Top 12 customer complaints with Business loans

Customers have several common complaints about Business Loans.   We will take a look at the Top 12 customer complaints with business loans.  Customers often do not close an approved business loan because of one or more of these reasons.

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Top 10 Customer complaints with Business Loans
Top Customer Complains with Business Loans

Top 12 customer complaints with business loans:

  1. The rates and cost is too high.   They want a better rate and terms.
    Customers often want and need a business loan with a lower rate and better terms.
    Another requirement is they need a business loan with lower total repayment and lower cost overall.
  2. The approval amount is not enough
    Customers often call in and say they need a higher approval amount and more money
    for my business loan.   They will go for a different loan if they cannot get what they want, or also get a second loan.
  3. The term of the loan is not good.
    Customers also say the term is too short and needs to be longer.  Another requirement is a business loan longer than 24 months.
  4. It is not a Monthly Payment.
    A very frequent request is to get a business loan with a Monthly payment.   Customers really want a Monthly payment if they can get it.
  5. It is a daily payment.
    Applicants will say right away if they do not want a business loan with a daily payment.   They have had this type of business loan in the past and they will not close business loans that have a daily payment.
  6. It is a Merchant Cash Advance.
    Customers oftentimes do not want a Merchant Cash Advance.   They will say they need a business loan that is not a Merchant Cash Advance. When this is the case, the customer will look for alternatives to a Merchant Cash Advance.
  7. The Prepayment option is not good.
    Another complaint is they want a business loan with no prepayment penalty.   They want to be sure they will get a good discount if they pay off early.
  8. The type of loan is not what they wanted
    Sometimes customers will tell you they don’t want the type of loan they have been approved for.   They do not want an expensive business loan or want a different type of business loan.  They are not sure what type they want, but they have decided they don’t want the one being offered.   Have a conversation about other business loan types so Customers will get the loan that works for them.
  9. They don’t want to put up Collateral
    Many do not need or want a business loan with Collateral.   They do not want to put up Collateral, or they do not have Collateral.
  10. Do not want to give a Personal Guarantee.
    Customers may not want to close a business loan with a Personal Guarantee.  They believe they can get a business loan with no Personal Guarantee.    There are very few business loans that do not require one.
  11. The loan will, or will not be reported on Personal Credit
    A business loan that reports on Personal Credit is sometimes requested.   Applicants insist on a business loan that reports on their personal credit.In other cases, customers want the opposite.   They want a business loan that does not report on Personal Credit and want to make absolutely sure there will be no reporting on their Credit Bureau.
  12. The request took too long.
    Some business loans that are eventually approved do not close because the processing time was too long.   Customers will tell us they need a Fast business loan that does not take long to get.These are the Top 12 Customer complaints with business loans.Contact us for programs to avoid these common business loan problems.

Copy of Business License

Definition of a Business License.  What is a Business License?

A Business License is a Certificate issued by a City, County or State Government to a business it can use as verification of it’s existence and to legally operate in the jurisdiction it is located in.  Another purpose for a copy of Business license is that it is required for numerous types of Business Transactions.
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Copy of Business License

Examples:
Business Licenses fall into certain Categories.
– General City or County Business license.
– Professional Licenses.
Professional licenses are often in addition to professional licenses.   Examples of these are Medical Licenses, such as a Physician, a Dentist and a Chiropractor.   Other types of Professional Licenses can include certain types of Construction, Engineering, Real Estate Agents and many more.
These types of Professional licenses are often in addition to a standard business license that is required by the City or State.

Copy of Business License
Ways to show a Copy of a Business License

Did you know?

Some business legally operate without a Business License?
Some States do not require a business license to legally operate.   States may allow, but it can make operating much more difficult for the business.   Other businesses that require a business license to do business with them will not waive their requirement.  It will not matter to them if the State does not require it.   They will still require one.

The following are frequent Questions, requests and statements:
– “I do not have a business license”
–  “Need a business loan with no Business License”
If you do not have a business license, it is recommended to get one.   If your business was a Sole Proprietor, save all of the old Business licenses that you had.

Learn more about Business Licences.

