Business Funding in Bakersfield
Small business owners often look for the best options when they require a business loan, and as a result most visit their local bank only to find out that local banks are not looking to fund small businesses enthusiastically. The reason for this is that banks view small businesses as high risk investments.
Funding Easily is a private lender, and the criteria required by us as a private lender to provide small businesses with a merchant cash advance is very different from what banks require. We provide business loans with poor credit, even to businesses whose credit score is below average, and can work with a score in the mid-500s. In addition to this the other criteria are equally reasonable and are as follows; the business needs to be at least 12 months old, the gross monthly income of the business needs to be at least $15 thousand, and the owner of the business should not be in active bankruptcy.
We do also provide business loans for professionals, self-employed professionals need to meet our basic criteria mentioned above to qualify for the funding. If they qualify for the criteria mentioned above, they will most probably get the business funding they require.
Banks are not keen on funding small businesses due to the fact that they have long lists of criteria, developed over the last few decades. Based on these criteria they fund or reject applications, and these criteria are based on eliminating high risk investments. Loans for professionals falls into the category of high risk for the bank.
Banks have a high rejection ratio, which is about 90% of the overall small business applications they receive. This is due to the fact that their criteria includes stringent examination of the documentation as per their norms. The documents required are business statements with good deposits and healthy ending balances, tax returns, personal financials of the business owner etc.
For more information related to loans for professionals or small business loans, contact us. Our funding team will assist you with the information you require as well as assist you with the application process if required.
We have helped many businesses in Bakersfield. Check out your options now