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4 Top Ways To Get a Better Business Loan Offer

Get a Better Business Loan Offer: Top 4 Ways

Learn the Top 4 ways to get a better business loan offer.   Use this current program to max out the most favorable terms and conditions.   Apply below now.

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How to leverage a higher quality business loan offer.

    • Give your preferred lender a copy of any competing approval. 
    • Ask for better terms.
    • Leverage your broader relationship with the lender.
    • Find out why the approval was not better. 
better-business-loan-offer
Get better business loan offers now!

1. Show the lender a competing offer. 

Give the funding source information on any other approvals you have to negotiate with them.

Example:

You are approved for  $25,000 in bank statement funding, but you wanted a higher amount for more months.  Your request was turned down.

However,  you have existing offers from other funders.  Send your preferred lender the actual approvals from another institution if it matches or beats theirs.

Effectiveness:  This is often highly effective because it proves that you have multiple options.   You have more negotiating power when other lenders know they are not your only choice.  Providing documentation increases the pressure on your preferred lender to make concessions.

Rarely Done:  Very few people think of showing one lender competing offers.   The do not know that you have options from other investors.   Stand out above other applicants and show competing offers.

Confidentiality:   Is this confidential information?  It is the same you gave the other lenders, so there isn’t anything confidential you are giving away.  Your current lender already has the information, so it is not confidential.

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2. Ask for better terms.

The key conditions of the business loan offer are:

Amount:  You can ask for approximately a 10% increase since some funding programs have the discretion to increase the approval by a small amount.  Give a relevant reason why your business is asking for the higher amount.

Number of Months: The number of months often has some room for negotiation.   Ask for a 3-6 month bump instead of 12.

Rates:  Better rates are often hard to negotiate.   The funding source will generally give you the rate that matches your risk profile.  Negotiating rates may be easier when it is a brokered transaction and there are points or fees in the deal.

Check to see if there are different programs with the same funding source that would be a better fit.  Doing so may give your business better terms automatically just by switching to another program.

Also ask the representative about features and benefits.  There may be incentives and benefits in the existing approval that are already available just by asking for them.

3. Leverage any broader relationship with lender. 

Applicants often have an existing relationship with the lender they apply with.

Deposit Relationship:  Make sure the funding source considers any deposit accounts into their decision because automated programs skip this review in their processing.

Borrowing History: Any good previous borrowing history should factor into the approval decision.

4. Find out why the offer was not stronger. 

Contact a loan officer and ask them why terms were not more favorable, such a higher loan amount, number of months and rate.  Take a close look at those reasons and decide if you can overcome them right away rather than taking more time to fix them.

Example:
Getting your credit score increased will take too long to help you right now.   Getting updated financials showing your business in a stronger financial situation is faster and therefore could be used to get an improved business loan offer quickly.

For more ways to get the most out of your approvals, check out 7 ways to boost your borrowing power.


FAQ: Frequently asked Questions on getting a superior business loan approval:

How can I get a better offer?

You may get better terms if you have multiple offers and show them to the lender you want.  Tell them they need to beat the other offers in order for your business to close with them.

Will the Lender negotiate?

They are most likely to negotiate if they are given an incentive to do so.   Applicants who prove they can close with another funding source and are prepared to do so will often get a negotiated closing.

What if I don’t get better terms from the lender?

Apply with other programs if you are likely to get multiple offers.    After getting 2 other approvals, go back to the lender you want to close with and negotiate to get better terms.

Conclusion: Take advantage of easy ways to get better terms.

Most applicants do not push for better terms from lenders and as a result, sometimes miss easy chances to get a stronger deal.

Taking other approvals and asking your favorite lender to beat them always gives you a strong chance of getting concessions.   Ask for better terms and use any existing and previous relationships when negotiating. You will probably greatly increase your chances of getting an improvement on the original approval!

We are a leading funding source for all Small Businesses looking for the best alternatives to Banks.

Author Biography: Will Sanio, Owner of SCF Funding, dba SmallBusinessLoansDepot.com, has a Bachelor of Science Degree in Business Administration with a concentration in Finance from the University of Tennessee, Knoxville.

Over 20 Years experience including 10 Years with Wells Fargo, formerly Wachovia Bank and First Atlanta Bank. Specializing in Traditional and Alternative lending.

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How to Use an Asset With a Lien to Get a Business Loan

Do you want to get a Business Loan using assets with a lien?

How to unlock your Assets!  Here are 3 ways to use an asset that has a loan on it now as collateral for a new business loan.

Apply below:  Expert programs that include guidance getting the maximum out of your collateral.   Even if you still owe on it right now!

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1. Request a lien release. 
2. Lender takes a 2nd lien position
3. Payoff the lien with proceeds. 

3 Ways to use an asset with a loan on it as collateral for a new loan. 

1. Ask for a release of lien:

Call the existing lien holder and ask them to release the UCC lien.   Read here for more about what UCC Liens are.    Lenders often take much more collateral than they need because they want to cover any losses on defaults.  They sometimes even take all of a business’ assets instead of only they need.  They over collateralize the loan and improve their loan to value position.  Most borrowers think that is only way it will be and do not object.   The lender wins by default just by asking for more than they deserve.   

The lender may agree to release a certain piece or more of the collateral they are holding.  This works best when they have many pieces of collateral and you have already paid a lot of the loan down with timely payments. 

Push the lender hard on loans you have paid down significantly as agreed.   

Negotiation Example:  2 years ago, you took out a 4 year business loan for $100,000 and your current balance is $40,000.   The lender took 4 pieces of construction equipment worth $25,000 each and all payments have been on time. 

Telling the loan company they still have enough collateral  and maybe more than when the loan was originally closed.

The loan to value, LTV, may now be lower than when the loan closed.    In those cases, you have paid the loan loan down faster than the equipment depreciated during that time.

