The Business Revenue Lending program is for businesses that have consistent revenues right now. If your business has $150,000 or more collected in revenue this year, they might qualify for this program even if you have personal credit challenges.
Approval amounts range from $5,000-150,000 based on the amount of current revenue their business reflects on your business bank statements. To determine the approval amount, the lender will review 4-6 months bank statements. If your statements reflect your earnings of $50,000 to $150,000 in revenue or more without a lot of Non-Sufficient-Funds showing on their banks statements, and if you are processing 30 or more transactions in a month, you stand a great chance of being approved.
Loan terms are typically between 6-18 months and you can be approved with as low as a 520 consumer credit score. To pay back the loan they will collect a portion of their future revenue until the loan is paid back in its entirety. This is a nice benefit as if their revenue drops in a month, so will their repayment obligation.
This is an exceptional funding program for any business that has consistent revenue each month, even if they don’t have financials to supply. All that is reviewed for approval is their bank statements and sometimes their merchant statements. So if those statements are solid, they stand a great chance of being approved.
You just can’t beat a program that lends up to $150,000 even if you’ve had challenged personal credit, as long as your business is bringing in revenue. Typically, it takes 2 weeks to close and secure funding.