There are two different funding options available: Merchant funding or small business loans.
Merchant may borrow $5,000 to $500,000 depending on qualifications. The repayment method is a percentage of future sales for businesses that accept credit cards. Early payoff discounts are as low as 10 cents on the dollar. No set terms. Requirements: Must be in business for at least 3 months and must have $5,000 minimum monthly credit card sales or $15,000 minimum monthly revenue.
Small Business Loans:
Loans may be approved for up to $500,000. The repayment method is a fixed daily debit from the business operating account. Early payoff discounts are as low as 10 cents on the dollar. Terms up to 18 months. Requirements: Must be in business for at least 3 months. Average Bank Ledger of over $1,000 and $10,000 minimum in gross sales.
For the initial pre-screening, the merchant would need to provide the following:
- A completed application
- 4 months of recent bank statements
- 4 months of recent processing statements
- A signed credit application