If they agree, follow up to verify your asset has been released at the Secretary of State, also known as the SOS.    Push hard to get a release as you may need the extra collateral, especially for a larger business loan.

2. New lender takes a second position. 

They can take a 2nd position lien on the collateral.

This works best with real estate that has a lot of equity in it.  The new loan provider can be the 2nd lien holder against the Real Estate.

Example:  A first position lender has a lien on commercial real estate.   The property is worth $500,000 and the current balance is $100,000.   The new lender makes a loan for $50,000 and then takes a 2nd lien on the property behind the 1st lien holder.   2nd and even 3rd positions are usually limited to real estate or cash flow financing.

3. New loan proceeds are used to payoff the loan

The existing loan balance on the asset is paid off.   This happens most often when the balance on the loan is very low.  As part of closing, the 1st lien is paid off and that amount is debited from the proceeds of the new loan. 

For Example:  Your business is closing a loan for $50,000 using equipment as collateral.    There is a first lien holder on the equipment and that loan has a payoff balance of $10,000.  At closing, the new lender sends a check for the payoff amount to the first lien holder and takes a 1st position on the collateral.
 

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FAQ on getting a business loan using assets with a lien .

Can I use equipment with a loan on it as collateral?

Lenders may take a 2nd position on the collateral.  In most cases, they will not make a loan if there is a lien on the asset and it is not paid off.

Do I have to payoff the loan first?

You will have to payoff the loan in many cases.   Some real estate and cash flow loans may not require a payoff of the 1st lien holder.   This will vary by lender depending on their guidelines.

Can a lender payoff the loan on my collateral?

Lenders can payoff the loan on your collateral.   The process is faster when the lender pays off the loan because they will verify and also handle the payoff. 

Can I get a loan before I have the title in hand?

Ask the lender if they are willing to close the loan and request payoff and title from the lender holding the title as part of closing.    You will have to have the title in hand if they are not willing to do that.

Conclusion

Getting a business loan using assets with a lien is possible.

Find out the lender’s requirements early in the process.   If allowed, there may be extra steps that can take a few days.   Start right away and you can close a few days sooner.

Between a release of lien, a 2nd position, or payoff, there are several creative ways you may be able to use collateral that has a loan on it right now to get a new loan.

If not, find out if other lenders have different criteria that will allow you to use encumbered collateral.    Checking into these options often lets borrowers get loans they never would have gotten otherwise.

We are a leading funding source for all Small Businesses looking for the best alternatives to Banks.

Author Biography: Will Sanio, Owner of SCF Funding, dba SmallBusinessLoansDepot.com, has a Bachelor of Science Degree in Business Administration with a concentration in Finance from the University of Tennessee, Knoxville.

Over 20 Years experience including 10 Years with Wells Fargo, formerly Wachovia Bank and First Atlanta Bank. Specializing in Traditional and Alternative lending.

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Business Tax Extension Loan For IRS October 16th 2023

Business Taxes Deadlines for 2023 and 2024

Do you need a business loan to pay IRS taxes by the due dates and haven’t come up with the funds?

4th Quarter 2023 Taxes: Due by January 16th, 2024
2023 Taxes due by April 15, 2024

Leverage the assets or cash flow of your business to pay IRS business taxes by April 15, 2024.   Several unique programs available, below now!

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Apply above to: Pay IRS business taxes by the April 15th 2024 Deadline and Quarterly taxes for 4th Quarter 2023 by January 16th 2024. 

Multiple Programs to get approved through. 
Flexible criteria. 
Fast funding and closing. 

Get a business loan to pay the IRS extension deadline of October 16th 2023

Need the money to pay the IRS 2024 Deadlines?  Get your business tax extension loan now!

1. Funding against the equipment your business owns. 

Businesses that have construction equipment or over the road tractor trailers can use their equipment to pay tax extensions.

You can get between 40% and 60% of the retail value of the equipment, depending on the year, make, model & condition.

Example: Your business owns a 2010 John Deer Front End Loader with a retail value of $60,000.    Based on a 40% Loan to Value, the offer would be $24,000.    The percentage will depend on the condition of the asset, maintenance records and the results of a site inspection.

A 60% valuation would give an offer of $36,000.    These ranges may vary from lender to lender.   The difference is that most lenders will not make this type of loan at all and it is also considered a specialty business loan.

Traditional banks will rarely make this type of loan.  When they do, they typically only offer approximately 10% – 20% of the value of the equipment and require real estate as part of the loan.

Therefore, if your business has to have money to pay the IRS extension amount and gets any offer close to that range, it should be strongly considered.

2. Funding against business property. 

When the IRS amount your business has to pay is high, then you may need to use business real estate.

The real estate will need to have at least 50% equity in order to have a chance to get the amount you need.    A 50% equity requirement seems like a high number.   Most lenders do not loan against 100% of the value of real estate and 65% to 85% is the maximum.

It is hard to qualify to get a loan to value higher than 70% or 75% of the appraised value.

3. Funding based on the cash flow of your business.

Another option is to fund against the cash flow of your business.  This may be the best option for businesses that are asset poor.

For Example: Your business has limited assets but strong business revenues.  You need $25,000 to pay by October 15th,  and business annual sales are $300,000.

Based on getting approximately 50% of monthly sales, $25,000 X .50 = $12,500.     An average offer will be approximately $13K.    Offers in this example could range from $10K to $30K depending upon other factors.

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FAQ Business tax extension loan 

Can I get a loan to pay business taxes by October 15th ?

There are several programs your business can choose from to pay
October 16th, 2023 business taxes.    Consider programs based on your company assets or cash flow. 

What if we can’t pay the full amount of the extension?

Refer to your Accountant.   Typically,  accountants recommend filing the return, paying as much as you can and communicating with the IRS on a payment plan.  

What can we do if we don’t qualify for enough to pay for the October 15th extension?

