Bank Statement Loan

A Bank Statement Loan is available now by Small Business Loans Depot.

New niche bank statement loans program for your business.
- Credit scores as low as 500 and lower
-
 Time in business as short as only 3 months- No Collateral is required

Get a bank statement loan today based on what it already has, it’s sales!   If your business has had revenues for any of the last 3 months, get business bank statement funding based on those sales.

Click on the “Contact Us” link above, complete the Mini “Contact Us” app or Call now Toll Free at:  855-787-1113  or Tel: 919-771-4177 and get your business bank statement loan today!

Many businesses often wonder if they have excellent cash flow and have demonstrated a lengthy past history of being able to pay debt on time, then why should they be declined because of limited collateral or unsatisfactory personal credit if they have good business cash flow?

We agree!   Small business loans depot can provide business bank statement financing quickly.  Based on your Bbsinesses revenue, we can assist you in getting capital within 3 to 5 business days or less.

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Business Bank Statement loans include the following features:
– The highest approval percentage of any business financing. 
– Every business has Cash flow, so almost all businesses can qualify. 
– Only 3 months bank statements requested
– Just a short 1 page application is needed. 
– Fast turnaround, one or two day approval common
Get your Bank Statement Loan today.   Call us today Toll Free at: 855-787-1113 or
Tel: 919-771-4177. 

Up to 125% of a customer’s total monthly deposits may be approved.  If your business has average monthly deposits of $50,000, then an approval up to $62,500 is possible.  If the businesses average daily balance, beginning balances and ending balances are strong, the approval amount can be this much or higher.

This bank statement loan can be used as a line of credit.   The customer uses the line and repays.    The customer can use the full line or part of the line again immediately.    The line can also be left idle for months and not be used until they need it again.  Unlike traditional bank lines of credit, this line does not require and annual pay down to $0 and does not require annual or quarterly financial statements.

If the business owner has more than one business checking account, they may be able to use two accounts to qualify for a higher line size.   The most recent 3 months business checking account statements are submitted for each account.    The higher the total deposits per month are, the more the bank statement loan may be.

10/17/2014 – Summit Tech Staffing, L.L.C. announces line established through
Smallbusinessloansdepot.com.  Vice President Mitchell Harmon announced,
“This line gives Summit Tech Staffing, L.L.C. the resources needed to complete it’s expansion in the Virginia Tech corridor and D.C. area.   We look forward to expanding this relationship and becoming the premier Tech staffing company in the District of
Columbia and Eastern Virginia.”

08/12/2014 – Smallbusinessloansdepot.com announces funding for a previously restricted industry.   As of the date of this release, funding for home based businesses is now available up to $250,000.   Previously home based businesses were restricted and could not be funded.   All types with the exception of gaming will be considered.  Contact your representative for further details.

07232014 – Central Florida Medical Associates, P.C. announces $500,000 line of credit through Smallbusinessloansdepot.com.    President Tim Steele announced, “This line of credit will position Central Florida Associates, P.C. as a premier medical provider in the greater Orlando area.   We look forward to implementing expansion plans on the west and east coast of Florida.”

F.A.Q – Frequently asked Questions:

What is the maximum we can get? 
The bank statement loan line size depends upon the total dollar amount of deposit per month and the average daily balance.   The company’s time in business, business credit and personal credit are also reviewed.

How long does it take to get funding? 
Once the business bank statements are received, you can be approved in 24 to 48 hours in most cases.   Funds are wired into your business checking account within 24 hours of the verbal confirmation with the customer.

How long is the repay time? 
The term of these bank statement loans are between 3-18 months.  The term will depend on the consistency of the cash flow, the time in business and business credit.

Will this business bank statement funding show up on our business credit? 
It will not show up on the personal or business credit bureau.  The signer’s debt to income ratio will not increase.  The owner will not appear to have more debt.  Credit scores will not go down due to new credit lines showing up on personal or business credit.

Do we have to reapply to borrow again?
When the line has been repaid, the business can leave the line idle, or re-borrow.  The customer can obtain a bank statement loan again without a formal application.   The most recent 3 months business checking account statements are sent in and after approval, funds are wired into the customer’s account.   This can be repeated over and over.

What can we do if we want a larger line amount? 
You do not have to submit another application.  In most cases, the line size is automatically increased.    Smallbusinessloansdepot appreciates repeat customers and does not punish existing repeat customers by giving new clients a better deal.   We strive to reward existing repeat customers with higher line sizes upon renewal.

What do you look at to decide if we qualify?

Average Daily balance – The average daily balance, or the average daily collected balance the customer has in their business bank statement is reviewed and a factor in any approval amount.   The higher the average daily balance of the business bank statement, the more higher the approved amount tends to be.

Amount and number of Monthly deposits –  The number of deposits and the dollar amount of the deposits the customer makes on a daily basis is reviewed.    A minimum of at least 5 deposits per month and $15,000 per month total deposits are preferred.

Beginning and Ending Balances – The customer’s beginning and ending balances are reviewed.   Due to month end expenses, many business customers have lower business bank statement balances at the end and beginning of every month.    Balances should not be too low in order to service the transaction.