Recent examples from the Web:

Consequences of not having a business license.

Business loan with no tax returns?

Need to get a business loan but cannot provide business tax returns?

Sometimes Lenders will approve you for a Business loan but then want to get a business tax return before closing.   They may not scrutinize the return but will not close the business loan with no tax returns.  The Lenders are making sure the business is not delinquent in filing returns.
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Example of what to do if you need to get a business loan with no tax returns.

A business applies for a loan and is approved.   However, the Lender requires the most recent tax return or 2 years tax returns.   If you are a new business, or have filed an extension, your business cannot provide this information.

If your business cannot provide Tax Returns, then:
Before applying, ask if Business Tax Returns will be required.  If so, apply for a business loan product that does not require returns.   Click on the 15 second application above for business loans that do not require a business tax return.

Business Loan with no Tax Returns
Want a business loan but do not have Tax returns?
Choose these options

Lenders will not scrutinize the returns even if they require them.   They will not review Gross and Net Profit, Business Tax Write Offs and other parts of the return.  However, if they ask for a return, you have to provide it.

Business owners are often afraid to provide a return because they show a net loss.  What can you do?  Apply for programs that do not require business returns.   Ask the lender in advance how closely the return will be scrutinized.  Many loan programs will just get the return to verify it has been filed.

The request for returns are also part of  “closing stipulations”.    Other items that are usually required for closing stipulations include a copy of current driver’s license, in addition to a clear copy of voided business check,  copy of business license.

Frequently asked questions, requests and also statements.

1.   “I need a business loan without tax returns.”
2.  “Looking for a business loan with no tax returns.”
3.  Need a no tax return business loan.
4.  Cannot provide tax return for business loan.
5. I don’t have any tax returns for my business yet.
6.  Filed an extension on my tax returns.   What do I do?

Business loan with no tax returns?

Bookmark our resource page.

Declined for time in business? Get approved here!

Has your business been declined for time in business?  We have several business loan options for businesses that have sales as little as 3 months and 2 months in some cases.

Multiple options including asset based programs.   Same day approvals and low credit scores approved.    Fast closing and large approvals available.  Apply below today.

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What are your options?

3 Month time in business program

Your business can get money in two days. Provide the most recent (3) months business checking account statements with the one page application above, and you can be on your way to funding within 2 business days.

1 Year time in business Program.

Get a large business loan in you have been in business for more than 1 year. Many businesses get up to 75% of their total monthly deposits.

Low credit score program

Were you turned down for having a very low credit score? Apply for the low credit score approval program

Declined for Time in Business?
We will help you get approved for time in business.

FAQ Frequently asked questions on being declined for time in business

Question: I was declined for my time in business being less than 6 months. Can you approve us with only 4 months in business?
Answer: Your 4 months in business can be approved. Our programs can approve with 3 months in business and even 2 months in some cases.
Question: We were told we only had 4 months in business but we registered the business months before we began operation. Can you use the time since we registered as our time in business instead of since we began making money?
Answer: We can get you approved using the time you registered the business, not the time your business stated making money. The time in business is how long your business has been listed with the secretary of state in your state.  Check here with your Secretary of State business listing to find  your time in business.
Question: How do you define time in business?
Time in business starts the day the business was registered with the secretary of state.   It is not the time when operations began or you stated making a profit.

In summary

Our programs can get you approved today with only 3 months time in business.  Don’t let time in business stop you from getting funding fast.

10 Most common Reasons businesses want a business loan

Businesses want money for many reasons.   This post will look at the 10 most common reasons businesses want a business loan and some of the best programs for them.  If your business needs a loan for any reason, complete the application information below.

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10 Most common reasons businesses want a business loan

1) My business is running out of money.

Very often, businesses do not need money for a specific reason.   They just are running out of cash.   Seasonal businesses often have this problem.  Sometimes revenues do not meet business expectations while expenses remained fixed.   The business may have run into problems and needs money to correct or resolve the problem.

2) I need a business loan for expansion.

One of the top reasons businesses need a business loan is for expansion.   There are many reasons for expansion.  In most cases, a successful business wants to take advantage of business opportunities but needs more money to do it.

