I’d like to address these very common questions that the team receives on the day-to-day regarding Skytop Business Loan approvals and what exactly is required to get an approval.
1.) What do I need to get approved?
In order to get approval from Skytop business loans for our Small Business Loan program, our Bad Credit Funding Platform, or our Revenue Based Program – we really only require few things, the most common being a completed application (one side of one page… simple) and your three most recent business bank statements. That’s it! Once those documents have been processed, underwriting will have a decision and options for you in hours. Depending on what time of the day, and the current queue of applicants – some of our clients get options, and even contracts the Very Same Day!
2.) Nobody does start ups, why is that? Do you do start ups? I have a great idea!
Well, in short, the emphasis on the cash flow of a small business in order to secure an approval is largely because of the lack of collateral. We don’t mind if there are things like imperfect credit in your pursuit of a Small Business Loan Approval, however, if the cash flow is poor it is extremely risky. A start-up business doesn’t even have the cash flow, so our options are a bit limited. Businesses that are just getting started are more than welcome to apply, however please understand there is much more emphasis on traditional credit score. What else would any lender have to go on in that scenario?
3.) Ok, I’m not a start-up, I’m getting turned down by the bank for time in business what are the rules with that?!
Any existing business that has been operating for AT LEAST six months and deposits at least $10,000 average per month would be able to secure funding through Skytop business loans. As stated earlier we are not bound by collateral, which means there is no time consuming a lengthy process of appraisal and far less paperwork to be completed. This results in our ability to take an application on Monday and turn it into money in a business bank account by that very same Wednesday, it’s almost laughable that a local bank brags that they will come to a decision in one week guaranteed… Really? A week for a decision? Is that… good?
4.) I’m a small business owner who is on the cusp of traditional financing, I have good credit, but I don’t have the time to wait for the bank. What can you do for me?
This scenario has become more and more frequent. The Skytop Select Program offers a program that mirrors a bank note in many ways. Underwriting Criteria here is a little tighter, but for the right client it is a program that could make a lot of sense. Monthly paybacks out to 5 years funded in a week, no collateral.
5.) The opposite of question 4, which we get is “How does it work, how could you possibly give me money if nobody else would? I’ve been declined before! Why is Skytop Different?!”
Well, that question is more of a statement, but it is pretty easy to explain. For starters, simply because of how different our process is and because we’re able to move quicker. We Originate SBA loans right here, we offer Equipment Financing right here, we do Term Loans, Small Business Loans, Merchant Cash Advances, – in short, we have so many different options that depending on the risk profile, our professionals will know how to position your business to get on a long term plan to increase your credit, grow your business, and qualify for the Skytop Select program by offering prepay discounts, refinance moves, and many other strategies that have saved our clients literally tens of thousands of dollars.
6.) Sounds too good to be true, does ANYBODY get declined?
Yes, people get declined.
7.) Why do they get declined?
Applicants that get declined generally are not generating consistent revenues, have healthy enough cash flow to support a payback, extremely limited time in business, or more often than I care to say there is some sort of skeleton in the closet that is not divulged in the beginning of our process. Underwriting can and will work around almost any situation this is including but not limited to a bankruptcy, foreclosure, tax liens, etc. The one issue underwriting will not work around is any withholding of information. If anything is found on the backend rather than up front it is a flag to us that the element of trust has been compromised. As this is unsecured capital up to $300,000+…. it is important that everything is on the up-and-up.
Our hope is that we answered some questions many people have when starting their process with us. Give us a shout via e-mail at info@SkytopBusinessLoans.com if you need any clarification or further information. Better yet, pick up the phone and speak with us at 844-323-5626, we’d love to answer any questions you may have!