How to get a business loan with less than $10,000 per month in deposits
Has your business been declined for having less than $10000 in deposits per month? Most lenders will decline companies that have monthly sales below this amount. New programs for sales down to $5,000 per month and as low as $3,000 per month with business vehicles.
Apply below now to get specialty program funding for your business if you have low sales or deposits per month!
FAQ’s on getting a businesses loan with less than $10000 per month in deposits
Can we qualify with less than $10,000 per month in deposits?
Yes, you can qualify for business funding with less than $10000 a month in deposits. You can get approved on an average of your monthly deposits.
What is the lowest amount in deposits we can have per month?
For business funding using cash flow, your business should have at least $5,000 per month in deposits from business revenue.
Are there other options if we had a month below the minimum?
There are several asset based business loan options that do not require a minimum amount of deposits per month. Options with high credit scores are also available.
We have outstanding programs for companies with low deposit volume of less than $7,500 per month. Companies may also qualify for a weekly or monthly payment.
Funding Example with Monthly Payments:
# 1: A Monthly Payment for 9 and 12 Months:
Mildred’s day care deposits $8,000 per month. She was declined by other funders for being below $10000 per month in deposits and her average daily balances too low.
How much can she qualify for Monthly?
She qualifies for 20% of her monthly deposits to be paid towards a loan. $8,000 times .20 = $1,600.
For a monthly repayment loan over 9 months, then her payment is:
$205.50 per month for months. This is based on a total repayment of
$1,850. $1,850 % 9 = $205.50 per month.
For a monthly repayment loan over 12 months, then her payment is:
$158.33 per month for 12 months. This is based on a total repayment of $1,900. $1,900 % 12 = $158 per month.
Funding Example with a Daily Payment
#2: A Daily Payment for 9 and 12 Months:
How much can she qualify for daily?
Using Mildred’s Day Care again but calculating a daily payment for the same 9 and 12 month example.
For a daily repayment loan over 9 months, then her payment is:
$10 per business day for 9 months. This is based on a total repayment of
$1,850. $1,850 % 9 = $205.50 per month. $205.50 per month % 21 days = $10 per business day based on 21 payment days every month.
For a daily repayment loan over 12 months, then her payment is:
$7.52 per business day for 12 months. This based on a total repayment of
$1,900. $1,900 % 12 = $158 per month. $158 per month % 21 days = $7.52 per business day based on 21 payment days every month.
These are low payments designed so that business owners can make the payments, repay the funding and borrow again as soon as they have a need.
50% pay down rule.: Borrowers making timely payments can borrow again as soon as the total balance is 50% paid down or more. They provide their most recent 3 months statements and if sales have remained the same or increased they can be funded again or increased.