Low business deposit volume
If your business was turned down for a business loan for having low deposit volume, programs are now available to get approved for business funding. Your business can get approved with slow sales, and dropped deposit volumes down to less than $10,000 per month. Your business can even get funding with deposits as low as $7,500 per month and as low as $5,000 per month.
Changes in volume could be from many reasons including low deposit volume from the coronavirus covid-19 pandemic. If so then go with other loan options that are available now such as a loan on equipment.
How to get a business loan with low deposit volume
- Look at your last 3 months business checking account statements and document your total deposits.
- Search for a business loan program that specializes in funding with average deposits of less than $10,000 per month.
- Review approval requirements and terms and conditions as much as you are able prior to applying
- If satisfied, apply for funding. When you are approved, review approval terms. If you want to close the transaction, request and complete closing documents.
- Close transaction
FAQ Low Deposit Volume
Can my business get funding with less than $10000 a month in deposits?
Your business can get funding with monthly revenues as low as $5,000 per month. Average daily balances of at
least $1,000 per month will help offset low deposits totals. The deposits need to be from real business revenue.
Can we be approved with only 1 low month?
1 low deposit month can often be worked around if it was an exception. Providing the most recent 6 to 12 months business statements to show that the one month was unusual will strengthen your request. Also write an explanation for the low month at the time of application.
How much can we get?
Approvals depend heavily on how low the deposits are, your credit score, average daily balances, time in business and more. Average monthly deposits between $5,000 and $10,000 per month result in $2,500 to $5,000 offers.
How can my business get more money?
You can either get a second position funding or another type of loan. Your business may be an excellent fit for more options based on cash flow, credit, other assets or real estate.
Why do most lenders require $10,000 per month in deposits?
Many funders believe a business with $10000 in monthly revenues may not have enough money left after business expenses to repay loans. The biggest expenses include rental payments, payroll, inventory, utilities, taxes and insurance.