You may qualify for more than 1 type of loan.  A 2nd type of loan may allow your business to get the extra amount needed to pay the IRS extension balance.

Conclusion

If you need a business tax extension loan to pay 2024 IRS Business taxes quickly, look at alternative solutions.

Getting a business loan approval when the use of funds is to pay business taxes is harder to get than for other reasons.   Look at less well known options mentioned above, including  based on assets and cash flow.

Leverage the strengths of your business to get as many options as you can.  The business loans you qualify for may not be the ones you prefer.   Be open to alternatives and your business has the best chance to get money to pay the IRS or State tax extension balance!

We are a leading funding source for all Small Businesses looking for the best alternatives to Banks.

Author Biography: Will Sanio, Owner of SCF Funding, dba SmallBusinessLoansDepot.com, has a Bachelor of Science Degree in Business Administration with a concentration in Finance from the University of Tennessee, Knoxville.

Over 20 Years experience including 10 Years with Wells Fargo, formerly Wachovia Bank and First Atlanta Bank in Atlanta, GA. Specializing in Traditional and Alternative lending.

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How to Get a Used Car Dealer Business Loan

Used Car Dealer Business Loans

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Programs for:
Buy Here Pay Here Car Lots.
Start Up Car Lots.
Small and Low inventory Lots.
Low Monthly Sales Lots.
Bad Credit Owner down to below a 500 bureau.
Exotic and Specialty Care Lots.
Author Biography: Will Sanio

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How to get a used car dealer business loan

Preparation

Step 1:  Research companies that specialize in used car dealer business loans. Decide which programs meet your dealership’s needs for the amount, credit, time in business and what you need the funds for.

Search online for used car dealer lenders

Prepare your documents

Step 2: Tip: Prep your information a few days before you need the funding. Amounts over $50,000 need more time to be approved and closed. Car lots selling more than $15,000 per month have a better chance of getting an offer.

Get company information, bank statements and business licenses together days before they are needed.

Look closely at the cash flow in your bank statements. Explain low sales months, overdrafts, nsf’s and low balance periods upfront when you first apply. This can help get approvals, better offers and help avoid declines.

Settle on Top Companies

Step 3:  Contact your preferred companies and ask about their approval criteria.
Tip: Ask if you can be prequalified. Some funders can either prequalify through an online application or a representative by calling in.

Contact the lender. What are their requirements? What are the most common reasons for denial?

Complete your application

Step 4: Apply with the programs the most aggressively solicit used car dealers while matching your needs. Complete an application for funding and provide all supporting documentation needed.

Apply with the best matching program.

Review Approvals

Step 5:  After approval, closely look at the terms and closing requirements. Get all of your closing documentation together and submit to complete the transaction.

If the closing terms are satisfactory, provide all remaining documents and close the transaction to receive funding.

The lender will usually make a final merchant call to you. They will verify that the owner completed the closing documents and is ready to start the transaction. Confirm this and receive the wired funds into your account.

Loans to used car dealers are considered restricted loans by almost all lenders.   We have programs for below 500 credit scores.

F.A.Q. Frequently asked questions

Can our car lot get fast funding the same day or next day?

Same day funding is possible for applications received by noon. After mid day, funding on approvals and closings is possible the next day.

How long does our car lot have to be in business?

Time in business of at least 3 months is needed. The most recent three months business checking account statements are then submitted to pre-qualify.

What types of car dealer loans are available and for how long?

Programs are for dealers that specialize in buy here pay here, new and used cars, specialty, luxury, exotic, and short time in business. There is an option for small lots with low inventory of less than 10 cars. The longest term option is up to 10 years and available in most states. Other programs are short term bridge loans from 3 to 10 months.

How much does bad credit matter?

Low credit scores and bad credit will rarely be declined. Scores can be as low as 400. Having cash flow and positive business checking account balances are the most important approval requirements.

What are the rates?

Rates start in the low teens and depend mainly on cash flow, time in business and credit.

Can we use this financing to buy more cars for inventory?

The working capital can be used for anything such as to buy cars at auction, from wholesalers, customer trade ins, or anywhere your dealership buys.
It can also be used to buy lot space, repairs and improvements.

Used car dealer loan financing. $2,500 to $1,000,000. Tips and steps on how to get a used car dealer loan.

 

 

We are a leading funding source for all Small Businesses looking for the best alternatives to Banks.

Author Biography: Will Sanio, Owner of SCF Funding, dba SmallBusinessLoansDepot.com, has a Bachelor of Science Degree in Business Administration with a concentration in Finance from the University of Tennessee, Knoxville.

Over 20 Years experience including 10 Years with Wells Fargo, formerly Wachovia Bank and First Atlanta Bank. Specializing in Traditional and Alternative lending.

Follow me and our Videos below!

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How To Get a Large Business Loan

How to get a Large Business Loan

Use your business cash flow or assets to get a large business loan.  How to search and contact lenders and learn how to get approved.   Get up to $2,000,000 through these programs.  Fast and easy process with 1 to 3 day closings may be available.

Very little documentation and financials in most cases.  Business loans up to 2,000,000 available with either real estate or unsecured with strong monthly cash flow.

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Call 919-771-4177 for more info.

Search and contact lenders that offer a big business loan and review their approval criteria

If your business generates more than $50,000 per month in gross revenue, or your personal credit score is over 600, then your business has a good chance to be approved.

How to get a large business loan: How to steps, direction, and tips:

How to get a large business loan fast and easy

Estimated Cost: $0
Total Time: 1 Day<
Supplies Needed:  Financia statements if available, Business bank statements, and Tax returns for requests over $100,000.
Time available.
Tools needed: Internet connection, phone, computer

Step 1:  Preparation

Research companies that offer big business loans. Search for programs that best match your business for the amount requested, your annual sales, credit, time in business and use of funds by your business.

