3. The yearly earned revenue for this specific business must be no less than $120,000, with all earnings placed into a business checking account.
1. We only facilitate business loans to business owners.
Standard Loan Requirements
2. Minimum time in business is 12 months.
10. Please note that the only physical deposits we count, are those that come from sales transactions. We will not factor in transfers, gifts, loans, or anything else that is not from a legitimate sales transaction. For example, if you have $15,000 in deposits, and only $9,000 comes from sales transactions, then you will only get credit for $9,000. Not $15,000.
NOTE: All other requirements we will discuss over the phone
8. With regard to your business bank account, no more than 5 NSFs, unless you process credit cards. No more than 3 negative days.
6. Your business bank statements must reflect a minimum of 7 physical deposits into your business bank account.
4. If you have defaulted on a previous merchant cash advance or ACH business loan before, don't bother applying, because you will get rejected.
11. If you are in collections, and/or behind on an ACH business loan or merchant cash advance, it is imperative that you pay the loan (or loans) off in full. Do not settle on the debt, or these debts. Pay the debt (or debts) off in full. Present proof of the payment in full letter, for each neglected debt, with your initial application. We are also going to ask for a detailed handwritten or typed letter of explanation. This does not guarantee approval, though gives you a much better chance of it.
9. To qualify you must be an official owner of record and show physical proof of ownership. We also need you to be in good & active standing with the state in which your business is registered and send us a copy of your SS-4.
7. With regard to your business bank account, you must have an average daily balance of no less than $1,000.
5. You must be depositing a minimum of $10,000 EACH month into your business checking account.