Working Capital (business coaching) Loans, Financing for Businesses With Bad Credit, No Credit Checks
No commentsBy J.M Luna
Working capital loans, financing for businesses with bad credit without credit checks, are offered with easy lending up to $50,000. This enables the established small business with marginal credit a greatchance to obtain a working capital loan and financing for their business without a personal credit check. This no credit check bad credit working capital business loan and financing program isnt a merchant cash advance or merchant loan. Also, it isnt related to the payday loan program.
This no credit check bad credit working capital business loan and financing program isput together in the following manner. The small business bad credit applicant should stick to the below guidelines:
1) Maintain at least a $4,000 ending bank balance in their business account
2) Deposit at least 10-15 times per month in their business account
3) Be in the business at least one year and confirm the ability to repay back the business loan and/or financing
4) Have no outstanding large tax liens, delinquent child support issues, not currently in bankruptcy or foreclosure
Documentation Requirements
1) Signed and dated application
2) Provide a copy of the detailed business bank statements for the last four months
3) Copy of the Owners Drivers Licenses
4) A copy of the Articles of Incorporation if Applicable
5) Copy of a business license, tax id number or any other relevant license
The lender will lend up to 2.5 x the average ending balance on the business bank account for the last four months up to $50,000. These are business loans and the length of the loan is four months which can be renewed. The loan can substitute a merchant cash advance if it doesnt exceed 40% of the eligible borrowing base. At funding, the financial institution will pay off the merchant cash advance or loan and pay you the difference.
Example, your monthly average ending balance in your business bank account is $20,000 for four months. Your borrowing base would be $20,000 x 2.5 or $50,000. If your current cash merchant advance is $18,000, the financial institution at funding would payoff the merchant first and remit to you the difference for $32,000.
Obviously if you didnt have an outstanding merchant cash advance, this area wouldnt apply
The types of businesses that would be great for this type of bad credit business loan and financing program would be the following:
Gasoline and gas stations, grocery, convenience, C stores, restaurants, bars, discos, tanning salons, pizza shops, dry cleaners, doctors, dentists, physicians, lawyers, accountants, Cpas, limousine owners, automobile service centers and body repair shops, dog groomers, florists, beauty and nail shops, distributors, all different types of service providers.
In conclusion for the bad credit working capital business loan applicant, this is a great opportunity to get short term small business financing in this tough economy. This isnt a merchant cash advance or loan program which can be quite tedious in its paperwork and processor work requirements. This great working capital business loan and financing program isnt credit driven, therefore your Fico Score isnt an question.
These small business working capital loans can be converted every four months if needed by the applicant and gives the business a working capital injection.
Happy hunting for your bad credit working capital business loan and its related financing.
J.M Luna has over thirty years experience in the financial field. This includes financing, leasing, hard asset money and commercial lending.
U.S Corporate Capital Leasing assists the start up and seasoned business for working capital financing in all different industries..
http://www.cclgequipmentleasing.com/cashadvances-150k.htm
http://www.cclgequipmentleasing.com/cashadvances.htm
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Saturday, September 4th, 2010 at 8:10 pm and is filed under business. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
