes proof of business location or address may be requested.

Stipulations that happen automatically

Some stipulations such as the lender putting a UCC blanket lien or more standard UCC lien on your business happen automatically.   Next, review your contract to know exactly how the lender will file the UCC lien and on what.

You cannot provide closing items required to complete a business loan and need another option.   Click on the links above that match what you cannot provide.

Finally, if you cannot provide a tax return, there are other funding options.

More closing stipulations required:

Larger business loans, real estate and other asset based loans have more closing stipulations.  The higher the dollar amount the more difficult they may be to provide.

To prevent fraud, many lenders are doing a business loan closing call.   They talk to the borrower to confirm the request.

Did you know?

Many customers cannot provide all items required to complete a transaction.   So what do you do if you cannot provide all the required items?

Call the lender and discuss.   Explain why you cannot provide what they are asking for and ask if there are substitute items you can provide in place of what they are asking for.

Negotiate required items and try to get some waived or a substitute document accepted.   This may not apply to a large business loan and real estate backed loan that are heavily regulated.

Examples of negotiating or waiving stipulations

For example, a requirement may be last years tax return but you do not have  last years tax return due to filing an extension.

Request providing proof of filing an extension instead.   Another option is also to request waiver of the tax return altogether.

K-1’s from your most recent Tax return are accepted as Proof of Ownership.

However, Articles of Incorporation showing shareholder ownership percentage should be accepted in place of a K-1.  Providing a copy of a business license with the Owners name on it.

Recent example from the Web: Including a long list of many other types of
Loan Stipulations


Show Video Transcript Details

Closing Stipulations for Business Loans

[ race car engines ] Its time to close your business loan now, and get the funds you need.  But then the lender sends you a list of closing stipulations they need before you get your money, and you don’t have them. [ desert wind blowing ] Call us for fewer stips and the most help with documents like, proof of ownership, Tax ID and EIN, [ wind blowing ] proof of business address, passing DecisionLogic bank verification. We will get you past all the Hurdles [ motorcycle engines ] and to the Funding Finish Line. [ water bubbling ] Low credit scores OK. Apply at SmallBusinessLoansDepot.com, Or Call: 919-771-4177.

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 SmallBusinessLoansDepot.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.

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Business loans with No Tax Returns: How to Get Them

Business Loan with no tax Returns

Several programs are available to get approved for a fast and easy business loan with no tax returns.  Businesses often cannot provide tax returns for loans. Programs are available to get a loan without returns hassle free.  Author Biography: Will Sanio

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Call 919-771-4177 for more info.

Data Secure 15 Second Request Form Here.

How to get a small business loan with no tax returns: How to steps, direction, and tips:

Get a small business loan without having to provide tax returns.

Need a small business loan but do not have business tax returns? For businesses that need funding without tax returns asap,
fast programs are available that can get funding in your account the same day or the next day.

Estimated Cost: $0
Total Time: 1 Day
Supplies Needed:  Business bank statements. Financial statements if available.  Time Available.
Tools needed: Internet connection, phone, computer

Step 1:  Preparation

Review your company’s cash flow information such as bank statements and financial statements.

Contact your accountant to get financial statements.  Determine how much your business needs, for how long and how soon.

Review your company’s cash flow strengths by looking over your bank statements and financials.

Step 2:  Gather the documentation you do have on hand.
Tip: Start the process at least a week or longer before needing business funding, especially when business tax returns are not

available and if your business needs larger amounts

Review the bank statements and any financial information before providing.

prepare an explanation for any slow and low cash flow periods or other issues, before applying.

Giving yourself a week or two lead time will help you find the right programs, apply and get funding.

Step 3:  Research companies that offer business loans with no tax returns required.
Filter your search for programs that best matches your business for the amount requested, your credit, time in business, annual sales and the reason you want the loan.
Look for those companies that meet your specific needs and requirements.
Talk to those companies and find out about their terms and conditions.
Match up with the company that most closely meets your needs.
Find out if your business will qualify or prequalify.   Lenders may be able to prequalify you over the phone
Do a final review of your documentation based on the lender’s requirements

Asking the lender what the qualifying requirements are can save you from even applying.

Step 4: Submit your company’s application

Go with the most qualifying program for your business without tax returns.

