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Business Loans: less $10000 in deposits (Month)

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 bank statement loan programs for sales as low as $4,000 per month, including one program using business vehicles.

Apply below now to get specialty program funding for your business if you have low sales or other top decline reasons. !

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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.

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Call 919-771-4177 for more info.

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.

Other Benefits:

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.

 

 

Have less than $10,000 in deposits per month.

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Declined For Not Enough Deposits? Less Than 5 Per Month OK!

Has your business been declined for a loan for not making enough deposits into your checking account every month?

Get approved and choose one of several  small business loans for your business that do not require a lot of deposits per month.   Apply below and get approved today.

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Or call us at Tel:  1-919-771-4177.

How to get approved for a cash advance with less than 5 deposits per month.

Contact us and we will put your business into the approval program that can accept less than 5 deposits per month.   Only have 1 or 2 deposits per month? We have programs waiting for your business now that can you approved fast.   Contact us above!

FAQ on being declined for a business loan for not having enough deposits

How many deposits does our business have to make each month to qualify?

5 deposits or more per month are usually required for a merchant cash advance. Some advance companies require as many as 10 or more. They must be real business revenue from customer sales and not transfers between accounts.

Can our business qualify with only 2 or 3 deposits per month?

Some lenders consider a low number of credits per month into a business account as higher risk because the business has fewer customers that it makes money from. Losing one customer will cut revenues and their ability to repay a loan much more than a business with many customers.

Why were we declined for not enough business deposits when we had more than 5 per month?

Deposits that are not from the sales of the business may not have qualified as revenue. Examples are transfers from other accounts, loan proceeds, very small deposits compared to others, and rebates.

Businesses have used cash flow loans to a great extent in recent years to finance their businesses.    The business account has low recent sales in one of the most recent months.

Our Small Business Development Center assists in getting past these problems to help business owners get a fast and easy business loan.

Other options

Make more deposits immediately during the rest of the month and apply at the start of the next month.   A deposit to a business checking account statement is often from several customers.   Retailers usually have several checks and cash from several customers, go to the bank and make 1 deposit.    Instead of 1 large deposit, break the deposit into several smaller deposits over the course of 2 or 3 days.

Talk to the Merchant Cash Advance companies and ACH business loan lenders directly about being declined and ask them how you can get your business approved.   As your business grows, it will add more customers.  Having deposits from more customers will increase the number of deposits per month into your business account.   As a result, this will make your business a better risk from the lender’s point of view.   The number of customers a business has is an important part of looking at risk by lenders.
For example, restaurants have hundreds of customers per week.   As a result, they will show many deposits per month.   Restaurants that lose a few customers only lose a small percent of their customer base.   A business that has 4 large customers loses 25% of their customer base when they lose just 1 of their customers.

Possible solution:

If you know the deposits you make into your business checking account have multiple items, you can tell the Merchant Cash Advance company or ACH business loan company.
What are multiple items?
Multiple items means that the funds in the deposit are from more than 1 customer.    If the merchant cash advance company knows this, you can get a copy of the deposit from the bank.   The copy of the deposit will show the items deposited. If it is 5 items, you may get credit for 5 deposits instead of 1.     You may be able to get the MCA company to change the decline to an approval.   A number of ACH lenders and merchant cash advance companies are open to this.

If this does not work, ask how long you have to wait before they will consider you again.  Be clear on what they want to see the next time so you will not be declined again.

Get working capital through other loans

If the options above do not work or you cannot wait, your business can consider other types of business loans.   Which ones are best depend mostly on your company’s profile.    Choices include:
– Monthly Term loans up to 48 months based on Tax Returns
– Accounts Receivables Financing
– Business loans based based on Real Estate or Equipment Assets.
Business loans based on real estate, equipment or accounts receivables will usually not have this requirement.   Having collateral that covers the loan amount means that cash flow is not as critical.    The number of customers is also not important.

Unsecured loans depend heavily on cash flow and as a result, the cash flow of the business is scrutinized much more.    Businesses applying for unsecured loans should also have financial statements that show the business making money and having net income.   Many businesses do not show net income and this hurts their request and also causes declines.

The SBA small business administration also has excellent resources on alternative business loans