This Kentucky based family owned consulting business reached out to us recently as they have very healthy cash flow, very steady deposits, and plenty of contracts for future jobs piling up; but could not get approved at the traditional bank! The issue, at their local bank, was their time in business. Even with strong personal credit, and collateral to pledge the bank said ?No? ? the owners were aware of Skytop Business Loans, and the 48 Hour Business Loan product as they followed us on social media for updates, quotes, and other things we provide. When they called in they were surprised to hear that we required no collateral, and though a strong FICO score was a good thing to have, our approvals simply are not based on that exclusively.?
In the case this consulting firm, our team of underwriters looked at the whole business picture, and noted the strong cash flow, the growing trend within the industry, ?the location, and we see the time in business. This particular company has been in existence for six months. In our world six months is just fine. Our approval process allows us to put options in front of a business that has been operating for a much shorter amount of time. Our preferred time in business is one year ? however a shorter time will not prevent a business owner from securing financing. We subscribe to an underwriting idea called ?Full Picture Financing? ? If an ice cream parlor has been in business for three months and the hot busy summer months are about to begin it?s only common sense that the business will be growing. These are the types of scenarios that we see every day from business owners all across the country, representing every industry you could imagine. Decisions made on common sense.
?The consulting business, which makes sure everything is up to code for a variety of construction firms, as well as providing cost analysis and EPA guidance was able to secure an approval and receive $75,000.00 in three days.? The closing documentation was limited ? Proof of identity to comply with security provisions, and bank verification and the account was wired. FAST.
At the traditional bank, they prefer to see ?5 years in business on average, based on industry as well. For example, restaurants are treated different than boutiques, which are treated different than construction companies etc. Time in business for our programs, even our bad credit business loans, is three months. That?s it. As we often boast, we make decisions based on cash flow, not credit. If a business is healthy, and looking strong after three months, why should they be denied the capital needed to grow? Many high margin industries are able to take advantage of our fast funding program, and pay back early at a discount to realize savings immediately. This type of financing is often referred to as a bridge loan. This is a common use of funds for our clients.
As common as the early payoff, is the guaranteed renewal. In this situation a business that?s been around for 3 months perhaps may not want to undertake a large obligation at once ? however, with good payment history around half-way into the term we are able to offer additional funds, and stretch the term, allowing the business to take only what they need in waves. We are very proud of how many of our clients use us again and again because of our transparent process and close relationship we hold. Our clients can reach us 24/7 and will assist in any situation that may arise.
Reach out today and let us show you what options are available! 844-323-5626.?