No business tax returns required? Is the program a good fit? Then apply

Step 5: Approved or declined
Review terms if your business is approved.  To accept, provide all closing stipulations to fund the transaction.
Was your business denied? Contact the lender and find out why you were declined.  What can you do to get the decision reversed?
If you cannot get the lender to approve your business, then go back to other lenders you looked at during your search.

Ask the other lenders if you will be declined for the same reason.   If not, then consider applying with them.

If you are satisfied with the approval terms, then provide the items needed to close and get funding.

FAQ Frequently asked questions on getting a business loan with no tax returns

Can I get a business loan with no tax returns?

Yes, we have several strong programs that can get your business approved and funded quickly without having to submit
tax returns.

Can we still get higher approval amounts without returns?

Businesses with high revenues can get approved for larger amounts based on the strength of their sales.
No federal or state returns needed.

Will we have to provide other proof of income like financial statements, bank statements or pay stubs?

Cash flow through the bank statements may be requested for the lender to make the maximum offer and calculate
how much your business can pay. Financial statements such as balance sheets and profit and loss are not required.

Example of what to do if your business is asked for returns.

Your company applies for a loan and is approved.   However, the Lender requires the most recent tax return or 2 years tax returns.   If you are new, or have filed an extension, your business cannot provide this information.

Don’t have Tax Returns? Before applying, simply ask if returns will be required.  If so, try to apply for programs that does NOT require returns.   Instead of providing tax returns, you can offer cash flow information from previous years.   This may be referred to as payback months, meaning banks statements for the same months as the repayment of any new loan.

Want a business loan but do not have Tax returns?
Choose these options

 

 

 

 

 

 

Lenders will not scrutinize the returns even if they require them.   They will not review Gross and Net Profit, Business Tax Write Offs and other parts of the return.  However, if they ask for a return, you have to provide it.

Business owners are often afraid to provide a return because they show a net loss.  What can you do?

Ask the lender in advance how closely the return will be scrutinized.  Many loan programs will just get the return to verify it has been filed.

The request for returns are also part of  “closing stipulations”.    Other items that are usually required for closing stipulations include a copy of current driver’s license, in addition to a clear copy of voided business check or copy of a license.

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 SmallBusinessLoansDepot.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.

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What is Subordination of Debt?

Subordinating debt

When a lender agrees to the subordination of debt of one of their existing customers to another lender.   This puts them secondary and behind in the lien position to the company they are agreeing to subordinate their customer to.
Apply Below For business loans that do  NOT require subordinating your current debt to the new lender.

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Example of subordinating debt:

A business applies for a loan but the lender cannot close the loan because a different lender already has a lien on the same assets of the borrower.

The subordination of debt issue has become even more of a hurdle when customers have one or more Merchant Cash Advances and tries to get a different type of loan.

Accounts receivables lenders and many other lenders have issues closing their financing due to existing Merchant Cash Advances.   A Merchant Cash Advance provider may already have a blanket lien on all furniture, fixtures and receivables on the customer’s UCC listing.

This means that the new Lender as well as any other Lender cannot put a lien against the receivables.  They must ask that Lender to subordinate rights to the receivables to them.   For Funding that does not require you to subordinate debt, contact us below and get started.

Subordination of Debt

The lender that subordinates gives up their rights to that specific Collateral.   Why would a Lender be willing to give up rights to Collateral?
It is usually because the Lender took all of their customer’s Collateral for their Loan.  They did not need all of the Collateral and is really not interested in all the Collateral.
They took all of it because it was available and the customer did not object or say no.

A Lender that takes a lien on all of a Company’s assets would only try to liquidate certain Collateral if the customer defaulted.   As a result, they are often willing to give up rights to Collateral they never would have gone after anyway.

For more information on subordination of debt, visit resources such as the SBA.

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Fast and Easy Same Day Small Business Loans

How to get fast and easy same day small business loans described step by step below with tips.

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Call 919-771-4177 for more info.

Data Secure 15 Second Request Form Here.

Look for funding programs that have fast and easy small business loans. Other fast closing working capital includes loans against OTR Over the road trucks, semi trucks and other business vehicles, concurrent  loans for business and asset based loans. Review program features on approval conditions, closing requirements and time to close.

Businesses with more than 3 months in business, credit scores over 500, and 5 or less overdrafts and nfs’s per month have an excellent chance to qualify.

Choose a program that is the best option for your business based on time in business, credit score and total revenues.

fast and easy small business loans

Call the funding program to confirm features and benefits.