3)  I need a business loan for taxes.

Customers frequently make the request, “I need a loan to pay business taxes”.
Many businesses need a loan to pay taxes.  This is often
for current taxes, previous taxes as well as IRS payment agreements.

4) I need a business loan to hire employees and meet payroll.

Another reason businesses often need capital is for the initial expense of hiring employees.  This often includes the cost of expanding the workspace, buying furniture and also the cost of recruiting, interviewing and adding employees to the employee rolls.     Many businesses fall short on their cash flow at times and look for ways on how to get money for payroll.

5)  I need a business loan for inventory and raw materials.

Businesses often need funding for inventory and raw materials.   Business
owners need specialized funding for this purpose.

6)  I need money for Equipment, Equipment Repairs or Vehicles.

Businesses often call in with the request, “I need a business loan for
equipment”, as well as “I need a business loan for equipment repairs”.   This would
be considered a loan against equipment.

7) I need a business loan for Marketing and Advertising.

Companies frequently need a business loan for Adverting and Marketing.  Advertising is more critical for certain industries than others.   Industries that need advertising, such as media companies, retail and online businesses have to spend significant funds on
advertising.

8) I need a business loan to buyout my Partner.

Businesses will often request a business loan to buy out another partner.   Multiple owners are no longer able to get along well enough to continue running the business together.   Callers will call in saying:  “I need a business loan to buyout a partner owner.”

9) I need a business loan to buy a Building and Real Estate.

When businesses become larger, they not not want to keep leasing space.    Landlords may also suddenly raise the rent.    Callers most frequent requests are: “I need a business loan to buy a building and property”, or “I need a business loan to buy my building.”  For this
purpose, callers say they need an asset based loan.

10) I need a business loan for insurance.

Businesses may need to pay for several types of business insurance.
Liability insurance, employee insurance and property insurance are some of the types of insurance businesses must by.    Callers will also call in and say: “I need a loan for business insurance”, as well as “I need a loan for business health insurance.”

My business is running out of money
Business running out of money? Click on for immediate solutions
I need a business loan for expansion
Business loan for expansion. Immediate relief and immediate solutions. Apply now

 

I need a business loan for taxes
Need a business loan today to pay taxes? Apply now. Fast solutions to pay Federal taxes and State Taxes.

 

 

Thank you for visiting our list of the 10 most common reasons businesses want a business loan.

10 Uncommon reasons for needing a business loan

Business loan requests are sometimes for unusual reasons.   We will review 10 uncommon reasons for needing a business loan.    If your business needs funding for any uncommon reason, contact us.  Complete the Online Application.  Contact us at the number below.

10 Uncommon reasons for needing a business loan:

Natural Disasters, floods, fires

Losses due to natural disasters are probably the most expensive for businesses. Businesses need money after being hit by a natural disaster.  This can be Tornadoes, hurricanes, floods, fires, drought, wildfire, hail, blizzards, oil spills and extreme winters. Businesses may need working capital to cover the cash shortfall because of disasters like these.   FEMA helps many business owners, yet is either too slow for some businesses or cannot help at all.
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My business is being sued.

If a business is being sued, it may need money to hire an Attorney and go through the litigation process.   Expenses can be $10,000 and as much as hundreds of thousands of dollars.  There are different types of lawsuits that a business may be sued for that they need funds to defend.

Other types of lawsuits businesses face:

A) Being sued for Malpractice.

Businesses in the Healthcare field are usually the primary targets of malpractice lawsuits they need money for.   Other industries sued for Malpractice include Accountants, Consultants, Construction Companies, Retail Businesses and businesses that need a professional license.   A business may need a loan or money to pay for Malpractice or a Malpractice lawsuit.

B) Business being sued for not fulfilling contract

Businesses are sometimes sued if their contract is not completed correctly. This happens in the Construction industry, and many other industries also.   Many companies need money or a business loan to fulfill a Contract.

C) Business being sued for Copyright infringement

Businesses can be sued for many types of alleged copyright violations.  Copyright lawsuits happen often in the music and entertainment industry.   Trademark disputes,  intellectual property lawsuits and others are the basis of suits.   Businesses need money or a business loan for Copyright infringement lawsuits.

