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11-13-2013, 07:08 PM #1
- Join Date
- Apr 2013
- Posts
- 363
Um, so... New Business doing 35-40k in retail; no storefront, no business bank acct
I have a merchant doing 35-40k in sales, in business since April.
Merchant is looking for capital to purchase more inventory for the holidays.
No store-front. No business-bank account but in the process of opening one. Customers purchase mostly through checks.
I was thinking of submitting to the lender that qualifies on Paypal but can't remember who that was.
If merchant can demonstrate 7 strong months in personal checking and opens a business checking acct, anyone willing to look at this?
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11-14-2013, 12:24 PM #2
- Join Date
- Sep 2012
- Location
- New York, NY
- Posts
- 1,780
No business bank account? Is the money kept in a mattress?
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11-14-2013, 12:29 PM #3
That sounds dead. I haven't ever seen a funder willing to look at personal bank statements.
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11-14-2013, 04:28 PM #4
- Join Date
- Apr 2013
- Posts
- 363
Same here. Merchant originally had a sole prop, business took off, now turning it into a corp. Sole props/personal checking isn't that uncommon, but, worst comes to worst, he just waits 4-6 mths after opening a business account to apply.
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11-14-2013, 06:38 PM #5
different restrictions/allowances on personal accounts vs. business accounts. Too easy for the merchant to block you out
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11-14-2013, 06:45 PM #6
- Join Date
- Apr 2013
- Posts
- 363
Right, merchant has no intention of getting funded w/ a personal account and is opening business checking. Also I've been told that so far as cash advances are concerned, any advance into a personal account can be misconstrued as a personal loan (???) but I still have never heard of that happening anywhere.
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11-14-2013, 10:12 PM #7
Um, so... New Business doing 35-40k in retail; no storefront, no business bank acct
no company will fund a merchant without a bank account.. how would they get their money back
Last edited by Christina; 11-14-2013 at 10:20 PM.
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11-15-2013, 01:59 AM #8
- Join Date
- Apr 2013
- Posts
- 363
Merchant is opening one.
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12-02-2013, 09:11 PM #9
- Join Date
- Dec 2012
- Location
- Atlanta
- Posts
- 20
Quickfunder: By this date I am assuming your customer has opened their business acccount now? If so, call me at 678-978-4625 or 866-606-4545 in Atlanta. This is Bob Gaskin, a 14 year vet in the business and a former Director at AdvanceMe for nearly nine years. We opened Superior Capital to provide higher risk deals a fair shake without gouging on fees and with more than competitive rates. Look forward to hearing from you.
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01-30-2014, 04:07 PM #10
- Join Date
- Jan 2014
- Location
- Denver, CO
- Posts
- 90
Did the deal get done?
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