Results 1 to 16 of 16
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01-18-2024, 05:04 PM #1
- Join Date
- Oct 2021
- Posts
- 2
Small Restaurant CC Need Micro lender 2 nd Chance 2019 resolved repayment
Chef / Owner doing around 12k a month looking for a new relationship with a Micro Lender terms can be aggressive first round for him to reprove himself can change CC Processing and Lock box if necessary , then will redraw. Zero Balance letter available Consistently doing 10 -12k through CC and Cash not counted. Client ready to move forward
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01-18-2024, 05:06 PM #2
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,995
Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
Office: 727-233-1111
Skype: fc-financial
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01-19-2024, 07:41 AM #3
- Join Date
- Sep 2023
- Posts
- 42
we will fund this immediately.
andrew@arkcapitalfunding.com
9082083593
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01-19-2024, 09:38 AM #4
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01-19-2024, 09:38 AM #5
- Join Date
- Jan 2024
- Posts
- 19
We may be able to fund this.
menachem@capitalizegroup.com
(347) 519-5051
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01-19-2024, 12:53 PM #6
- Join Date
- Oct 2021
- Posts
- 2
10k or max
Working Capital and Hiring cook
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01-19-2024, 02:21 PM #7
- Join Date
- Jul 2015
- Location
- Tampa Florida
- Posts
- 503
We can consider this if you haven't place it yet.
Jason H l Sales & Business Development
Quikstone Capital Solutions l Tampa FL
Direct Line & Mobile 813-371-8233 l Fax 813-371-8233 l Text 727-492-8812
Jason.Hausle@quikstonecapital.com
www.quikstonecapital.com
Direct Lender Since 2005
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01-19-2024, 02:35 PM #8
- Join Date
- Oct 2014
- Location
- Naples, FL
- Posts
- 476
If the client has 2 yrs in business, and a FICO over 640 - he'd qualify for a microloan with the SBA. 2 yrs business tax returns, 3 recent bank statements, ID, and applications.... funded in under 10 business days. From $15k - $50k. Doesn't matter how many negative days they've had!
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01-19-2024, 02:48 PM #9
- Join Date
- Dec 2023
- Posts
- 66
Are you speaking to a specific lender or generally? Those terms aren't requirements for the Microloan program (some lenders will fund start-ups through the Microloan program, for example, and 640 isn't a floor) so I'm assuming you're referring to a specific lender's add-on reqs.
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01-20-2024, 06:30 PM #10
- Join Date
- Sep 2023
- Posts
- 42
pretty sure you have. Ark Capital LLC are in many many statements. Check again bud. No need for hostility
Last edited by ArkCapitalFunding; 01-20-2024 at 06:30 PM. Reason: spelling
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01-20-2024, 06:32 PM #11
- Join Date
- Sep 2023
- Posts
- 42
Ark Capital LLC . We are in many many statements. Check for yourself. No need for any hostility.
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01-20-2024, 08:18 PM #12
I refer start ups for microloans....there is no broker commission for these programs...
Minimum credit score in the 500s or higher
Time in business ranges from startup to 2 years
Located in the lender’s state
Offering collateral or personal guarantee
Business plan with two to three years of revenue projections
Being available for financial mentoring
https://www.sba.gov/funding-programs...t-microlendersLast edited by Olderguy; 01-20-2024 at 09:30 PM.
Steve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
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01-22-2024, 03:06 PM #13
- Join Date
- Dec 2023
- Posts
- 66
Hey Steve,
SBA Microloan program uses the 7a SOP with a few programmatic carve-outs (No real estate, for example).
There's no TIB limitation, whether it's a start-up or 25 years in business.
The business does have to be in the Microlenders footprint, although that could be the same state, or just an area of a state (for example, a group of counties), or it could be a region (multi-state). It depends on the microlender's program authorization.
Collateral isn't a requirement of the program. Microlenders don't even need to file a UCC. Personal guarantee is required per SBA guidelines.
A business plan/projections is not a program requirement.
Financial mentoring is not a requirement in and of itself. Part of the SBA microloan grant to the intermediary to pay them to provide technical assistance based on time spent and billed per hour (or portions) so they have a strong incentive to keep clients on the hook for additional programming. However, the expected TA could come as assistance as part of the loan prep and application process, or it could be that clients voluntarily participate in additional workshops or programs - or it could be through required pre/post mentoring. Basically, if they touch a client that has either expressed an interest in receiving financing (pre-loan) or already has a booked loan (post-loan) receives any sort of technical assistance from the intermediary, they can log and bill against their grant for it. The goal, of course, being to exhaust their grant allocation for the current fiscal cycle and (depending on the org) justify a larger grant for the following fiscal year.
Like other SBA lenders and programs, they are free to add-on additional internal requirements which is why you have people claiming there are credit score floors or collateral requirements or other restrictions that per SOP are not required. The primary concern most intermediaries have aside from hitting their outcomes required per their grant is staying under the 15% default rate allowed to continue participating in the program.
The Microloan programs (also via USDA, ORR, and a variety of others) are nice and not well known channels for small businesses that are newer and/or in less than ideal financial positions to get access to capital at reasonable terms. Of course for brokers there's little incentive to push them in comparison to MCAs or others as there are no (that I'm aware of) intermediaries that have ISO or referral programs. I have seen brokers/consultants charge outrageous "consulting fees" for facilitating them which, I think as you mentioned before, is not allowed/still subject to fee caps per SBA guidelines.
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01-22-2024, 04:40 PM #14
Yes...check with the micro lender in your area...
Steve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
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01-23-2024, 10:52 AM #15
- Join Date
- Dec 2023
- Location
- NJ
- Posts
- 44
not sure if you got funded yet but I can help
we can set them up to be able to take money from us similar to a line of credit. we give them the money they are looking for now and come renewal time instead of a stack or refinancing, we would just offer an add-on to the existing balance
email or call me for more infoTMRNOW | A Total Merchant Resources Company
Ariel Avalos – Iso Relations Manager
377 Hoes Lane, Suite 240, Piscataway, NJ 08854
Phone: 347-814-6152 | Email: Ariel@tmrnow.com | Web: www.tmrnow.com
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01-23-2024, 03:13 PM #16
- Join Date
- Sep 2021
- Posts
- 190
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