Search for companies that offer specific programs that you are looking for.

Step 2: Have your business financial information ready to go.

Tip: Start the process a few weeks before needing business funding.  Larger funding amounts over $100,000 often require more time for an approval. If your business generates more than $50,000 per mont hin gross revenue and your personal credit score is over 700, then your business has a better chance to be approved.

Review your business bank statements and financial information before providing. If there are any problems then write an explanation for those problems before applying. This can include slower business periods during the year, low net income on financial statements or any other reason.

Start weeks before you need the loan if possible. You may need that time to get documentation together.

Step 3:  Settle on the top 2 or 3 programs that best matches your business for your profile and the reason you want the loan.

Contact qualifying companies and ask about their qualifying criteria

Try to find out if your business has a good chance to be approved.   Some lenders may be able to prequalify your business over the phone.

Call and talk with a representative of the most qualifying programs. Tell them your company’s main characteristics such as amount requested, time in business, credit and ask if you will qualify.

Step 4: Submit an application

Go with the most likely program you have determined can get your business a big business loan based on your review and any conversations you had with the lender.   Complete an application for funding and provide the supporting documentation requested to show business revenues such as bank statements or tax returns.

Is the program the best fit? Then apply!

Step 5:  Review approval offers

Once approved, review all details of closing terms and conditions. Make sure you can provide required items. Complete transaction and receive funding.
Was your business declined? Contact the lender and try to find out why you were declined.  Can you do anything to get the decision reversed?  If not, then go back to other lenders you looked at during your initial search. Ask the other lenders if the reason you were declined will be an issue for them.  If not, then consider applying with them.

Review approval terms. If you are satisfied, provide closing stipulations and get funding into your business checking account.

FAQ Frequently asked questions.

How can we qualify for a large business loan?

Time in business of 6 months and revenues over $25,000 per month are needed at a minimum. Higher credit scores over 600 will help get approvals and higher offers. Higher average bank balances also help.

Can we get a larger business loan with bad credit?

Your business can still get higher amounts with bad credit. Strong sales and time in business can overcome a lower credit score.

Can our start up get a bigger business loan?

Your start up will need about 6 months in business, strong sales and credit scores over 575 to have a chance at a higher approval amount.

Do we have to have collateral?

Your business does not need collateral to get a high offer. Strong sales are often enough. Time in business over 6 months and credit of 600 or higher can increase offers significantly.

Does the process take a lot longer?

The process often takes about the same amount of time. More documentation may be requested for amounts over $10000 and can take longer.

For other financing options, please review other alternate financing programs that may better match your business needs, below:

We are a leading funding source for all Small Businesses looking for the best alternatives to Banks.

Author Biography: Will Sanio, Owner of SCF Funding, dba SmallBusinessLoansDepot.com, has a Bachelor of Science Degree in Business Administration with a concentration in Finance from the University of Tennessee, Knoxville.

Over 20 Years experience including 10 Years with Wells Fargo, formerly Wachovia Bank and First Atlanta Bank. Specializing in Traditional and Alternative lending.

Follow me and our Videos below!

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How to Get a Business Loan with Low Deposit Volume

Business Loan with Low Monthly Deposits

If your business was turned down for a business loan for having low deposit volume under $10,000 a month, 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.

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A drop in sales could be from many reasons.  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

  1. Look at your last 3 months business checking account statements and document your total deposits.
  2. Search for a business loan program that specializes in funding with average deposits of less than $10,000 per month.
  3. Review approval requirements and terms and conditions as much as you are able prior to applying
  4. If satisfied, apply for funding.   When you are approved, review approval terms. If you want to close the transaction, request and complete closing documents.
  5. Close transaction
Does your business have low monthly deposit volume? Find a program that your business will be approved for.

Data Secure 15 Second Request Form Here.
Or call us at Tel:  1-919-771-4177.

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.

We are a leading funding source for all Small Businesses looking for the best alternatives to Banks.

Author Biography: Will Sanio, Owner of SCF Funding, dba SmallBusinessLoansDepot.com, has a Bachelor of Science Degree in Business Administration with a concentration in Finance from the University of Tennessee, Knoxville.

Over 20 Years experience including 10 Years with Wells Fargo, formerly Wachovia Bank and First Atlanta Bank. Specializing in Traditional and Alternative lending.

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How to Get Approved For a Small Business Loan

How to Get Approved For a Small Business Loan

Follow the steps on how to get approved for a small business loan. The steps below increase your chance of being approved.

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Call 919-771-4177 for more info.

  1. Step 1  Search online for lenders that allow you to leverage the strengths of your business when you apply.   Consider your revenues and type of operation as well as credit and time established.
  2. Step 2 TIP: Picking a program that matches your company strengths will go a long way towards getting approved.
  3. Step 3  Review the criteria from different lenders needed for approval. Make a list of the top two or three funders and their best matching programs.

    Make a list of the top two or three funders after reviewing the criteria.

  4. Step 4 Contact lenders online and by phone. Review as much approval criteria as you can with a representative. Try to get the best idea possible how closely your profile matches the requirements for approval.

    Get the best idea how likely your business is to get approved for funding with approval criteria.

  5. Step 5 Settle on the best match between different business loan programs and your strengths. Also consider your business requirements and time for funding. Apply for those programs that are the best match.

    Choose the best matching business funding program then apply

  6. Step 6 Read the terms and conditions on any approval.  Make sure there are enough revenues to cover the payments and meet all the requirements. Complete closing requirements to fund the transaction.
    Small Business Loans Depot

    Small Business Loans Depot

Need to get approved for financing?  Apply now below:

Step and tips to help get approved for a small business loan.

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Or Question, call us at Tel:  1-919-771-4177.

FAQ :

How can we get approved for a small business loan?

