We know business owners who have not financed equipment and simply paid cash only to run short of money 6 months later; the main reason? They didn’t want to hassle with the finance process or felt it was too complicated. Yes, it does require gathering your financial data in some sort of organized manner but it’s not like an IRS audit; as opposed to an audit, were actually looking for all the strong points and assets in your business profile.
Rest easy; here’s a step by step description of what you can expect:
1) WE OFFER YOU A PAYMENT ESTIMATE FOR YOUR EQUIPMENT OR PROJECT BASED ON GOOD CREDIT. Here is the time to decide if the estimate will work for your budget or not. And YES, if you’re an “A” credit your payment will be lower – this is the most common question we get but most owners feel if they’ve paid their bills on time for the last 6 months then they are suddenly an “A” credit… 2-3 years of data will actually tell the story.
2) FILL OUT A CREDIT APPLICATION AND PROVIDE THE FINANCIALS REQUESTED. For less than $100,000 all we need is a credit application and 3 months business bank statements, for all finances over $100K we need a complete 3 year financial package – we have an exact list and are happy to share it with you. This is where things slow down; a full financial package means everything on our list, if only part of it is provided then we can’t do a complete underwriting review and have to wait.
3) CREDIT REVIEW AND UNDERWRITING. We have a credit team which reviews everything. Paying bills on time, having good cash flow, showing business growth as opposed to debt, etc. are all things we evaluate. Our job, when we find weaknesses, is to find a way to work past them and get an approval. This is when we come back to you for explanations and clarifications if needed – tell us why sales dipped that year or why there is a lien against you and we figure out how to work around it.
4) YOU’RE APPROVED! We do our best to approve you with the most favorable program your credit profile will allow. Sometimes conditions have to be met to be approved and we work with you to meet them. Our ultimate goal is to provide each business owner with a solid level of approval that will work for their business budget and goals.
With years of experience in the banking and lending industry we feel we can offer businesses more options for their financing needs. Not just one alternative but several methods to get the equipment and capital they need to keep growing their companies. Certainly not brain surgery, just determined hard work to help you keep expanding into the future.