At Skytop Business Loans? one of the most common questions our agents receive on a daily basis is quite simply “HOW MUCH DO I QUALIFY FOR?!” and the answer is always the same. “It Depends” – What kind of answer is that?! Well, it’s an honest one. If you’re looking for somebody that will tell the one location small town caf? that they can get them $100,000.00 no problem over the phone without even looking into the business I have some numbers for you – If you want a 48 Hour Business Loan that will help grow your business without the song and dance required by the traditional guys then you’ve come to the right place.
Qualifying for Skytop Business Loans
When we say your approval “depends” what does it “depend ” on? Well – the health of the business as determined by cash flow. There is no personal collateral required for our programs, but we ARE able to leverage collateral in certain instances. At Skytop Business Loans, our plans are always as unique as the business owners we serve on a day to day basis and that is why our relationships are so strong across the spectrum of industries.
As personal collateral may be leveraged in certain circumstances it is very important to remember that none of our programs, not even our bad credit loan approval program require collateral of any type. The only thing that is mandatory is REVENUE. Our funding programs and the amount you will qualify for are able to make decisions very quickly based on your three most recent months of business bank statements. We need to see that you are making deposits of at least $10,000.00 total per month for the last three months consecutively. If you are making deposits that are shy of the $10,000.00 mark but close – we encourage you to give us a call at 844-323-LOAN to discuss it further. If the deposits are well below $10,000.00 the business will not qualify for funding with us at this time.
Frequency of deposits is an often overlooked factor when determining approvals. When I speak with my business owners over the phone and discuss this part they often don’t understand why we seem to get better approvals for businesses who deposit more frequently. Our small business loans and advances are generally unsecured which means each deposit you make at the bank is looked at almost like a customer. If Mr. Smith’s Floral Shop deposits into the bank three times a week – twelve times a month, and Mr. Jackson’s HVAC? Company deposits into the bank twice a month total – we consider Mr. Jackson to be riskier – if Mr. Jackson loses a customer, or a deposit the way we look at it – he’s lost 50% of his entire business making his ability to repay more complicated than say Mr. Smith who has 12 deposits a month. If Mr. Smith loses one customer, or deposit as we are looking at it his revenue should only be effected minimally 8.33% to be exactly – so the ability to repay is affected far less.
“Well what if I only take a few deposits due to my industry?” – Due to our wide array of products to serve all industries – we truly only need to see one deposit if it is a large deposit, and the industry makes sense. Generally speaking however, the lowest deposit frequency accounts we have are Construction companies and their average deposits per month? 8 – Roughly twice a week they make deposits in a branch or even have funds ACH’d into their account electronically from customers that they serve.? The highest frequency deposits? You may have guessed it – Quick serve Restaurants. Due to credit cards clearing every single day and the nature of the business it isn’t unlikely to see far more than 25 deposits in a month.
Truly, the best way to get an idea of the exact amount you may get approved for a Small business loan at Skytop business loans is to call us.? There isn’t a secret formula to how much you will qualify for but always keep in mind – This is revenue based funding. How much are you depositing? How long have you been in business? How is your cash flow? These are the kind of questions we will ask. Ultimately, to get the ball rolling the quickest way is to simply apply – there is never any obligation for putting an application in at www.skytopbusinessloans.com – or call an agent today at 844-323-5626. We look forward to hearing from you soon!