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
– 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.

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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.

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.

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:

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!

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Market Updates

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When a borrower applies with a lender for a business loan, they are often asked to provide extra information and documentation.     Most applicants do not want to provide more than a one page application and are unhappy when they are requested to provide more. However, in many cases, providing more information will help the applicant and often strengthen their request and make it more likely they will get what they are applying for.

  • The scenario is familiar with a business loan request.   The borrower completes an application and is told they will hear back soon.   They are often contacted back and asked for more information such as:
    Business Tax Returns
    Financial Statements
    Personal Financial Statements
    Business Bank Statements.
Documentation
Documentation

If the business is financially strong, it is to their benefit to provide this information.   If the business has this information on hand and it shows the business strong financially,  then the business owner should see it as a positive to provide it, rather than being an extra burden of having to collect financial information.   If the tax returns show a flat or increasing Gross and Net Income, it will help the request.
If a personal financial statement is requested and the statement shows a substantive Net Worth, this will also help the request.  In some cases, the most recent business bank statements are requested as part of the review.  If the company’s cash flow is strong, then providing the business bank statements will also strengthen the request.

Many applicants feel that they should not have to provide this information even if it is favorable and makes their company look stronger.  It is the Lender’s capital and they have the right to request this information and have good reasons to do so.   Lenders want to have a strong comfort level that the company they are lending to will have the financial strength to repay the capital they are providing.   This has been a long standing conflict between lenders and applicants.   Lenders request information and borrowers often don’t want to provide it.   Borrowers often immediately complain without considering that providing the information could greatly help them.

Financial statements tell the lender much more than the 1 page application.   The Tax Returns show the company’s cash flow in the last 2 years.  The Personal Financial Statement shows the owner’s personal financial strength.  If the company is small, the owner’s personal financial condition is closely tied to the strength of the business and the owner’s ability to help the company if there are hard times.   The business bank statements show the company’s most recent cash flow which tells the lender what the company’s revenues are right now.

As a result, if a business is performing satisfactorily, owners should gladly provide financial information if a lender requests it.

 

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