Complete application and provide the last three months business bank statements.
If approved, submit required closing information and close transaction
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.
Ask about our Flex payment or Flexible payment product because the payments are variable and not fixed. United States and Canadian companies only.
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.
– 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
– 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 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!
With a loan against equipment a seller can obtain working capital by selling their equipment and financing it back. A loan on equipment works the same way and is an identical transaction. The owner keeps the equipment on their property and retain ownership when it is paid off. Qualifying equipment includes construction equipment, business and commercial vehicles including tractor trailers and semi -trucks. Low credit scores can qualify. Secure DocuSign 30 Second Application here
Call us at Tel: 1-919-771-4177, or Question? Contact us here.
How to get a loan on equipment
Make a list of the free and clear equipment assets your business owns. Include description, manufacturer, year, model numbers.
Tip: Programs lend up to 40% to 60% maximum on qualifying equipment. The equipment must be free and clear.
Contact lenders that provide loans against equipment that match the equipment your business has.
Discuss the available program options. Determine the programs that are the best match for your business.
Apply for funding. If approved review terms and conditions including possible site inspection requirements and other stipulations. When you are satisfied, request closing documents and complete the paperwork.
Complete customer closing interview and receive funds into business checking account.
A loan against equipment allows businesses to use their equipment to get a business loan. Borrowers can get a loan against construction equipment which is also known as yellow iron as well as tractor trailers and semi-trucks. Other qualifying equipment includes older business and commercial vehicles more than 5 years old. There is also an option to combine equipment with real estate. Only a one page application with equipment list is required. $10000 to $250000 is available. The approval process is usually one day and the equipment stays on your property. There are also no restrictions on how the funding is used. The debt does not show on your credit report.
Is this a collateral loan?
It is sometimes also referred to as a loan on collateral or loan using collateral. In these types of financing, the value of the collateral is by far the most important part of the approval or decline decision. Many applicants contact us saying they want a collateral loan. Programs with qualifying equipment have a high approval rate. Many business that have this type of equipment will qualify.
How much can I get against my equipment?
You can get up to 50% to 60% against the retail value of qualifying equipment. Retail value means the value now not when the equipment was new. The equipment must be free and clear of any liens.
Does the equipment have to stay on my property?
The equipment is supposed to stay on your property. Construction equipment that has to move to different job sites can be approved to be moved to those job sites for business reasons. State this at the beginning of the application process. Business equipment that needs to be moved away from the business address needs to be approved to be moved.
Can I use cars and other vehicles?
Certain kinds of vehicles can be used. Tractor trailers and over the road vehicles can qualify. 2 or more pieces of equipment or vehicles are usually required.
How do you put a value of the equipment?
The value of the assets are determined by asset value books for each equipment or asset type. The prices of comparable equipment on sale now is also looked at to help establish values.
Do I need proof of ownership of the equipment?
Proof of purchase of the equipment or proof of ownership will be needed. This can be a paid invoice or cancelled check for proof of purchase and proof of ownership. A title can also stand for proof of ownership. Registration can also be used for proof of ownership. A notarized bill of sale can also be used as proof of ownership.
Cnc milling machines, 18-wheelers, rigs, tractor trailers qualify. Machine tools may also bring significant working capital.
Construction equipment such as front end loaders, bobcats, skid steers, bulldozers, ditch witches, woodworking equipment, semi trucks, 18 wheelers, tractor trailers may also qualify.
Your business makes money by using equipment rather than owning it. Get the unused cash in your equipment and use it for cash flow in your business.
Submit the one page loan against equipment application and also the equipment list . Decisions are usually made in 1 day. Funding happens within five business days. $150,000 total funding is available.
Tell us the type of loan you are looking for. Callers ask for different types of loans. Some ask for a loan against construction equipment. Others ask for a loan on equipment using their construction assets. Some callers request a loan on machinery.
Underwriting reviews the age and condition of the equipment. Complete the equipment list. Use the most valuable and newest equipment on hand. Older equipment may qualify. This includes trucks and tractors. Through this loan against equipment, loans against a tractor-trailer is approved. It is also called a loan against an 18 wheeler as well as a loan against semi-trailer truck. Other products are a loan against a big rig, and loan against a semi truck.
Representatives service the following cities in the Western Region and can be contacted.
