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
– Only provide the most recent 3 months complete business checking account statements
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.
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
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.
01/16/2015 – Atlas Printing in Rapid falls, Iowa establishes $100,000 bank statement loan line. Chief Financial Officer Mark Eland issued a statement, “Atlas Printing will use this line for equipment acquisition, marketing and adding staff. Revenues are expected to continue to increase in 2015 and we will be the top printer in the Rapid Falls area. We will enter into larger commercial contacts with local companies as well as increase our non-profit client relationships.”
01/09/2015 – Armstrong Midwest Construction announces $350,000 working capital line established. Based in Tulsa, Oklahoma, Armstrong CEO Maxwell Toner announced, “With this business bank statement loan line, Armstrong Construction will finish construction on our Dallas warehouse location, which will drive a major expansion in our dealer distribution network in 2015 and beyond. This will expand our dealer network and allow us to further extend our reach into the large U.S. Retail dealer network, including Equipment rental. We look forward to expanding this relationship.”
12/17/2014 – For immediate release. New Mine Technologies closes $150,000 cash flow financing line through Smallbusinessloansdepot.com. New Mine Technologies is a recent start up that is expanding in the Southwest United States. CFO Brian Carver stated
“This line allows New Mine Technologies to complete it’s expansion goals in the
southwest. With 2 State contracts and another pending, New Mine will continue
to use this line to become a national security software leader”
11/04/2014 – Progressive Data Processing announces a $250,000 cash flow credit
line through SmallBusinessLoansDepot. President of Operations Henry Consuelo
announced; “This first line for Progressive Data Processing gives us a strong opportunity to compete for larger Government contracts and make bids to a range of national companies that require the information processing that Progressive Data provides. Progressive Data looks forward to expanding the line in the future”
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.
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:
North Creek Clothing Company of Nevada had a recent grand opening and needed an extra $20,000 to buy some additional inventory to cover themselves going into this 2014 holiday season. North Creek was able to provide the most recent three months business checking account statements which reflected increasing revenues in each of the last three months. This is considered favorable in the approval process.
North Creek was approved for the $20,000 they needed. Documents were overnighted to the customer. The customer overnighted the originals back. The next day, a verbal verification was done with the owner who confirmed they wanted to close the transaction.
$20,000 was wired into North Creek’s business checking account the following business day. North Creek has a $143 daily repay for 189 business days. The owner of North Creek,
Monica Lillard plans on applying for a renewal and increase as soon as they qualify.
Thank you for visiting our business Bank Statement Loan resource page!
A company should make up a list and provide it to the lender to get a loan against 18-wheelers. The trucks normally have to be free and clear. The terms the customer can get are usually attractive because they are not short term and the collateral is valuable, so the lenders will give more attractive rates.
A one page application is completed along with an Equipment list. The customer normally can get a decision within one or two days. This type of business loan is closed within 1 or 2 weeks.
To get more information and resources for your business, call Tel: 919-771-4177. Local and national programs are available to help companies across the country qualify. Click on the Contact link to get more information.
Loan amounts are based on roughly 2 to 1 collateral and on the wholesale value. If a business has 2 Semi-Trucks and they are worth $100,000, the loan amount will probably be in the $40,000 to $50,000 range. For customers in Canada, this financing is available and should be inquired on under a related program.
Canadian callers should ask for a “loan against a transport truck” or loan using a transport truck.
Online resources include an interest calculator. Customers can type in the loan amount, the number of months and the monthly payment to find out the interest rate.
As an example, on a loan for $100,000 for 60 months with a payment of $2,163, the interest rate calculates to 10.77% with a total repay of $129,780. Rates may be higher in most cases because the credits scores may be lower.
No other collateral is required. If a company obtains this loan, a site inspection is normally done by the lender. This may or may not have to be paid by the customer depending on the program. Tips: The trucks have to be accessible and in working order. A UCC filing is placed with the Department of Motor Vehicles in the State the business resides in.