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The New Commercial Line Of Credit for Small Businesses That is Easy

Having a Commercial Line Of Credit is often a good idea in cases of a emergency business loan situation, even when your business doesn’t need the money. However, the majority of small businesses with yearly sales of $500,000 to $5 million today usually don’t have a Commercial Line Of Credit because it is so challenging to get and keep open. So where are small businesses going today when they don’t have 8-10 weeks to wait to get a bank Commercial Line Of Credit or the Commercial Line Of Credit collateral in place for an emergency loan?

Financing Solutions is the new Commercial Line Of Credit

Financing Solutions is a product by Financing Solutions (https://financingsolutionsnow.com/campaign/commercial-business-loan-to-make-payroll/) specifically geared to small businesses that need a business Line Of Credit. These business have sales of $350,000 to $5 million who have been around for at least 3 years which need a quick business loan of $5k to $100k. Often, these businesses need the money within 48 hours to make payroll, pay an important unexpected expense or to finance a large increase in sales. Often, the businesses needed the money for a short period of time and the financing can be paid back easily through current cash flow. Often the payroll financing is needed just to help the business thru a rough spot that the business never experienced before and never had a need for a bank Commercial Line Of Credit.

What’s it Like to Get a Bank Commercial Line Of Credit

A Commercial Line Of Credit from a bank requires a lot of time and energy. The first thing your business will need to do is fill out a lengthy application and the bank will ask a lot of specific questions about net profit, sales, assets, accounts receivables, and other personal information about the owner(s). Banks will be looking for personal or business collateral to back up the loan. Once the bank gets the application they will come into meet you to go over your application and will also ask for an income statement, balance sheet,  tax returns, AR aging report and other persona assets. After that meeting a bank will most likely want either a reviewed or certified audit from your accountant. This audit is expensive and more then likely, the bank will want this audit done each year your line is renewed. At the same time your bank will want to look at both your personal and business credit score. If the bank decides to give you a Commercial Line Of Credit they will almost always require you to sign personally, which means that if the business goes under, you will need to pay the line off personally. Each year the line will go through the exact same process and in a majority of cases the bank will ask you to bring the line down to zero for at least a 30 day period that year. In essence, the bank wants you to not use the money for a long term debt.

What is the Process for Financing Solutions

Financing Solutions will start off with a 20 minute interview with one of our owners. The owner will ask you about 15 to 20 questions so that we can get a good handle on your business. After that initial call and within 30 minutes, Financing Solutions will come back with an answer for you. There is no application to fill out and we will base your funding approval on what you have told us. If you have been approved then Financing Solutions will e-mail you an offer e-mail spelling out the repayment schedule, the amount we will wire to your account and other details. The next step is that we will ask for documentation to support what you told us in the initial conversation. The majority of this documentation is easy for you to produce by running a few reports in your accounting software and by making copies of your bank statements. As long as those documents match up to what you told us, we will wire you the funds. This all happens in about 48 hours but can happen quicker if needed. After the funds have been wired a small monthly payment will be ACHed out of your business bank account each business day until the funding is paid off. If you have worked with Financing Solutions in the past then this process will even go faster. It isn’t unusual for our clients to come back for funding, pay of the loan, and come back to us later when they need the funds again.

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