Complete an online application. Provide any additional information on your company’s strengths, such as sales or start date. Doing so gives you a better chance of being approved, for a higher amount, and with better terms.

Is there a minimum time in business required?

Three months are required. Programs with vehicles or accounts receivables do not require 3 months. With revenues, you may be approved right after setting up licensing.

Can we be prequalified to avoid being declined and credit pulled?

Call us and we can review your information and prequalify you over the phone. If your business does not qualify for one product, you may qualify for one of many other loan options.

Can we get a longer term?

Options for 1 to 2 years are available. 36, 48 and 60 month programs with a monthly payment are available for customers wanting a longer repayment.

We are a leading funding source for all Small Businesses looking for the best alternatives to Banks.

Author Biography: Will Sanio, Owner of SCF Funding, dba SmallBusinessLoansDepot.com, has a Bachelor of Science Degree in Business Administration with a concentration in Finance from the University of Tennessee, Knoxville.

Over 20 Years experience including 10 Years with Wells Fargo, formerly Wachovia Bank and First Atlanta Bank. Specializing in Traditional and Alternative lending.

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How to Fix Missed Payments on a MCA Merchant Cash Advance or Business Loan

How to Fix missed payments on an mca cash advance

This article shows how to handle your business loan if it is past due.  Have you missed payments on a cash advance or business loan?

There are several fixes you can take when you are behind on payments. These steps and others can  or make it much less severe.  One step is to payoff the past due amount by refinancing.

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If you are not going to be able to get current, here are options to get out of an mca cash advance, or watch the get out of mca video.

Call 919-771-4177 for more info.

  1. Step 1 Contact the lender.   Let them know you are having trouble paying the advance or loan.  Be prepared to answer why you cannot pay it and how you will plan to catch up.
  2. Step 2 Ask the lender to work with you.  Ask for lowered or suspended payments.   If they refuse ask them to offer you a plan you can handle.   Determine in advance what you are able to pay.   Tell the lender what you can pay and ask them to set up a payment plan for that.   Ask if they can adjust your daily payments as a percentage of sales
  3. Step 3 Follow through on your agreement.
  4. Step 4 *How to Tip: If you will not be able to continue paying the cash advance or business loan, ask the lender for options. There are often options available just by asking for help or letting the letting know you cannot continue to make the payments.
I missed payments and am behind on my mca merchant cash advance and business loan. Here is how to fix it.

What if you cannot pay the cash advance or business loan and cannot catch it up?

If you cannot continue paying the cash advance or business loan, ask the lender what the options are.  For missed mca payments, there are good options for past due borrowers.

If it is not a mortgage loan, the best solution is usually to try to work with the lenders.   When that is not possible, other options include:

1.  Pay a settlement on the mca merchant cash advance or business loan.

If you consider this option, negotiate hard with the lender on how this will be reported on your credit.   You want to push for the best possible credit bureau reporting of this event.    If the lender reports the tradeline as “settled for less than full balance”, this may be the best reporting.

2.  Applying with another lender

This is another excellent option if you can qualify.  Payoff the debts with a new loan.   This works well if the balance you are past due on is low.    If your current past due amounts has not damaged your credit too much yet, this option may work.

3.  Another option is to ask your current lender to modify the loan.

For example:
Your current loan is $500 per month and was for 48 months.   You have 10 months left.   Ask the lender to modify the mca cash advance for a lower payment and more months.  As a result, ask them to lower it to $200 to $300 per month for 20 and 25 months.

Tell them this benefits both of you because you will have a payment you can make and as a result, their loan will be paid.   Some lenders do not want to modify.   However, if you can show them you will be able to pay the past due amount by getting a lower payment, they are more likely agree to it.

Provide documentation to support your request

Prepare a quarterly or monthly profit & loss statement to show the lender that you cannot pay but you will if they lower it.

4.  Take another hard look at all of your current expenses.

Can you easily reduce expenses somewhere else?   Are there services that you are paying for that you really do not need and can cut?   This can include business expenses and personal expenses.
How to fix your business past due loan. 1. Contact the lender. 2. Ask the lender to work with you by lowering or suspending payments. 3. Follow through on your agreement.

FAQ’s  – Frequently asked questions and comments

Question:  How can I fix missed payments on my cash advance?
Communicate with the advance company. One or two missed payments should not be a problem when you are in contact with them. Consider asking for a repayment plan or restructuring if you cannot pay at all.

Question: Will my credit be hurt if I miss payments on my mca cash advance?
A few missed payments should not hurt your business or personal credit. Your credit with that lender may be affected when several payments are missed. You may have trouble getting business funding again from that lender in the future.

Question: Will missed mca payments keep me from getting other business loans?

Defaults, lowered payments and other modifications may affect your ability in getting other business loans. Negotiate hard and you may be able to avoid being declared a default even if you have defaulted contractually.

Accounts receivables financing

Accounts receivables financing is another way to increase the cash flow you need to pay your current past due merchant cash advance or business loan.    This can give you cash now which may be enough to pay the payments you missed and are behind on.

Consider an asset based loan

This includes a loan against equipment.  Funding is between 24 and 42 months and includes a monthly payment.    Earth moving equipment, Yellow Iron and  “over the road” OTR rigs, semi-trucks are usually accepted.

We are a leading funding source for all Small Businesses looking for the best alternatives to Banks.

Author Biography: Will Sanio, Owner of SCF Funding, dba SmallBusinessLoansDepot.com, has a Bachelor of Science Degree in Business Administration with a concentration in Finance from the University of Tennessee, Knoxville.

Over 20 Years experience including 10 Years with Wells Fargo, formerly Wachovia Bank and First Atlanta Bank. Specializing in Traditional and Alternative lending.