Fast and easy small business loans

Once you determine your business meets the general requirements, consider applying.

Fast and easy small business loans

If you receive an approval, review the approval terms.   Get remaining questions answered.  Complete the transaction and receive
funding into your account.

Complete the online Business Loan application below.   Paperless closing and Decision in minutes.   If approved,  same day funding is possible.  Contact us today.
Super fast and easy same day business loans.

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FAQ’s: Frequently asked fast and easy same day small business loans questions:

We need emergency cash for our business right away. Can we get it the same day or the next day?
You can get a business loan the same day or the next day. The sooner in the day you apply the more likely you can get business funding the same day or the next day. Applying after 2 pm may push funding into the next business day. Provide all of the information requested immediately. Anytime more information is requested then provide it as soon as possible to have the best chance of getting funding for your business the same day.

How long is the term?
Terms are up to 10 years. You can pay the business loan back as soon as 3 months and receive early prepayment benefit in many cases. Approvals and offers may also be for shorter terms as well. Terms as short as 60 to 180 days are available.

Is there an early pre-payment discount?
There are good pre-payment benefits on several programs. One program allows you to prepay the funding after only 3 months with no penalty. Low monthly as well as early payback are additional benefits.

Can I complete just an application without financials and tax returns?
Most of the programs only need a short online application and the most recent three months business bank statements. Business and personal tax returns are not required.

What do I have to provide for closing?
A copy of your drivers license and voided business check are usually required. Other requirements may include proof of ownership of the business. This can be a copy of a business license, articles of incorporation, K-1 schedule from the most recent tax return or a TIN tax Identification letter from the IRS.

What is the fastest we can get funding for our business?
Funding is as fast as one or two hours once all closing requirements have been satisfied. Same day funding is common and can be expected if final requirements are met by 3 PM eastern time.

What is the easiest business loan to get?
The easiest business loan to get is an mca merchant cash advance. Approvals can be obtained in one or two hours or less. Funding can be the same day or next day. If the business applies before noon then there is a chance of funding still the same day. Other easier types of business loans to get are loans against equity in commercial or residential real estate with a lot of equity. If there is a large amount of equity in real estate there are investors that will lend against that equity. These investors will lend quickly and with very few requirements and stipulations compared to a traditional commercial bank.

Fast funding even for large business loans over $50,000 and also to pay IRS taxes

Our program specializes in helping your business if it needs immediate funding.   Sometimes businesses run into an immediate need due to an emergency.   So if your business has an emergency, we are here to help you.

Don’t spend another day with SBA Loans and regular bank loans.   Get funding super fast for your business and also no long list of requirements to close.   Super fast responses to your request in addition to fast business loan approvals and funding.

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Declined For Time in Business? Get Approved Now!

Has your company been declined for time in business?  We have several loan options if you are new:

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Data Secure 15 Second Request Form Here.

Call 919-771-4177 for more info.

Sales as little as 3 months
Brand New Businesses
Asset based options and fast closing!
Low credit scores and large approvals available. Apply below

Options

declined for a business loan?
3 Month time since start date program
Your company can get money as fast as one day. Provide the most recent (3) months company checking account statements with the one page application above, and you can be on your way to funding within 1 or 2 days.

1 Month time in business Program.

Get a large business loan in you have been operating for more than 1 year. Many applicants get up to 75% of their total monthly deposits.

Low credit score program

Were you turned down for having a very low credit score? Apply for the low credit score approval program and turn a decline into an approval.

We will help you get approved for time in business.

FAQ Frequently asked questions.

What is time in business?
The time starts from the day the company is registered with the secretary of state, city, or county.   It is not the time when revenue has started. Some lenders will look at when the company began having sales as part of their review.
Can we get approved with a few months open?
Cash flow programs for as little as 3 months operating or less are available. Certain asset based programs can be approved with only 1 month.
Can we get a loan being brand new?
There are multiple programs available if you just started. Even companies that have been registered for only a few weeks have an opportunity to be approved.
Why do lenders decline new businesses?
Lenders have statistics that prove the longer companies have been open, the more likely they will stay open. Businesses operating more than 3 years are successful for a significantly longer time.

In summary

Our programs can get you approved today with only 3 months or less since your starting date.  Just because you are new, we won’t stop you from capital.

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