Need money to relocate business

Business relocation requires significant funding.   The bigger the business,  the more relocation will cost.   Relocating is a big expense for any business.   Many businesses need money or a business loan to relocate.

Partner Buyouts or Owner Buyouts.

Businesses often have more than one owner.   Sometimes multiple owners do not get along and one or more Partners want to leave.   Because of this, a buyout of the Partner or buyout of an owner may be needed.   A business owner may need money or a business loan to buyout another partner as a result.

We need a business loan to meet new City, State or Federal regulations.

City, State and Federal Regulations change over time.  Businesses sometimes have considerable cost to comply with regulations.  A company may need a business loan to meet new regulations.

The last 5 of 10 uncommon reasons for needing a business loan below:

Need a business loan for training and licensing requirements.

Business may have to provide training to all of their employees or meet new licensing requirements.    A business loan will probably also be needed for updated licensing and training.   City and State offices also have information on licensing and training requirements.

Theft

Theft causes sudden losses.  Companies need a business loan to recover from customer theft, employee theft,  shrinkage, and also loss of inventory.    A business loan and also a line of credit covers businesses from lost cash flow.

Major Accounting Errors

Businesses have cash flow problems because of mistakes made by Accountants as well as Bookkeepers.
Math errors are probably less frequent mistakes.  Accountants also incorrectly take deductions and file the wrong type of Return.   They may not tell the business owner to increase their estimated quarterly payments either.   These errors cause a higher tax liability.   The business then needs to get a business loan to pay more taxes because of Accounting Errors.  Your Accountant can provide Quarterly reviews to avoid cash flow hardships.

City Infrastructure Repairs.

Cities, Counties and States do extensive street and road repairs.  This also includes Sewer work, pipes and cement work.   States make Bridge and Highway repairs that also affect traffic exits and main roads.  Retail stores are also affected by these County or State Road repairs.  Retail stores located on a main road with major construction work are also devastated.  Businesses therefore need a business loan to also makeup for a loss of Sales and lower cash flow.

Need a business loan to hire overseas technical workers.

Industries cannot find all of the workers they need domestically, so as a result, they must also hire workers from other countries.  Technical fields are another industry that also has difficulty hiring skilled workers.  Hiring workers from overseas is a big expense.  Therefore, companies may need a business loan to pay for the cost of hiring overseas workers.

Thank you for visiting this resource.  Visit 10 uncommon reasons for needing a business loan in the future for especially relevant information on unique loan requests.   Contact us for your business loan needs.

Canadian small business Loans

Canadian Business bank statement loans and also Accounts receivables financing options.
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What type of alternative business loans can I get in Canada?

Canadian companies can find alternative working capital loans available in the United States.

Another option is a business bank statement loan.

The company’s business cash flow is how they can qualify.  Because of this, the business needs to have the following:
– $15,000 per Month in deposits each of the last 3 months.
– 5 or more deposits per month.
– An average daily balance of $2,500 or more.

How do I qualify for a business loan in Canada?

Review the alternative business loans for businesses in Canada on this page.   Decide which option you may qualify for.   Complete the Online application above or call and talk to a representative and discuss which loan option might be best for your business.

Canadian Accounts Receivables financing

After a Company’s products have been delivered or services rendered to another company, they send an invoice for payment.  Canadian Accounts Receivables financing funds about 75% of the face value of the invoice is paid immediately to the company issuing the Invoice.   When the paying company pays the invoice, the last 25% is paid minus a service fee. As a result, the company’s cash flow is accelerated by 100% during the year.

FAQ Frequently asked Canadian business loan questions and requests

– “I need a Canadian business loan”, or “looking for a Canadian business loan”.   Some email requests include a “loan for a Canadian business”.

Canadian small business loans. Get easy and fast alternative business loans for businesses in Canada. Online 1 Page short 30 second Application.
SCORE and receive free and low cost mentoring for business plans and financial statements.

Bank Statement Business Loans – high approval rates

What are bank statement business loans?    They are loans that rely on the bank statements of your business as your ticket to get approved for financing.

