Minimum average of 8 to 10 batches or income related days per month.
Minimum processing average of $2,500 per month.
Business must accept credit cards for at least 3 months for an MCA or be in business 6 months and provide 6 months banks statements for an ACH withdraw.
No open bankruptcies or large, unresolved judgments or tax liens. We may still fund these with a Starter Program (see below).
During the process, our underwriter is required to fulfill certain obligations in order to approve each applicant. These procedures include but are not limited to:
Merchant interview
Landlord interview
Reference checks
Personal & business credit checks
Site inspections
UCC filing checks and confirmations
Small Business Underwriting Guidelines:
Minimum six (6) months in business
Minimum $15,0000 in bank deposits
No more than seven (7) days negative balance
Credit/Debit Card Split Deals:
Minimum three (3) months in business
Minimum ten (10) transactions per month
Minimum six (6) batches per month
Minimum $4,000 credit card transactions per month
Documentation:
Three (3) months of bank statements + Three (3) months of process statements (credit/debit)
OR
Six (6) months of bank statements for cash only businesses
Signed one-page application
Photo ID
Voided Business Check
Starter Program:
For merchants that do not fit the underwriting requirements for our traditional Credit Card or ACH Factoring, our starter program allows them to still qualify for funds for a lower dollar amount by paying this back in a shorter time frame. The merchant is able to renew and build confidence towards a larger sized funding advance. The underwriting criteria for a starter program our much more lenient and is designed for those who have very poor credit histories. Merchants build a rapport with the underwriter through their performance.
