Bank Statement Loan
A new niche bank statement loans program for your business.
– Credit scores as low as 500 and lower.
– Time in business as short as only 4 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 your company sales. If your business has 3 months of revenue, get business bank statement funding based on sales
Many businesses have excellent cash flow and payment history. Even so, they are often declined because of limited collateral or unsatisfactory personal credit. These businesses feel they should have access to capital.
We agree. Small business loans depot can provide business bank statement financing quickly. Based on your Business revenue, we can get your business the capital it needs 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 now at Tel: 919-771-4177 or Toll Free: 855-787-1113.
– Daily, weekly and monthly repayment options are available.
New Flex Payment program – Flexible payment program
Flex payback is when a % of the client’s incoming cash flow deposits to pay down their advance. Merchants and most businesses like the flex payment terms because they only pay when they have a cash flow coming in, instead of a fixed daily payment. A business may have a few slow weeks. They won’t have nearly the worry about making their daily ACH payments. If their cash flow goes down, their payments go down.
Contact us today. Get your business funded. Start now.
Other bank statement loan features:
Up to 100% 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 is strong, the approval amount can be higher.
This Bank Statement Loan can be used as a line of credit. The customer uses the line and repays at their discretion. The customer can use the full line or part of the line amount again immediately. The line can also be left idle for months until it is needed again. This line does not require an annual pay down. Annual or quarterly financial statements are not needed for bank statement financing, also known as an ACH Business loan.
Provide the most recent 3 months business checking account statements. The higher the total deposits per month are, the more the bank statement loan amount may be.
Required to qualify or pre-qualify.
– Signed and dated application from 50% of ownership.
– Last 3 months complete business bank statements from main business operating
– For amounts over $150,000: The most recent 6 months business bank statements
and first page of the most recent business tax return.
Required for Loan Contracts:
– Valid and clear driver’s license.
– Voided business check for approved account.
– Valid E-Mail address for owners.
– Federal Tax ID number, or TIN.
Other business bank statement loan customer benefits:
– New loans offered 60 days after closing first loan.
– Renewals and renewal options start at 40% pay down of balance.
– No standard site inspection.
– Tax Liens < $175,000 can be accepted.
– Bankruptcies > 1 Year O.K.
– Only 50% ownership required in many cases.
– Soft Credit pull for certain programs
– No personal guarantee required
– Loans are amortized daily for certain programs.
– No prepayment penalty for certain programs, if qualified.
The newest option is an open Tax lien business loan under $10,000, which can now be financed. An IRS payment arrangement is not required. 3 month to 18 month terms are available. Business with an open tax lien and no payment arrangement can be financed.
June 30th, 2016, Chicago, IL -for immediate release. Boston, MA. Johnson Dental completes $100,000 bank statement loan. Owner Dr. Gary Johnson will use the funds to help bridge cash flow shortfalls. Dr. Johnson stated, “This line give us the best flexibility to use funds whenever there is a critical need. During December and in August there are normally slow patient periods. More patients have also been paying out of pocket recently because of no insurance and having to finance service. The terms of financing are 12 months. This greatly extends the time needed until full payment is obtained. This line helps us bridge the gap while patients are under financing. The line will also be used for certain inventory or specialized advertising when we are sure of the return of investment. We look forward to expanding this relationship and increasing the line size in the future.
April 10th, 2016, Chattanooga, TN for immediate release. Reynolds Tire closes $250,000 bank statement loan. President Jeff Howell told Senior Executives in a quarterly meeting, “Reynolds Tire is pleased to announce the closing of a $250,000 business credit line. This line allows us to dramatically accelerate our expansion plans. We will move into a much larger wholesale facility and increase inventory by 25%. We will increase advertising in the East Tennessee area and three new field Sale Reps will be hired. The new Sales reps will cover the East Tennessee and north Georgia region. They will expand our sales lines into the Trucking segment. We expect to increase our sales in the East Tennessee area by 25% by the end of 2016 and be the leader in the East Tennessee wholesale tire segment.”
February 26th, 2016, Chicago, IL – for immediate release. Great Lakes Shipping announces $300,000 bank statement loan through smallbusinessloansdepot.com. President James Harper told the Chicago Business Journal, “With this line, Great Lakes Shipping will become the leader in shipping in the upper midwest. We will use the line to increase our rail and over the road routes. More trucks and rail routes will be added. We will add to our lines of items that can be shipped and increase service to 4 more States. We expect sales to increase 20% in the first year and a total of 50% in the next 2 years. We look forward to expanding this relationship and using this line in the future.”
Frequently asked business bank statement financing Questions:
Are all these products about the same?
These products fall under one basic product type. Callers call in with many different requests. Requests from callers include a “business bank statement loan” and a “loan based on bank statements”. Other requests from callers include a “business loan using bank statements”. “bank statement loan for business”, and “bank statement financing” are also requested.
What is the maximum we can get?
The bank statement loan line size depends upon the total dollar amount of deposits per month and the average daily balance. Time in business is looked at. There is no minimum credit score.
Is this product available nationwide?
Yes. This product is available in many cities. Business owners can speak with local representatives. It is available in Canada. It is not available in Puerto Rico or other U.S. Territories.
How long does funding take under the bank statement loans program?
First submit your bank statements. Approvals are obtained in 24 to 48 hours. Funds are wired into your business checking account within 24 hours of receiving completed closing documents.
How long is the repay time?
The term of these bank statement loans are between 2-18 months. Term options depend on cash flow and time in business.
Overdrafts and Insufficient Funds days. A Maximum of 5 per month are preferred.
Thank you for visiting our business Bank Statement Loan resource page!
Visit the SBA and learn how to develop a business plan and financial statements.