Why can they be good for your business?

Your can get around problems that cause declines for most requests.    Does your business have revenues?   Then your business has an excellent chance right now to get fast funding.

Get an offer today for the capital your business needs using just the last 3 months business bank statements.    Start below with same day approvals.

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Features and benefits:

  1. High approval rates and high approval amounts
  2. almost all businesses can prequalify based on their cash flow.
  3. Same day approvals common
  4. Large business loans also available
  5. Review options on how to get a large business loan over $100,000, 250,000 and as high as $1,000,000
  6. Daily, weekly and monthly repayment options available for many businesses
  7. No prepayment penalty for some programs
  8. Does your business have tax liens?   We have a program that specializes in business loans with tax liens.
  9. Soft credit pull for some programs
  10. No collateral needed

Other bank statement business bank statement loan advantages:

Get up to 125% of a customer’s total monthly deposits. If your business has average monthly deposits of $100,000, then expect your approval to be up to $125,000 if there are existing loans.

How to qualify

– Provide a signed and dated application online.
– Send the last 3 months complete bank statements from the main business account along with the application.

FAQ Frequently asked questions:

Question: What is the most we can get?
Answer:The approval amount depends mostly on monthly deposits per month, the average daily balance,  credit and time in business.    With high deposit volume your business certainly may get a high offer.
Question: We are in Canada.   Can we get funding?
Answer: Yes.   This loan based on business bank statements  is also available in Canada as well as Puerto Rico.
Question: How long does funding take?
Answer: Approvals are usually the same day and as fast as 2 to 4 hours.  Funds can be in your business checking account that same day or next day.
Question: What are the repayment terms?
Answer: The repayment terms are between 1 Month and 24 months.   Most offers are 6 to 12 months.  Sometimes approvals for 12 to 24 months are available.
Question: Can my business have overdrafts and nsf’s?
Answer: Yes, the most is 7 overdrafts or 7 NSF’s per month. If your business has more than 7 overdrafts then it can still be reviewed for approval. Over 5 overdrafts or NSFs per month are considered high.

In conclusion:

For all the reasons above, your business has an excellent chance of getting funding based on the monthly revenue it deposits.    This funding is an excellent way to do that without being denied for bad credit, time in business and not having financials.

For further expert general small business assistance, visit SCORE, Counselors to America’s Small Business.

10 Problems you may be causing your business – and how to fix them

The following is a list of 10 problems you may be causing your business.  They may not include other major problems businesses face.  This list touches on some long standing problems businesses face in addition to advances in Technology.

Not understanding your customers well enough

You have a great product and service.  Just pass the information to an audience waiting to hear it.  Not quite.  You need to understanding your customer’s problems, goals, and priorities.  What do they think they need for their business to prosper quickly?   What do they see as their biggest needs and problems?  Understand this and you will do well with customers.  Your customers will feel your business has the skill and competence to solve their issues.

Make your customers feel like they are the most important ones in the world.
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Not Selling Effectively

Not selling effectively is a consequence not understanding your customer’s needs properly. If your business does not have a correct and full understanding of your customer’s problems and needs, your customers will not be very interested in your products or services.  Continue to improve your sales skills and learn how to sell effectively.    Find resources to help your company continue to improve sales skills.

Not doing proper follow up is a major mistake in business. Your business must  have a system in place for the correct people to do follows up with new and existing customers.  If you have new prospects and did not close business with them on the initial call, you want to follow up with them.   Many businesses effectively use an E-Mail marketing systems.   These may be most effective with existing customers.   Simple followup with new prospects is often is one of the most effective ways to get new customers.

Not keeping up with Technology

Many business owners don’t keep up with technology well enough.  Some keep up with some aspects of trends but there many technology advances and updates that business owners miss.  Subscribe to technology groups, websites and magazines.   Get important updates through E-Mail or on your phone. These can help your company with technology, Marketing, Sales, Manufacturing, Accounting and other updates.