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Business Loan During Holidays

Business Loan During the Holidays

During the 2024 holidays your business may need a loan fast.    Where can you go to avoid the slowdown your business does not have time for?   We have several programs that are fast and do not have slow processing during a holiday such as 4th of July, Labor day, Thanksgiving, Christmas, New Year’s day, Rosh hashanah, Yom Kippur, and Hanukkah.     Contact us below now for fast business loans during the holidays.  Same day closings often possible.

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Call 919-771-4177 for more info.

Don’t want to wait until after the New Year to get funding?   Often lenders will require additional items for closing and take a long time to get back to you.

Need a business loan during the holidays?

FAQ: Frequently asked questions on getting a business loan during the 2024 holidays

Is getting a business loan during the holiday season realistic?

Yes you can get a business loan during the slow holiday season. This includes 4th of July, Labor day, Thanksgiving, Christmas, New Years day, Rosh Hashanah, Yom Kippur, and Hanukkah. Fast closings are available during those holiday weeks.

How much slower will processing be?

Processing will still be fast leading right up to the holiday. Offices are open with normal business hours the next day to process applications for funding quickly.

Will staff be available to answer questions?

There will be regular staffing to answer your questions and process your request.

What about closing documentation or closing stipulations.   Won’t those show down the closing process?
Closing documentation may be required.   We work fast through these issues to avoid closing delays.    What if I need a loan the same day?    A loan closing same day is possible.    If you are approved, you may be able to be funded the next day if you cannot be funded same day.

We are a leading funding source for all Small Businesses looking for the best alternatives to Banks.

Author Biography: Will Sanio, Owner of SCF Funding, dba SmallBusinessLoansDepot.com, has a Bachelor of Science Degree in Business Administration with a concentration in Finance from the University of Tennessee, Knoxville.

Over 20 Years experience including 10 Years with Wells Fargo, formerly Wachovia Bank and First Atlanta Bank. Specializing in Traditional and Alternative lending.

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Business loans with No Tax Returns: How to Get Them

Business Loan with no tax Returns

Several programs are available to get approved for a fast and easy business loan with no tax returns.  Businesses often cannot provide tax returns for loans. Programs are available to get a loan without returns hassle free.  Author Biography: Will Sanio

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How to get a small business loan with no tax returns: How to steps, direction, and tips:

Get a small business loan without having to provide tax returns.

Need a small business loan but do not have business tax returns? For businesses that need funding without tax returns asap,
fast programs are available that can get funding in your account the same day or the next day.

Estimated Cost: $0
Total Time: 1 Day
Supplies Needed:  Business bank statements. Financial statements if available.  Time Available.
Tools needed: Internet connection, phone, computer

Step 1:  Preparation

Review your company’s cash flow information such as bank statements and financial statements.

Contact your accountant to get financial statements.  Determine how much your business needs, for how long and how soon.

Review your company’s cash flow strengths by looking over your bank statements and financials.
Step 2:  Gather the documentation you do have on hand.
Tip: Start the process at least a week or longer before needing business funding, especially when business tax returns are not

available and if your business needs larger amounts

Review the bank statements and any financial information before providing.

prepare an explanation for any slow and low cash flow periods or other issues, before applying.

Giving yourself a week or two lead time will help you find the right programs, apply and get funding.
Step 3:  Research companies that offer business loans with no tax returns required.
Filter your search for programs that best matches your business for the amount requested, your credit, time in business, annual sales and the reason you want the loan.
Look for those companies that meet your specific needs and requirements.
Talk to those companies and find out about their terms and conditions.
Match up with the company that most closely meets your needs.
Find out if your business will qualify or prequalify.   Lenders may be able to prequalify you over the phone
Do a final review of your documentation based on the lender’s requirements
Asking the lender what the qualifying requirements are can save you from even applying.
Step 4: Submit your company’s application

Go with the most qualifying program for your business without tax returns.

No business tax returns required? Is the program a good fit? Then apply
Step 5: Approved or declined
Review terms if your business is approved.  To accept, provide all closing stipulations to fund the transaction.
Was your business denied? Contact the lender and find out why you were declined.  What can you do to get the decision reversed?
If you cannot get the lender to approve your business, then go back to other lenders you looked at during your search.

Ask the other lenders if you will be declined for the same reason.   If not, then consider applying with them.

If you are satisfied with the approval terms, then provide the items needed to close and get funding.

FAQ Frequently asked questions on getting a business loan with no tax returns

Can I get a business loan with no tax returns?

Yes, we have several strong programs that can get your business approved and funded quickly without having to submit
tax returns.

Can we still get higher approval amounts without returns?

Businesses with high revenues can get approved for larger amounts based on the strength of their sales.
No federal or state returns needed.

Will we have to provide other proof of income like financial statements, bank statements or pay stubs?

Cash flow through the bank statements may be requested for the lender to make the maximum offer and calculate
how much your business can pay. Financial statements such as balance sheets and profit and loss are not required.

Example of what to do if your business is asked for returns.

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

Don’t have Tax Returns? Before applying, simply ask if returns will be required.  If so, try to apply for programs that does NOT require returns.   Instead of providing tax returns, you can offer cash flow information from previous years.   This may be referred to as payback months, meaning banks statements for the same months as the repayment of any new loan.

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?

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 or copy of a license.

We are a leading funding source for all Small Businesses looking for the best alternatives to Banks.

Author Biography: Will Sanio, Owner of SCF Funding, dba SmallBusinessLoansDepot.com, has a Bachelor of Science Degree in Business Administration with a concentration in Finance from the University of Tennessee, Knoxville.

Over 20 Years experience including 10 Years with Wells Fargo, formerly Wachovia Bank and First Atlanta Bank. Specializing in Traditional and Alternative lending.

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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.
Businesses do not always need money for a specific reason and are just are running out of cash.   This can also happen during emergencies and times of crisis.  During emergencies, essential businesses can often get special business loans from state or federal programs.   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 and previous taxes as well as business tax extensions and 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.”

