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.

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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“Credit Inquires” has been a topic of much conversation and concern in recent years.  The following is current information you should know about “credit inquiries you cannot avoid”.

Do not try to avoid virtually all credit inquires.   A growing number of people do not want any, or virtually any credit inquiries to be pulled on them even if they are applying for credit.  They tell lenders that they want to be considered for the financing without their credit being pulled.  There are “credit inquires you cannot avoid”.
This is not feasible or realistic, especially if the request is in the name of an individual.  In most of these cases, these request are in the name of a small business and the owner wants the request to stand in the name of the business by itself without their name.
If a business has less than 35 employees, in most cases the lender requires the owner’s credit to be reviewed.

Virtually no lenders will decide your loan request with a consumer obtained bureau.  Consumers can contact credit reporting agencies as well as outside vendors that provide bureaus and get all 3 credit reports.   These reports are not the same reports that lenders obtain.  Consumer reports are formatted differently and are simpler than the lender’s report.  The consumer version often provides more written explanation and sometimes less numerical detail.  Consumers will sometimes take these reports and tell the lenders that they want the lenders to use their consumer obtained reports rather than what the lenders use.   However, the lender’s version is usually more current than the consumer’s version.  The consumer version may be two or three weeks old.  The lender feels that the consumer’s version may not reflect items on the bureau that may have happened within those most recent two or three weeks.

There are many outside vendors that provide intermediate party credit reports.  Lenders are not, and should not be expected to know whether those vendors provide updated and satisfactory information.  Lenders are not obligated to use those reports.  As a result, consumers should not expect to avoid credit inquires by demanding that lenders use their consumer credit report version.

Credit inquires you cannot avoid Resources:

SBA Community Blog and Forum –  Blog and Forums by the SBA, Small business administration.   Questions can be asked and answers provided.

U.S. Department of Commerce – Helps american businesses become more innovative at home and competitive abroad.

U.S. Bureau of Economic Analysis – Provides statistics on consumer spending, corporate profits, travel and tourism and much more.

Entrepreneurworld – Resource for Entrepreneurs, including starting your own business, growing your business.

Bureau of Labor Statistics – Provides companies with up to date information on employment, demand, hiring, productivity and other information that may be useful to companies.

International Trade Administration – Creates jobs and economic growth by promoting U.S. companies abroad to governments in other countries.

More credit inquires you cannot avoid resources:

Department of Labor – Provides information on many labor issues that can be useful to companies, such as insurance, regulation, wages, wage hours, compensation, safety and health

U.S. Patent and Trademark Office – U.S. office to file patents to protect a companies new or existing proprietary products.

U.S. Trade and Development Agency – Promotes U.S. Exports to Foreign Countries, please review if your company is interested in exporting goods to foreign countries.

CEO Refresher - A monthly newsletter on creative leadership ideas. Short articles, brief book reviews, models, management tools, quotations and commentary.

E-Network for CEOs – Online articles and much more for CEO’s

Public Radio Planet Money – All issues money related to the public.

Thank your for visiting our credit inquiries you cannot avoid resource page!

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