Activity Stream

BOSS BOSS THEY HAVE A POSITION WITH ELECTRA *something never heard on a floor before

What does max dollar amount matter when you dont fund …. So many deals with Electra payments … 🤣🤣

lolol

another day, another unknown funder, another move to promotions bro. happy friday

As always..belongs in Promotions. Need physical address, name, phone.

Waiting to see the responses

I can assist with proof of funds, email me if it’s still needed

Simon - I sent the file to her to review. But here's her information for others to know. Nancy Kalman| Senior Business Development Officer United Capital Funding, she is a bank. 401 North Michigan Ave, Suite 1200, Chicago, Illinois 60611 (312) 560-7600 - Cell NancyKalman@ucfunding.com

We don't really care about the advise of why they did something wrong, it was definitely a mistake and they'll pay a cash fine for their mistake (maybe) and interest on their taxes that are due. However, I don't want the deal to be damaged, and I'm trying to find a work around. I have not found the ability yet online to file an extension after March 15. I'm waiting on a few tax attorneys and accountants to get back to me/them still.

Not filing a return or extension which shows you "intend" to file can lead to issues not needed by any business. The IRS allows for late filings, payments, etc. they just fee you up that is their business. But what they do not tolerate is "Failure" to file a return and "Tax Evasion" both criminal offenses. So it is always best to file vs push things off. Most businesses extend due to missing tax forms simply. Businesses need to estimate their tax obligation or loss when filing extension. Most people don't realize they are better being honest filing with IRS and owing money instead of avoidance. They put tax payers on payment plans. Recent news says they are putting audits at front line. Nothing I say is advice just things I have learned over time. Whether they fund with you or not they should get that done.

They can file extension through https://www.taxact.com/?sc=2004261149001c&kw=tax%20act&ad=kwd-298209343195&adid=695441189896&gad_source=1&gclid=CjwKCAjw9cCyBhBzEiwAJTUWNTzxIS5XOJX-1WX7MIU_47XSZSQAwF1xuvepKa6Uh3vPqtHTIqPPQxoCMS8QAvD_BwE&gclsrc=aw.ds Then can get you the extension proof once the IRS accepts their request. Pretty simple nothing shady about doing it late it is actually keeping it above board. Good luck.

They can file an extension any time but will most likely get a small penalty. Better to file late than not at all either way penalty is the same. Not advice just something I have seen. If you do not file or extend the S corporation's return by the original due date, typically March 15 (unless another date due to holidays or weekend), it may owe a penalty.

Best advise is referring to a good tax accounting attorney that knows their industry and is local. The prospect may get advise/help because of the attorney's local connections.

This all day long.

Great suggestions: May I add that companies may know their products but most don't know how to run their business finances. Before you review and consider all these alternatives, you need a financial business plan and that's what missing with today's businesses. Business need a remote CFO to be an ongoing partner to guide them through their options. A remote CPA at $25 an hour is the best investment any company an secure. Then they aren't being pushed by some broker or another to take some financial product because it can get them quick money or make the most money for the broker which is the norm nowadays. Here: https://form.jotform.com/240650559658466 They will want to see the following: PLEASE MAKE SURE TO BRING THE FOLLOWING:: BOOKKEEPING/JOURNAL ENTRY SOFTWARE PAYROLL SOFTWARE BUSINESS CHECKING ACCOUNT(S) – VIEW ONLY BUSINESS CREDIT CARD(S) – VIEW ONLY PERSONAL CREDIT CARD(s) – VIEW ONLY Initial consultations are free. In addition, there are other funding options available to a new business that most brokers wouldn't normally have any awareness. Personal loans 80% of gross income with a monthly payment, 3+ years, great rates Business credit card - I got a trucker $69,000 doing $11,000 a month HELOC - home equity line of credit....go to a local credit union Asset based loan....Have a truck or other asset free and clear? Hard money real estate loan - investment property....1% a month interest only fixed for 10 years. As mentioned - SBA Micro Loan - up to $50,000

PUBLIC SERVICE ANOUNCEMENT Anyone soliciting business on a post like this is who not to submit your files to

Hi Davis3003, There are a lot of non-bank finance companies that might be able to help a company that is fairly new. The key to finding the right partner for the prospect is understanding their need. Typically commercial cleaning businesses struggle with working capital which is probably the issue here. The largest expense and need for working capital is likely payroll which in most cases is weekly. They likely have contracts with customers and bill for either time and materials or a fee for services monthly. When they invoice the customer the terms are net 30 at best. That being said, the prospect is floating 8 weeks of payroll before they get paid by the customer. Since out of the gate they are billing $75K/Month they are off to a great start and probably have potential to grow. Here are some thoughts on products out there: -SBA- They are great, but do not revolve to cover the consistent need. SBA loans also don't grow with the customer's needs. If they obtain a small SBA loan, what are they going to do when the funds are exhausted AND they still have to meet payroll needs. -LOC-Most banks will not consider a LOC due to time in business. Some non-banks may offer a LOC, BUT that product does not revolve to keep pace with the constant working capital need UNLESS the business consistently pays the loan down when they get paid by customers. Paying down the loan usually does NOT happen. It is also a process to get an increase on the LOC as the company grows or the loan gets tapped. -Factoring-This might be the best tool for their needs. The facility revolves around the invoicing and payments. Most factors will quickly adjust the line limit as the AR grows. This prospect would be too small for us, but you might be able to find the right partner by researching the International Factoring Association's website. Most reputable factors are members. I would research factors that are local to the company AND may be bank owned. There are over 30 bank owned factoring companies in the US and usually are MUCH more cost effective than non-banks. TIB should not be an issue. -MCA The company's gross margins are likely less than 25%. That being said, can they really afford the MCA cost. Also, MCA is truly not revolving which may stifle the growth of the company. Just some thoughts....

We have been consistently funding credit card sales based MCA since 2005. Our product is far better for merchants as the remittance fluctuates with their sales. We don't double dip on renewals; meaning the merchant nets the full renewal amount instead of paying the existing balance from the renewal amount. We don't charge any origination fee or other junk fees. If you want to build a long term portfolio and care about your merchants Quikstone is an excellent choice.

credibly

SBA has a start up micro loan program up to $50,000 https://www.sba.gov/funding-programs/loans/microloans

Four months in business, credit card card sales based MCA only.

Fundkite does this, as do all MCAs that are credit card splits. The broker gets paid, the funder has to realize that the deal might go sideways for a bit, but there is no true default if the revenue drops. The only challenge would be the client who commits fraud and opens a second bank account and deposits certain deposits into that account and slowly depletes the other one without the funder noticing. You can probably catch that, since it's not so easy just to change bank accounts. You case is not a "default out of the gate", it's a drop in revenue. We pray underwrite assuming the past performance is indicative of future results. There's no "seasoned" merchant who can really do this. They'd have to lie to get away with it, and then prove it. How would they make it a "regular strategy" without actually losing their own revenue? That seems counterproductive to reduce their income. How could they control that?

Mitch Petracca?

Yes. I would love to learn more.

A host of questions: -Is this an asset purchase of the business or a stock purchase of the business? -Are they seeking a cash flow loan or asset based loan using the business assets as collateral? -What Industry? -What equity contribution is the buyer contributing? -Is the seller staying with the business? Are they using a seller's note? -What is the purchase price?