Bank Statement Loans For All Businesses
If your business is looking for capital and has sales, then this bank statement loans program is what you need.
Just the cash flow from your businesses sales. No Real Estate, equipment, accounts receivables or a merchant account needed
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Advantages of this program are: – Similar to a line of credit. This line can be used and reused as often as the customer provides updated bank statements. – Line sizes are increased frequently – Fast and Easy 1 Page application process – The funding is based on your business’s sales.
The business will not be turned down based on the company’s financial statements, business credit and personal credit, or collateral. – The entire process takes 1 business day in most cases. When businesses go to banks to request funding, they are often turned down for not having strong enough financials, credit or collateral.
The response has been “But we have excellent sales, cash flow and gross over $1,500,000 per year, why don’t you give us financing based on our sales”. Businesses have been very frustrated with traditional lenders. Now businesses can get major working capital based on their sales, just as they have always wanted.
Example of bank statement loan transaction:
Sparks Medical Center needs approximately $150,000 for a minor expansion. They have obtained some traditional funding from their local bank and at this time, the bank is not extending further credit due to the balance currently outstanding on the existing loan. Sparks Medical is interested in the bank statement loan programs.
They complete a simple one page application and provide the most recent three months complete business checking account statements. Sparks medical center’s statements are strong. They are depositing $400,000 per month, average 22 deposits per month and maintain an average balance of approximately $150,000 in their account. Sparks Medical is approved for a $150,000, 12 month short term bank statement loan advance based on their gross monthly sales The medical center agrees to the terms and requests the docs.
The docs are sent and the medical center completes and faxes back in the completed docs. The original documents are returned overnight. After the documents are returned, they are reviewed. A verbal confirmation is completed with the medical center. After they confirm the transaction, the funds are wired into their account within 48 hours.
Frequently asked bank statement loans questions:
Question: How much does credit have to do with this? Answer: Credit has a limited or very limited weight in these requests.
Credit scores as low as 500 and lower can be considered for these requests. The primary concern is the current cash flow of the customer which can be observed by the most recent 3 months business checking account statements.
The SBA Small Business Administration provides assistance with business plans and financial statements which will assist your business when applying for business credit. Thank you for visiting our bank statement loan resource page.