What can Smart Business Funding do for my small business?
How does a Business Cash Advance work?
Is there a restriction in the use of the advance?
You may use the advance for any purpose, inventory, new equipment, additional space, payroll, or general working capital needs
Examples of how businesses use the funds:
- Working Capital
- Marketing & Advertising
- Increasing Inventory
- Remodeling / Expansion
- Purchasing Equipment
- Partner / Franchisee Buyout
- Tax Payments
- Emergency Repairs
What are the minimum requirements to qualify for an unsecured business cash advance or merchant cash advance?
• Must have a minimum of $15,000 dollars per month in bank deposits or credit card processing from sales activity.
• Business and business owner must not have any open bankruptcies or judgments
How long will I have to wait to find out if I have been approved for my business or merchant cash advance?
How much can I qualify for?
How soon can I have the cash?
If I receive a Merchant Cash Advance will I have to change my credit card processor?
What types of business qualify?
Who can answer my questions, or help me start the funding process?
What documents have to submit to receive an initial approval?
- Completed and Signed business advance application form
- Past 3 months of bank statements. Please include statements for all business checking, savings, and other accounts. If your business is seasonal, please provide bank statements for the past 12 months.
- Detailed information regarding any existing Business or Merchant Cash Advance, i.e. Original amount of Advance, original term, payment and payment frequency, remaining balance, remaining term.
What documents do I have to submit to receive funding?
- Copies of Driver’s License or Passport and any one of the following:
- Copy of Business and /or Professional Licenses
- Social Security Card or Medicare Card
- Permanent Resident Card
- Voter Registration Card
- We must obtain verification of bank account status and current status of lease before funding can occur.
- Banking Verification Authorization Form or Login and Password for online banking access.
- Landlord Contact Authorization Form, or real estate tax statement and /or mortgage statement (if property is owned).
- Signed Sales and Purchase Agreement ACH Authorization form – Completed and Signed
- Must be signed by all owners
- Bottom of each subsequent page much be initialed by all owners
- Voided Business Check copy from same account as provided statements, no starter checks, checks without business name, or deposit slips.
Is this a bank loan?
How can I speed up my business cash advance approval?
How much will a business cash advance cost?
Each advances pricing is based on the specific financial situation of each business.
The following information is used to determine pricing:
• The amount of the cash advance that the business qualifies for versus the amount advanced.
• The estimated time before we receive the amount of sales revenue that we purchased.
• Additional factors including but, not limited to the full underwriting review of documents submitted for consideration.
• The amount and status of other advances or debt outstanding.
How is the daily remittance amount calculated?
What if my business has a bad credit history or no credit history?
Is there any personal recourse?
Are many businesses turned down for a Cash Advance?
How much of a cash advance can a business receive?
Is Smart Business Funding providing the cash or is another company providing the cash?
Smart Business Funding is a direct funder, which allows us to have more flexibility that many others who are subject to approval of the ultimate funding source.
However, in some cases if your business cannot qualify for an advance with Smart Business Funding we will work with a select group of premier funding providers we have affiliations with to find a solution for your company.