As an entrepreneur, business is in your blood. But that drive for success doesn’t always translate into your finances. When cash flow becomes an issue, as it often can in the competitive small business environment, knowing you can turn to a lender who understands your need for flexible and fast access to capital, can make all the difference.
Alternative financiers, such as BFS Capital, can help you expand your restaurant, purchase new equipment for your construction business or replenish your inventory before a seasonal retail rush—all through a simple and fast application process that won’t weigh you down in paperwork or cause unnecessary delays.
The Q&A below will help you understand the BFS Capital small business loan application process so you can get started right away.
How Much Capital Can I Get and What Are the Repayment Terms?
BFS Capital provides funding from $4,000 to $2 million to qualifying applicants, with repayment terms ranging from 4-21 months. Rates and approval amounts are determined by the recent sales history and risk of your business.
Are There Any Minimum Requirements to Obtaining a Loan?
We offer financial flexibility to a much wider base of entrepreneurs than traditional funding options. To qualify, you’ll need at least 9 months in business and to generate a minimum monthly sales volume of $7,000. Your personal credit score must be at least 550 and you’ll need to be able to show less than 15 days with a negative balance in your main banking account.
How Does the BFS Capital Application Process Work?
Our application process is streamlined in order to give businesses with demonstrated potential even faster access to the funding they need. In fact, the entire process can be done in as few as two business days.
Our funding team works with you to gather and analyze relevant information such as your industry, financial history and other factors to identify the best option for you. Then, we will request any documents required and prepare your application for submission, which typically includes your last three months of bank statements.
Since we are the direct funding source, there is no middleman. This allows us to process your application quickly and get you faster access to the capital you need.
What Happens When I’m Approved?
A BFS Capital representative will notify you immediately upon your approval, and will walk you through the rest of the funding process until the money is wired into your account for immediate use.
Richard Branson, Founder of the Virgin Group, which comprises more than 400 companies, once said, “Never take your eyes off the cash flow because it’s the life blood of business.” If Richard’s success tells us one thing, it’s that his advice is worth taking. If you’re looking to grow your business, or if you simply need the working capital to make it through a slow season, a BFS Capital small business loan can help you keep your cash flow pumping. Contact us to get started today.