Business Bank Statement Loans

February 19, 2017 – Our business bank statement loan program to quickly fix your Business cash flow problem.

With a business bank statement loan, your business can get working capital fast using the cash flow of your business.  The capital for any reason, such as expansion, advertising, inventory, adding employees, any reason.    |

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Business Bank Statement Loans

Businesses have long desired to be able to obtain financing without having the collateral, a high credit score and financial statements that reflect steady or increasing gross and net income that traditional sources demand.    Now this financing is available.   With business bank statement loans, businesses can obtain $5,000 to $250,000 usually within 5 business days by providing only their most recent 6 months business bank account statements.   In addition, businesses need only be in business for 9 months and credit scores as low as 500 and lower are approved.

Features of the business bank statement loans include:
– Flexible approval requirements, with  scores of 500 and below accepted.
– Only 3 months in business minimum requirement
– Total time to funding as little as 3 business days
– Qualify using only the most recent 3 months business checking account statements.
– Just a 1 page application
– Difficult deals done routinely.
– Customers do not have to have collateral.  The approval is based on the business cash flow.

Businesses use an business bank statement loan like a business line of credit.
Funds are wired into the customer’s account.  The customer repays the line within 6 to 9 months and can reuse the line repeatedly.   Many customers can get more capital after they have repaid for only 1 month.

A business requests $50,000 with a repayment term of 36 months.  If they get a lower approval amount with this line of credit style product, they will be able to get more total funding for the same term than with the 36 monthly repayment product.  The credit style product is typically for 6 to 12 months and can be renewed sooner.  If the customer is approved for $25,000 for this product and renews every 6 months, they will have received $200,000 over a 36 month period.

Required to qualify or pre-qualify –
– Signed and dated application from 50% of ownership
– Last 3 months complete business bank statements from main business operating
account.

Other business bank statement loan customer benefits:
– New loans offered 60 days after closing first loan.
– Renewals and renewal options start at 40% pay down of balance.
– No standard site inspection.
– Tax Liens < $175,000 can be accepted.
– Bankruptcies > 1 Year O.K.
– Only 50% ownership required in many cases.

Required for Loan Contracts:
– Valid and clear driver’s license.
– Voided business check for approved account.
– Valid E-Mail address for owners.
– Federal Tax ID number, or TIN.

Most frequently asked Questions:

Question:  Since the repayment is daily, how will I know if I can handle it?
Answer: Since the approval amounts are based on the cash flow, several factors
are considered as part of the approval, including the average daily balance and the consistency of the cash flow.   Based on these factors and an analysis of your cash flow, only an amount your business can handle is approved.

Question:  We have three partners in the business and we are each 33.33% owners.  Do all three of us need to apply and sign the closing paperwork, or can it be just one of us?   Can we get approved just in the business name with none of the owners signing?
Answer: For this loan, at least 51% of the ownership has to apply.  In your case, 2 of the 3 owners would need to apply.  This product is not approved just in the name of the Corporation.   The owners are on the application and then sign on the closing paperwork.

– Question: Can we qualify?  Answer: If your business has sales, it can qualify.  The higher the sales, the more your business can qualify for.   In general, the business should have at least $10,000 to $15,000 in deposits per month and making at least 5 deposits per month.  The higher the average daily balance is, the higher an approval will be for.  A business that deposits $100,000 per month into the account and keeps an average daily balance of $50,000 will qualify for significantly more than a business that deposits $100,000 per month but only has an average daily balance of $5,000.

Question: We have had some slow business credit reporting recently due some of our clients that have paid us late.   How closely is the business credit looked at?
Answer:  The business credit is looked at, but it is only a small part of what is looked at
that is considered.   The business credit score can be somewhat low and it will not affect
the decision or approval significantly in most cases.   The business credit has to be significantly deteriorated in order for it to have a significant effect on the decision, or even turn what would be an approval into a decline.

– Question: How fast can we be funded?  Answer:  In most cases, funding can be obtained within 7  business days, in many cases, as fast as 3 business days.

– Question: How likely can we qualify for larger line sizes later?  Answer: Very likely.  In most cases, line size limits are increase significantly just based on repayment.   If your business has increased cash flow during the term of the repayment, line size increases can be dramatic, as much as 100% or more.

– Question: What is the term of the financing?  Answer: Terms vary, and in most cases are 6, 9, 12, and 18 months.

Thank you for visiting our Business Bank Statement Loan resource page!  For more info
go to sba.gov for resources.

For industry articles, go to our blog page.

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