Alaska, Hawaii and California
In Anaheim, CA and Anchorage, AK. Bakersfield, CA and also in Carlsbad, CA. Chula Vista and also Fontana, CA. Fremont, CA and in Fresno, CA. Hayward, CA and Honolulu HI. Irvine, CA and in Madera, CA. Modesto, CA and also Merced, CA. Oakland, CA and in Ontario, CA. Oxnard, CA and Riverside, CA. Roseville, CA and Francisco, CA. San Jose, CA and also San Diego, CA. Santa Ana, CA and in Santa Clara, CA. Santa Rosa, CA and Sacramento, CA. Salinas, CA and in San Bernardino, CA. In Santa Barbara, CA and also Santa Maria, CA. Sunnyvale, CA and in Stockton, CA. Thousand Oaks, CA and Vallejo, CA. Ventura, CA and also in Visalia, CA.
Representatives in the following cities may also be contacted:
Nevada, Oregon and Washington:
In Bellevue, Washington and Eugene, OR. Everett, WA and in Henderson, NV. Kent, Washington in addition to Las Vegas, NV. Olympia, WA and also Portland. Reno, NV and Seattle, WA. Olympia, WA and in Paradise, NV. Portland, OR in Renton, Washington. Salem, OR and in Seattle, WA. Sparks, NV as well as Spokane, WA. Tacoma, WA, Vancouver, Washington and Yakima, Washington.
Arizona and Utah:
Albuquerque, AZ and Avondale, AZ. Chandler, AZ and in Flagstaff, AZ. Gilbert, AZ and in Glendale, AZ. Goodyear, AZ and also Mesa, AZ. Nogales, AZ as well as Ogden, UT. Phoenix, AZ and in Peoria, AZ. Provo, UT and Scottsdale, AZ. Salt Lake City, UT and also Scottsdale, AZ. Surprise, AZ and also in Tempe, Arizona. Tucson, AZ, Yuma, AZ and San Tan Valley, AZ.
Colorado, Idaho, Montana, New Mexico and Wyoming:
In Albuquerque, NM, Aurora, CO. Boise, ID and in Cheyenne, WY. Colorado Springs, CO as well as Denver, CO. Helena, MT and Lakewood, CO as well as Santa Fe, NM.Consultants in the following cities can be called to schedule a same day appointment.
Kentucky, Virginia, Washington, D.C., and West Virginia: In Alexandria, VA and Arlington, VA. Chesapeake, VA and in Hampton, VA. Huntington, WV and also in Kenner, VA and Lexington, KY. Louisville, KY as well as Lynchburg, Virginia. Newport News, VA and in Norfolk, VA. Petersburg, VA and also in Portsmouth, Virginia. Richmond, VA and Roanoke, Virginia. In Suffolk, Virginia and also Virginia Beach, VA.
North Carolina, South Carolina:
In Anderson, SC and Asheville, NC. Cary, North Carolina and also in Chapel Hill, NC. Charleston, SC and in Charlotte, NC. Chattanooga, TN as well as Columbia, SC. Concord, NC and Davidson, TN. Dunn, NC, Durham, NC and Fayetteville, NC. Franklin, TN, Gastonia, NC. as also in Greensboro, NC. Greenville, SC, Henderson, NC as well as Hickory, NC. High Point, NC, Kingsport, TN and Knoxville, TN. In Maudlin, SC, Memphis, TN and also Morristown, TN. Murfreesboro, TN, Myrtle Beach, SC and Nashville, TN. North Charleston, South Carolina as well as Raleigh, NC. Sanford, NC, Lenoir City, TN and in Shelbyville, TN. Spartanburg, SC, Wilmington, North Carolina and Winston-Salem, NC.
In Cape Coral, FL, Clearwater, FL and Daytona Beach, FL. Also in Jupiter, FL, Fort Myers, FL as well as Ft. Lauderdale, FL. Hialeah, FL, Jacksonville, FL and Lakeland, FL. Melbourne, FL, Miami, FL and Ocala, FL. Pensacola, FL, Kissimmee, FL as well as Naples, FL. Orlando, FL, Ormond Beach, FL and also in Palatka, FL. In Palm Bay, FL, Pensacola, FL and also Port St. Lucie, FL. Saint Petersburg, FL, Sanford, FL and Tallahassee, FL. In Tampa, FL, West Palm Beach, FL as well as Winter Haven, FL.
