One Month Time in Business Loans
Brand New businesses!
Business loan program available now with one month’s bank statement and just one month’s time in business!
Complete the one page application below & provide the first month’s business bank statement. This is a start up specialty bank statement loan program.
Data Secure 15 Second Request Form here.
Call 919-771-4177 for more info.
1.Only 1 Month’s bank statement required.
2.New Businesses.
3. Fast offer and closing.
Apply above:
New Business: Loan program
New businesses can get approved with just the most recent month’s statement and the fast 15 second application. Renew the loan and increase the approval amount as your sales increase.
A short time in business is also #8 of the Top 9 reasons why your MCA was declined.
This program is excellent for
New Businesses.
Companies that expect to have big swings in business revenue due to the covid-19 pandemic after they open.
Businesses that want to establish a partner relationship with a lender.
With this program, the most recent 3 months bank statements are not required.
Typical Existing Programs
Almost all current programs require the most recent three months bank statements and a month to date statement.
Why? Underwriting wants to see how the company’s cash flow has been over the most recent months. They take the average of those 3 months and issue an approval based on the average.
Example: A business provides statements for the last 90 days and has the following total deposits during that time.
July: $10,000
June: $15,000
May: $10,000
The average per month is calculated as follows:
$35,000 % 3 = $11,666 per month. In this example, the lender can make an offer knowing that the business brings in an average of $11,666 month.
Lenders cannot calculate an average with only the numbers for the last 30 days. If the business deposited $10,000 in July, then the lender will make an offer based just on that 30 day total.
An offer may be slightly lower, but the business has the opportunity to get a higher renewal offer quickly. As sales increase, the business can get a much higher renewal offer.
Data Secure 15 Second Request Form here.
Call 919-771-4177 for more info.
FAQ on business loans with only 1 months bank statement.
Can we get a loan with just 1 month’s bank statement?
Yes. You only need to provide the first month’s statement as a brand new business. Businesses that had a strong month since the 1st of the current month can provide a month to date statement to get a higher offer.
What if our first month had low sales?
You may still be able to get a starter offer. As your sales grow, you will be offered higher amounts quickly. This is a relationship product that your business can use like a Line of Credit.
Can we get approved with only a few weeks in business?
You only need 4 weeks or more in business. If the business began the previous month, then provide information since the beginning of the new month. This can be a MTD Month to Date statement.
Conclusion
New businesses have limited or no funding options. This new program allows them to get capital after only 1 month.
Even better, a relationship is established with the lender. The borrower can get more working capital sooner and for larger amounts as the relationship is developed.