FAQ Frequently asked questions on the 10 Most common reasons businesses want a business loan

Why do businesses need loans to borrow money for?
Businesses need loans for many reasons. For example, common needs are working capital, expansion, taxes, to hire employees, payroll and inventory. Other reasons are equipment, repairs, vehicles, advertising, partner buyouts, rental leases and insurance certifications.
Who needs a business loan?
Businesses of all types need business loans, including large and small businesses, start up and new businesses for instance. Businesses are often better off financing specific needs instead of using cash on hand they may need suddenly or for an emergency.

What can you use business loans for?
Business loans can usually be used for any legal reason. If a lender does not want your business to use funds for certain reasons, it will usually be stated in the contract or they will tell you.
What can a business not use a loan for?
Businesses cannot use a loan for illegal purposes. It is also common for a lender to restrict a business from using a loan for specific reasons. For example, a lender may not allow you to use a business loan for personal reasons. If a loan is made to purchase an asset such as equipment or real estate, the loan must be used for that reason and cannot be for anything else. The lender may even pay the seller directly instead of sending funds to the borrower to avoid monies being used for other purposes.

Business running out of money? Click on for immediate solutions
Business loan for expansion. Immediate relief and immediate solutions. Apply now

 

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

 

 

Summary of 10 Most common reasons businesses want a business loan:
“Business is running out of money”,
“Expansion”,
“Taxes”,
“Employees”,
“Inventory and raw materials”,
“Equipment, repairs or vehicles”,
“Marketing and advertising” ,
“Partner Buyout”,
“Buy a building and real estate”,
“Insurance”

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

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Articles

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.

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1 common theme among these is that businesses need a higher amount of business funding in these cases.

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.

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.

But what are the main reasons businesses need loan?   Review the 10 most common reasons businesses want a business loan to get helpful tips and steps on how you can get your business loan request approved and funded.

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.

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Asset Based Loan

Loan Using Bank Statements

How to get a loan using business bank statements

  1. Get the most recent three (3) months complete business checking account statements
  2. Review your total dollar amount in deposits per month, your average daily balance, number of deposits per month, personal credit, type of business and time in business.
  3. Select a bank statement loan program that best fits your business.
  4. Complete application and provide the last three months business bank statements.
  5. If approved, submit required closing information and close transaction

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Small Business Loans Depot offers a loan using bank statements through the company’s Gross Sales.   Every company has sales, so almost all companies can qualify.

Many callers call in and request a “loan using bank statements” or a “business loan using bank statements”.  Get started on this financing today.  Provide the  most recent 3 months business checking account statements and 1 page application.

  • Our Loan using Bank Statements can be used by a business to get up to $250,000 working capital, and as much as $500,000 in some cases.
    A customer can get a renewal of their original funding at 50% paid down.
  • The funding can be used for any purpose the business needs.
  • Applying is fast and easy and the entire process takes approximately 3 to 7 business days.
  • This product has no upfront application fees.

Other Features

Ask about our Flex payment or Flexible payment product because the payments are variable and not fixed.   United States and Canadian companies only.
Example:

A business is approved for $25,000 with a 6 month term and a $100 daily payment.  With other programs, the business has to repay $100 every business day even if sales are slow or if sales are higher than normal.

With the Flex payment program, if the customer’s deposits drop 25% one day, then the daily debit is $75.   If the deposits increase 50%, then the daily debit is $125.    This program has a great advantage for customers.   If their sales are slow, they won’t have a higher burden to make the payment.   When their sales increase, they will still have the same percentage taken out and repay the funding sooner.

A business can get up to 125% of it’s monthly deposits with this program.   The customer’s beginning bank statement balances, ending balances, amount of monthly deposits and also average daily balances are looked at to determine the approval amount and terms.    The repayment term is between 2-18 months.

Customers with more than one active business checking account with significant balances should use the account with the highest amount of deposits.    The minimum time in business is 4 months for the start up program.  Your business should provide it’s first 3 months statements to try to qualify for the start up program.

Benefits:

– Just 4 Deposits per month required in many cases.
– No Site inspection for qualifying deals.

What is required to submit for an approval?
– Most recent 3 months complete business checking account statements
– Signed and dated application.

What is required for closing?

– Copy of voided check.  Specifically, this is a copy of a voided business check.
– Copy of driver’s license.
– Landlord contact information.
– Other requirements may apply.

Required to pre-qualify or qualify:

– Signed and dated application from at least 50% of company ownership.
– Last three months complete business bank statements from the main business
account.
– For amounts over $150,000:  The most recent six months complete business bank statements and the 1st page of the most recent business tax return.

Required for Loan Contracts to be sent:

– Clear copy of driver’s license.
– Copy of a voided business check off of the approved account.
– Valid E-Mail address for the owners of the company.
– Federal Tax ID number, or TIN.
– Other requirements may apply.

Other business bank statement loan customer benefits:

– Renewals and renewal options often begin at 40% pay down of balance.
– No standard site inspection is performed or required for many customers.
– Bankruptcies older than 1 Year are usually acceptable.
– Only 50% ownership needed in some cases.

If a customer’s sales increase in the 6 months to year after the line is established, the line size may be increased very significantly due to both the increase in revenues and satisfactory repayment.

Other issues:

Other issues for the Loan using Bank Statements program include average balances, amount of deposits per month, number of deposits per month, beginning balances, ending balances, and overdrafts and NSF’s.

Question:  How much time does the process take and how long does it take to receive the funding?

Answer:  The decision process takes approximately 24 to 72 hours. The customer receives the loan documents the same day or the next day.   Once the customer returns the completed documents via Fax or overnight, the loan documents are reviewed.  Once the accuracy of the documents are confirmed, a verbal verification is done with the customer and funds are wired to the customer with in 24 to 48 hours.  The entire process takes about 5 to 8 business days.

