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

Small Business Loans Depot offers a loan using bank statements or the often requested “loan based on bank statements” through a 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”.  To get started on this financing, companies provide their most recent 3 months business checking account statements and just a 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.
  • The funding can be used for any purpose the business needs.
  • Applying is fast and easy.  The entire process takes approximately 3 to 7 business days.
  • This product has no upfront application fees.
    Complete the Secure DocuSign >>>15 Second Application now.<<<
    Or call us at Tel:  1-919-771-4177, or Question? 

Ask about our Flex payment or Flexible payment product.   In this product, the business ACH loan has a variable payment.  It is not a Fixed payment.  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.   If their sales increase, they will still have the same percentage taken out and will 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 average daily balances are looked at to determine the approval amount and terms.    The repayment term is between 2-18 months.

If a customer has more than one active business checking account with significant balances, then the statements for all accounts should be used.   To maximize the approval for a loan using bank statements, using the statements for all accounts will bring the maximum approval.   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.
– Renewals may be available once balance is 40% to 50% paid off

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.

Recent Customers:

Coastline Fabrication takes out $75,000 loan using bank statements.   The company needs working capital at some times during the years between invoices receivables.   In addition, the company wanted to expand into the Amusement park and convention sectors.   The company wanted to further specialize in video game conferences that use custom made arrangements for it’s gamers.    President Bobby Snider made the financing announcement to Senior management at a quarterly meeting.

“With this line we will expand our niche services into offering custom manufacturing to the Amusement Park and Convention industry sectors. Our specialty in custom work is a unique fit for these industries.   We look forward to adding new customer in these fields.  New sales staff and new marketing will be added.  We will also expand our current state contract work.   Coastline Fabrication will become a leader in these niche manufacturing and fabrication industries.     We look forward to continuing and expanding our financing relationship with smallbusinessloansdepot.com.

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!

Loan against equipment

Get a loan against equipment

What is a loan against equipment or loan on equipment?  Definition of loan on equipment:

The seller obtains working capital by selling their equipment and financing it back.  They keep the equipment on their property and retain ownership when it is paid off.

How to get a loan on equipment

  1. Step 1 Make a list of the free and clear equipment assets your business owns.   Include description, manufacturer, year, model numbers#.
  2. Step 2 Contact lenders that provide loans on equipment or loans against equipment that match your asset types.
  3. Step 3 Apply for funding.   If approved, review terms and conditions including possible site inspection requirements and other stipulations.   If satisfactory, request closing documents and complete paperwork.
  4. Step 4 Close transaction with verbal confirmation and receive funds into business checking account.

Join thousands of business owners who have gotten a loan against their equipment.

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Call us at Tel:  1-919-771-4177, or Question? Contact us here.

What is a loan on Equipment?
These loans against equipment options allow businesses to use equipment.  Borrowers get a loan against construction equipment, tractor trailers,  and also farm equipment or machine tools. There is an option to combine equipment with real estate.  Only a one page application with equipment list is required.  $10,000 to $250,000 is available. The approval process is usually one day. The equipment stays on your property and there are also no restrictions on how the funding is used.   The debt does not show on the credit report.

Is this the same as a collateral only loan, or collateral loan?

Yes, this is the same of very similar.    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.

This loans against equipment financing has a high approval rate.  Since most businesses have equipment, many businesses can qualify.

How can I qualify for  loan against equipment?

The $10,000 to $250,000 range means a high percentage of businesses will qualify.    More businesses will qualify for a $25,000 transaction than a $250,000 transaction.  As a result, a very high percentage of businesses qualify.

This loan against equipment niche has only a 1 page application.   cnc milling machines, 18-wheelers, rigs, tractor  trailers and more types of equipment are used.   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.

loan against equipment
Get a loan against equipment.

 

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 construction equipment or loan on equipment.   Some callers request a loan on machinery.

Underwriting looks at the age and condition of the equipment.  Complete the equipment list.  Use the most valuable and newest equipment on hand.   Older equipment may qualify.  The type and value is reviewed.  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 big rig, or  a loan against a truck.



f.a.q. frequently asked questions or requests

Questions or Requests:

I need a loan against my equipment

How do I get a loan on my equipment?  I need a loan on my equipment.

Does the equipment  stay at my business?   The equipment in this loan against equipment transaction must remain in the place of business.   Exceptions are businesses that must move their equipment.   Construction companies are an example.

The lien information is usually general and the serial number of the equipment is not often listed.   Liens are release after the loan is paid off.
Loan against equipment resources:

Other frequent requests:
“I need an equipment collateral loan”.    I need to borrow against my equipment.  How much can I get?
These requests are handled the same way as described above.

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 in San 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.

West Region:

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 aslo 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.

South Region:  

Consultants in the following cities can be called to schedule a same day appointment
or call: 

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.

Florida:

In Cape Coral, FL, Clearwater, FL and Daytona Beach, FL. 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,  St. Mary’s GA and also in Talladega, AL.

Arkansas and Louisiana:

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.

Midwest Region:
Representatives in the following Midwest cities can be contacted:

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.

Northeast Region:

New York:

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.