FAQs - Business Funding Program
1. What is business funding?
Our business funding program is a financial service designed to provide businesses with access to capital for various purposes, such as expansion, inventory purchase, marketing, or operational expenses.
2. How does the business funding program work?
Our business funding program works by assessing the financial needs of your business and matching you with appropriate funding solutions. We offer a range of options, including business credit, lines of credit, and other financing alternatives, tailored to meet your specific requirements.
3. What types of businesses are eligible for funding?
We work with businesses of all sizes and industries, including startups, small businesses, and established enterprises. Eligibility criteria may vary depending on the type of funding sought and the lender's requirements.
4. How much funding can my business receive?
The amount of funding your business can receive depends on various factors, including your business's financial health, creditworthiness, and funding needs. Our team will work closely with you to determine the appropriate funding amount for your specific situation. Typically $20,000 - $100,000
5. Will my personal credit be affected by business funding?
In most cases, business funding is based on your business's creditworthiness rather than your personal credit. However, some lenders may require a personal guarantee or conduct a credit check as part of the application process. Business Funding does require you to have a minimum a 700 FICO score for the maximum funding.
6. What are the interest rates and terms for the funding?
Interest rates and terms for funding can vary depending on the type of financing and the lender's terms. We offer competitive rates and flexible terms to ensure that your business receives the best possible funding solution. Typically, we aim to get our clients 0% interest for 12-18 months.
7. How quickly can my business access funding?
The time it takes to access funding can vary depending on the type of financing and the lender's processes. In some cases, funding may be available within a few days, while other options may take longer to process.
8. Are there any upfront fees or hidden costs associated with the funding?
We are transparent about our fees and costs associated with our funding programs. Any applicable fees will be clearly outlined in your funding agreement, and there are no hidden costs or surprises. We have a 10% funding fee.
9. Can I use the funding for any purpose?
Use the funding for any legitimate business purpose, such as purchasing equipment, hiring staff, expanding your operations, or marketing initiatives.
10. Can I pay off the funding early without penalties?
Many of our funding options allow for early repayment without penalties. However, it's essential to review your funding agreement carefully and discuss any prepayment terms with your lender to ensure clarity.