Alabama, Georgia, and Mississippi:
In Atlanta, GA, Augusta, GA and Birmingham, AL. Gulfport, MS, Hoover, AL and also Huntsville, AL. Jackson, MS, Mobile, AL as well as Montgomery, AL. Savannah, GA,
Arkansas and Louisiana:
Also in Baton Rouge, LA and Fayetteville, AR. Forrest City, AR, Lafayette, LA and Little Rock, AR. Metairie, LA and New Orleans, Louisiana. Baton Rouge, Louisiana, Shreveport, Louisiana and also Lafayette, Louisiana.
Oklahoma and Texas:
In Arlington, TX and Austin, TX. Bartlesville, OK, Beaumont, TX and in Corpus Christi, TX. Dallas, TX, Edinburg, TX and in El Paso, TX. Ft. Worth, TX, Houston, TX as well as Killeen, TX. Lafayette, LA, Mission, TX and Muskogee, OK. Oklahoma City, OK, McAllen, TX and also in New Braunfels, TX. Round Rock, TX, San Antonio, TX, as well as Shawnee, OK. Sugarland, TX, and The Woodlands, TX as well as Tulsa, OK.
Representatives in the following Midwest cities can be contacted for working capital against equipment:
Illinois, Indiana, Wisconsin:
In Anderson, IN, Carmel, IN, and Aurora, Illinois. Chicago, Illinois, Elgin, Illinois as well as Rockford, Illinois. Joliet, Illinois, Lee’s Summit, Missouri and in Naperville, Illinois. Springfield, Illinois, Peoria, Illinois and also in Elgin, Illinois. Waukegan, Illinois, Cicero Town, Illinois as well as Champaign, Illinois. Bloomington, Illinois, Decatur, Illinois and Eau Claire, WI. Fort Wayne, IN, Gary, IN and in Indianapolis, IN. Madison, WI, Milwaukee, WI and Naperville, IL. Green Bay, Wisconsin, Kenosha, Wisconsin, and Peoria, IL. Racine, WI, Springfield, IL and also Waukesha, WI.
Michigan and Ohio:
In Akron, OH, Ann Arbor, MI and Canton, OH. Cincinnati, OH, Cleveland, OH and also Columbus, OH. Dayton, OH, Dearborn, MI and in Detroit, MI. Flint, MI, Grand Rapids, MI as well as Marion, OH. Maysville, OH, Muskegon, MI and Parma, Ohio. Toledo, OH, Wilmington, OH, Wyoming, MI and also Youngstown, OH.
Kansas, Nebraska, North Dakota and South Dakota:
In Council Bluffs, NE and Kansas City, MO. Lawrence, KS, Omaha, NE as well as Wichita, KS.
Iowa, Minnesota, and Missouri:
In Bloomington, MN and Columbia, MO. Davenport, IA, and also Des Moines, IA. Duluth, MN and also Independence, Missouri. Kansas City, Missouri and Minneapolis, MN. Overland Park, MO as well as Rochester, Minnesota. Springfield, MO, St. Charles, MO as well as St. Joseph, MO. Springfield, Missouri and St. Louis, Missouri. St. Paul, Minnesota and St. Cloud, MN.
In Albany, NY, Batavia, NY and Buffalo, NY. Cheektowaga, NY, New York City, NY as well as Niagara Falls, NY. Rochester, NY, Schenectady, NY, Seneca Falls, NY and Syracuse, NY.
Maine, Vermont, New Hampshire and Massachusetts:
In Bangor, ME and Boston, MA. Burlington, VT, Cambridge, MA and Concord, NH. Montpelier, VT, Newton, MA as well as Portland, ME. Providence, MA and Springfield, MA. In Warwick, MA as well as Worcester, MA.
Pennsylvania, Maryland and Delaware:
In Allentown, PA and Baltimore, MD. Bethlehem, PA, Columbia, MD and Dover, DE. Harrisburg, PA, Lancaster, PA and in Lansing, MI. Lebanon, PA, Manchester, PA as well as New Castle, PA. Philadelphia, PA, Pittsburgh, PA and also Reading, PA. In Salisbury, MD, Scranton, PA and Towson, MD. In Weirton, PA, Wilmington, DE and also in York, PA.
Connecticut, New Jersey and Rhode Island:
In Bridgeport, CT and Camden, NJ. Hartford, CT, Jersey City, NJ as well as Milford, CT. New Haven, CT, New London, CT and Newark, NJ. Norwalk, CT and Norwich, CT. Providence, RI, Stamford, CT and also in Trenton, NJ.
Visit the SBA. for more information on how assets can also be used in business loans and personal loans.
Thank you for visiting our loan against equipment resource page.