Overdrafts and Insufficient Funds occurrences.    The customer can have overdraft and insufficient funds occurrences.    No more than three per month are preferred.

Sample Bank Statement Loan:

Verdi Management Company, a Freight management company in business for 1.5 years is requesting $40,000 to $60,000.   They apply for a bank statement loan by providing their most recent 6 months business checking account statements.   Upon credit review, Verdi Management is approved for $50,000.    Upon Verdi’s request for funding, funding documents are E-Mailed to Verdi Management.     The customer Faxes back the completed bank statement loan documents.

Upon receipt, the completed documents are reviewed.  Ensuing, closing paperwork goes into funding.   The customer is contacted by phone for a final verbal confirmation.   The customer confirms the transaction and the deal is funded.    After the verbal verification funds are wired into the customer’s account within 1 to 2 business days.

Thank you for visiting our business Bank Statement Loan resource page!

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Market Updates

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Do you need help getting a business loan?   If you and your business has experienced going to traditional banks or alternative lenders and not fitting into one of their programs we have some options and free counseling.  Find solutions, learn and understand which programs are best to help getting a business loan for your business.

You will learn about several options that will help you solve your company’s cash flow needs.  Call us Toll Free at: 855-787-1113 or Tel: 919-771-4177.

Options for help getting a business loan include options based on assets such as equipment assets, and based on just the sales of your business.

We will discuss your company’s particular situation and needs.  We will help you determine what the best funding options are for your business.   Once that is identified, we will
help you get together any paperwork you need for that program and get you started.
Most businesses have the easiest time qualifying for either the loan against assets or the loan against equipment.

Many businesses that have been denied financing due to either unacceptable credit, collateral or financial statements have complained that if they have significant sales, so why can’t they get funding against their sales?   We agree.   We have assistance programs that provide help “getting a business loan” through just your company’s revenues or equipment.   The funding functions similar to a business line of credit.   The approval is based mostly on the business’s total monthly deposits, average daily balance and time in business.

We will provide help getting a business loan by assisting your business with the processing.  Just provide your most recent 3 months complete business checking account statements and a short one page mini-app.  Other ease of program include:

Fast and easy processing
No financial statements to provide
Easy personal credit and time in business requirements
Quick funding through a wire into the business checking account
within one to two business days.

Approvals are up to 125% of the total monthly deposits.  If a business deposits $50,000 per month, the business may qualify for up to $62,500.  The amount they will qualify for will depend further on the time in business and average daily balance.   Terms are between
3 and 18 months, while most approvals are for 6 and 9 months.  The customer can borrow and repay repeatedly.   Once the customer pays the original balance down to about 40% of the original balance, they can borrow against the line again.   The best way for help getting a business loan is to get the assistance of an experienced representative.  Early payoff is limited and the customer will not get much of a discount.

bank statement
bank statement

We need to talk about time in business.  The business only needs to be operating for 9 months, though any time in business more than 2 years means you will have more of a chance of being approved and increase the approval amount.   All other things equal, a business that has been in business for 3 years will get
higher approvals than a business that has been in business for
only 6 months.

There are more choices for help getting a business loan through the loan against assets program.  A business can get working capital using either their computer electronic equipment, machinery, industrial equipment, construction equipment, dental equipment or medical equipment.  Loan sizes are from $10,000 to $250,000, with just an application only for most cases up to $40,000.   The business just provides a one page application and equipment list.   Up to 75% of the current value of the equipment can be obtained.

Terms are 24, 36, 48, or 60 months.   There are early payoff options, although they are not favorable or give a large discount for early payoff.   The funding is set up either as a lease or an equipment finance agreement.  Leases are designed to provide the biggest deductions but are not the best for early payoff.

Call us Toll Free for help getting a business loan.  Call us at Toll Free: 855-787-1113 or Tel: 919-771-4177 today.

Sample transaction in which a business received help getting a business loan.

Sparks Engineering needs $50,000 in working capital.  They complete a one page application and equipment list.  The list includes technical equipment such as measuring instruments as well as computer equipment, including Servers, technical engineering software and hardware.

Their bank statements show they are depositing an average of $60,000 per month.   They are approved for $30,000 on a loan based on bank statements and $30,000 on a loan against their equipment.   The $30,000 loan based on bank statements is for 9 months.  The loan against equipment can be done for 24 to 60 months.   Sparks Engineering does not want to have the entire $50,000 financed for only 9 months because the monthly repayment would be too high.   They decide to take $20,000 with a 9 month term and $30,000 with a 36 month term.

Both sets of documents are E-Mailed to the customer.  They complete and return the docs.  After the docs are checked for accuracy, a final verbal verification is completed with the customer.  Once the customer confirms the transaction, funds are wired into their account within 24 to 48 hours.

Frequently asked questions:

Question: How much of a loan can we get?
Answer: The amount depends mostly on the amount of your business’s sales, the amount of equipment the business has, the time in business, and the credit.

Thank your for visiting our help getting a business loan resource page!

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