Thank your for visiting our Loan using Bank Statements resource page!

Categories
Cash Flow Loan

Medical Practice Loan

Medical Practice Loan


What types of medical practice loans are there?

Any type of financing a medical practice obtains to either establish or grow the practice.  Get practice practice financing based the sales of the practice or on equity in business assets such as accounts receivables or real estate. Fast closings.     Chiropractor practice business loans are included.

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How to get a medical practice loan:

Find lenders online that specialize in medical practice loans.   Evaluate the program features and benefits including how long the process takes and time to funding.

Medical practices that have been operating for one year or longer will get higher approval amounts and better terms.  Approvals are available with as little as 3 months time of operation.

Match your practice to the loan programs available.   Go with the one that best matches your medical practice characteristics.    For larger practice loans over $100000 quick funding in 1 or 2 days is still available.

Match your practice to the programs available.

Contact matching lenders to review loan options and requirements.  Talk with a representative about your specific medical practice loan qualifications and needs.

Call and talk with representatives of practice loan programs you feel are the best match. Discuss approval chances with the representatives.

Submit an application.  Try to provide any documents that show the strength of your medical practice.  This can include the most recent bank statements as well as interim financial statements and tax returns.   Other strengths include a profit and loss statement and personal financial statement.  If your practice has this documentation and it makes your practice look stronger then you will want to provide these items even if you are not required to do so.

Submit an application. Provide any documentation that makes your practice look stronger even if it is not required.

Look over any approval offer including conditions and closing requirements.  Provide items required for closing and funding.  Complete the transaction and receive funding into your practice account.

A significant tax savings will can be realized in this medical practice loan against equipment, by being arranged in part as a lease.   This allows for a significant tax savings over a traditional loan.    The borrower obtains working capital for their business via the equity in their equipment as opposed to having full ownership in their equipment.

Features

Same day and next day funding.
Minimal paperwork and fast closing
Processing time is one to three days.   After approval, time for funding is approximately one to three days.  If more funding is needed,  additional funding can be arranged with additional funding “parts” or “segments”.    Total funding that can be obtained is typically in the $150,000 to $250,000 range.

Due to constant advances in the medical field, medical equipment equipment depreciates quickly.    Many types of medical equipment becomes totally obsolete in a short amount of time.   However, Small Business Loans Depot can utilize medical equipment that has undergone full depreciation and is several years old.
How to get a medical practice loan. Fast and easy loans for medical practices. Same day or next day funding for many practices. Minimal paperwork and fast closing. Medical practice types include hospitals and urgent care facilities as well as pediatric practices and home health care facilities. The most recent tax return and interim financials may not be required in many cases

Flexible medical practice loan options

Other programs

Gross sales cash flow loan –  This financing product may be very desirable for medical practices as it is based on the gross sales and cash flow of the practice.  Medical practices often have significant cash flow, so this product can provide significant working capital to the practice.

This medical practice loan product is used, in effect as a line of credit.   The practice provides the most recent 3 months business checking account statements and a one page application.    The average daily collected balance, the amount and number of deposits per month, beginning balances, and ending balances are reviewed in order to determine the approved amount.

The customer sends in the 3 months business checking account statements and one page application.   Upon approval, the customer is e-mailed documents.   The customer completes the documents and faxes them back in.   A final landlord check and verbal verification is completed.    Funds are wired into the customer’s account within 1-3 business days.

Repayment terms on this medical practice loan range from 3 to 18 months.     Once the customer satisfactorily repays the line, the line size is increased.   The customer is not obligated to use the available line.   They can reuse the line immediately or leave it idle for any amount of time.

In most cases, financials and bank statements are not required.   However, if the customer’s financials or bank Statements are strong, the customer can opt to provide to strengthen their application.   If the customer has a strong credit bureau score of over 700 or over 725, financials may not be requested.

Although there is a certain dollar amount above which financials are requested for this form of financing, there is often some discretion used by the lender.   If the customer has a credit score of 750, then the lender may consider an extra $10K or $20K without requesting financials for a medical practice loan compared to a customer with a 675 credit score.

The lender has guidelines that they follow but they do have the authority to stray from the guidelines to a degree if they can justify it.

The following video provides an overview of the medical practice loan program as well, including features and benefits.

FAQ Frequently asked medical practice loan questions

We need a medical practice loan immediately. How fast can we get approved and close?
Approvals can be obtained as fast as 2 or 3 hours. After approval if completed closing documents are returned immediately then funding can be as fast as the same day or next day.

What is the maximum loan amount our practice can get?

The maximum is determined by the cash flow and revenues of the practice and also the time in business and credit. Bank balances and the assets of the practice can also be important in approval and terms.
What are the requirements for a medical practice loan?
The requirements for a medical practice loan are a minimum of three months time in business and revenues over $10000 per month. Other requirements include having enough cash flow to make the payment. The repayment may be monthly or weekly or daily. The revenues as well as expenses and net income may be looked at to make sure the practice can afford any payment required. After expenses the practice needs to have enough cash flow to show that the payment can be made.
Can we get funding the same day or next day?
Same day funding is possible if you apply early in the day and immediately provide any information required. Documents should be completed and returned immediately including any closing requirements.
Our practice needs to constantly borrow and really needs a line of credit. Can we get a line of credit?
If your medical practice needs to borrow a lot for different things then a line of credit or similar type of line will work best. Many of these borrowing products allow you to borrow then repay before you have repaid the full amount. Your medical practice can borrow again after repaying between 50% and 75% of the original balance. For some borrowing options your medical practice can borrow after every month of repayment.
What do we need to provide to close the loan?
Closing requirements are usually items such as proof of ownership of the practice or business. Proof of ownership is a copy of a business license or articles of incorporation. The Physicians license with the state the practice operates in may also be required. Other closing items may be landlord contact information, a copy of a voided business check and drivers license.

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