Rejecting Criticism

Many business owners reject most, or all criticism.   There are several reasons embracing some criticism is helpful.  You don’t have to agree or accept all the criticism or feedback you receive.     Much of it is unfounded and may come from friends or acquaintances that don’t know enough about your business.   However, sometimes it may have validity  and be things you haven’t thought about.  Keep an open mind and you may hear important ideas of how to improve your business.

10 Problems you may be causing your business
10 Problems you may be causing your business

On to the last 5 of 10 Problems you may be causing your business.

Check out your competition

Many business owners do not keep track of their competition.   Your way is not the only and best way to run your type of business.  There are important things you should know. Have new companies recently entered your industry?   Are your competitors offering something good you are not offering?   If you are a retail business, have you checked to see if new stores have opened in your market that sell what you are selling?  These are some of the questions you may really want to know the answers to.

Check frequently to see if new products or services have entered the market that you don’t know about.  If new products or services are being offered by competitors that you don’t have, don’t panic.  Knowing about it sooner rather than later usually gives your business enough time to develop a plan and react to the changes.   If you keep track of industry trends, you may be aware of products in your industry in time for you to be among the first to offer them.

Managing Expenses Closely

Manage business expenses from the highest expenses first, in priority to the lower expenses.   Not managing expenses closely enough is often a major factor in business cash flow problems.  An analysis quickly identifies business expenses that are too high or not needed.

Taking on too much debt to start

Many business owners take on a lot of debt to start a business.  The problem can be made worse by using several credit cards to get capital.   Many businesses need several months or longer to begin generating major revenue.   Making Profit & Loss projections before opening the business can pinpoint a risk of cash flow problems before they happen.  Working with an Accountant before opening can help identify cash flow weaknesses. Another good option is to visit a local SCORE office for business advice.   This is the Senior Core of Retired Executives.   They can provide excellent advice.  Many cities and colleges have a Small Business Development Center that can provide assistance.

No new ideas

Good ideas may come from other businesses.   The best ideas come from within.  Focus on what new paths your business can create.  Try to think of business products, services, techniques, sales, marketing methods you have not thought of before.

 Customer Feedback

Find out what your customers think about your businesses’ products, service and staff. Customers many times are more honest when they are not speaking with you face to face or on the phone. This is true if they were relatively satisfied with your services but had some things they would have preferred to be handled differently.

Customer surveys and after service calls are a good way to find out more about what your customers really think. Offer a discount off future service for giving significant feedback and your feedback should increase.

Technology improvements and putting into action some of the long standing business service improvements mentioned above may be the most powerful way to accelerate your business’ path to success.   Follow the tips above and cut down dramatically on these 10 Problems you may be causing your business.  SCORE is an another excellent resource for identifying and fixing small business problems.

Thank you for visiting our page on 10 Problems you may be causing your business – and how to fix them!

Large Business Loan. Get $50,000 and more fast and easy

Use your cash flow or assets to get a large business loan.  How to search and contact lenders and learn how to get approved.   Get business loans of $50,000 and up to $1,000,000 through these programs.  Fast and easy process.   Little documentation and financials in many cases.  Business loans over $1,000,000 available with either real estate or unsecured with strong monthly cash flow.
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Or call us at Tel:  1-919-771-4177, or Question? Contact us here. 

Research lenders that advertise and offer a large business loan.   Review their approval criteria.

If your business generates more than $50,000 per month in revenue and bank deposits, and the owner’s personal credit score is over 650, then your business may qualify.
Determine which program is the best match for your business.
Determine which program is best for your business
Contact the lender and ask about the approval guidelines for that program.
Contact the lender and ask about approval guidelines for that program
Apply for funding.  Provide any supporting documentation requested or required that strengthens your request.
Apply for funding. Provide any supporting documentation requested or required that strengthens your request

If your business is approved for funding, review terms and conditions.   Submit all items required for closing.   Close transaction to receive funding into your business checking account.

Many businesses need a business loan over $500,000 or as high as $1,000,000 and higher.

