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Trade Business

Working Capital Loans For Small Business

All small business owners go through cash flow shortages from either slow-paying creditors or unexpected payments. Working capital loans for small businesses have the advantage of easing these cash-flow burdens.

One of the common myths of applying for working capital loans is the time it takes to be approved. Our team of funding specialists can process your business funding application within 24 to 48 hours of receiving the required information.

There are a few initial questions our team will ask when determining your business working capital needs. Get ready for your phone call with us, gather this information ahead of time:

  • Time in Business: What is the date of the commencement of the business? This often differs from the incorporation date if there was an established or set up period. If your business has operated for less than 1 year compared to 2 or 3 years, the working capital funding amount will be different.
  • Bank and Credit Card Statements: Do you have 6 to 12 months of business bank statements? If your business accepts credit cards, please have at least 3 to 6 months of credit card statements available so we can reconcile the credit card statements with the bank statement deposits.
  • Bank Account Balances: Did you know lenders look to ensure balances remain positive each month? Where your business account statements have multiple negative months and multiple days of non-sufficient funds, this will discourage lenders from approving a working capital loan. It is very advantageous to have bank statements with positive balances over a 6 to 12 month period to ensure your funding application is approved.

To get through the application quickly and efficiently, have the following information available:

  • Business location
  • 6 months of bank statements
  • 3 months of credit card statements
  • Basic voided check – main business operating account
  • Photo ID — if there is more than one owner of the business, supply photos for all owners

Call us today on  (844) 698-4200 or email us at [email protected] and put your mind at ease as we work together on the best way to finance your working capital needs.

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