FAQ – Frequently asked questions for large business loans

“I need a high dollar business loan”

Can I payoff a large Merchant Balance with a loan?
Yes.   With a larger business loan, you can take a merchant cash advance with a high or large balance and pay it off.     Doing this can extend the term several months longer.  A large merchant cash advance of over $100,000 or over $200,000 with less than 6 months left can be paid off and the term can be extended to 10 or 12 months.  Terms up to 120 months may be available with same day and next day loans.   So go ahead, payoff a large merchant cash advance today!

Business owners say they have been declined because the amount they asked for was too high.  They requested a business loan over $250,000 or more and were denied.  Our programs are designed for higher dollar business loan needs.

Callers call in and tell us the following:

“We need a business revolving line of credit”  Callers request.”We need fast same day funding”   We need a loan to remodel a facility.
Use the following chart below to determine what you will need when applying.
$50,000 to $100,000 Business Loan:  Provide an application and last 3 months bank statements.
$100,000, $150,000 and $200,000 business loan.   Provide an application and last 3 months business checking account statements.
$250,000 to $300,000 business loan.  Submit an application, last 3 months business checking account statements and Year to date interim Profit and Loss (P & L) Statement.
$350,000, $400,000, $450,000 and $500,000 Business loan.   Submit an Application, last 4 Months business checking account statements, Year to date Profit and Loss and Balance Sheet.

$500,000, $600,000, $750,000, $1,000,000 and $1,500,000 business loan

$500,000, $750,000, and $1,000,000  business loan:  Submit an application, last 6 months complete business checking account statements.  Provide the last 2 Years business Tax Returns.
$1,000,000, $2,000,000, $3,000,000, $4,000,000 and $5,000,000 business loans.   Submit an application, last 12 months business checking account statements and last 3 years business Tax returns.

Businesses that have been denied by a lender because the amount of the request was too high will still try to get  small business loans another way.   Ask lenders upfront if they have a maximum loan amount and if they have different criteria for different dollar amounts.  If so, what are they?

Because the lender has different lending criteria for higher business loan requests, they may not provide you with the information.   Ask these questions to help get approved and also avoid unnecessary declines.

FAQ Frequently asked questions.

How can we qualify for a larger business loan?

Businesses that have revenues over $50000 per month with credit scores over 600 and time in business over 1 year may qualify for a larger business loan. The higher the average bank balances or average daily balance the more your business can qualify for.

Do we need to provide more financial information to get higher amounts?

For amounts over $250000 more financial information may be required. This can include the most recent years business tax returns and interim financial statements.

How many months bank statements do you need?

Between 3 and 12 months of the most recent business checking account statements are needed.

We are a startup business. Can we get a higher amount as a start up?

A start up can get large business funding amounts if they have had significant revenue in the first few months of operation. Another requirement is the business will need to have been operating and generating significant revenue for at least three 3 months.

Our business will keep needing higher amounts of business funding in the future. Can we use this like a business line of credit?

yes. When the business pays the balance down to 50% or more it may qualify for more funding immediately. Programs are available that allow businesses to draw funds after every 30 days of repayment.

Do larger business loans take longer to close?

They often do not take any longer than smaller business loans to close. the repayment will be based on the cash flow of the business so most of the same information is reviewed.

Will Real estate and other assets be required?

Real Estate is not required but it may allow for an approval and a higher approval amount. Most businesses take the maximum they qualify for without involving real estate or their other assets.

We filed an extension and do not have the most recent business tax return available yet. Will this be a problem?

amounts less than $100000 do not require a tax return in most cases. Amounts over $100,000 may require the most recent tax return.

What are the main reasons businesses are declined for a larger business loan?

The main reasons are low business revenues as well as very low credit scores and a short time in business.

My business partner has very bad credit. Will that keep us from getting a larger business loan?

Business owners with bad credit that have less than 20% ownership should not cause a decline. over 50% ownership percentage may cause a lower approval amount or a decline of the request.

Can we get a monthly repayment and longer term?

Yes. monthly and weekly repayment business loans are also available for larger business loans and may be up to 36 months or longer.
Can I get a larger business loan without a coj confession of judgement?
You can get bigger business loans up to $50,000 and $100,000 without a coj. Consider excellent longer term options without having to have a notarized coj which other lenders can use to deplete your accounts if you cannot pay or default