The process for applying for small business loans can be daunting and a bit overwhelming. Not to mention the fear of being declined, the inability to repay the funds, or worse losing your business.  SpotOn Financial understands these concerns and sees you, not a credit score. Our process for funding a merchant cash advance is simple, easy, and transparent. As your financial consultant and partner we take the guesswork out of lending.

The Process of Lending

SpotOn Financial is passionate about helping our clients understand the process of small business lending. We believe if a client understands the qualification process and is committed to that process all the way. The likelihood of success in getting the right form of financing to meet the need of the business is virtually guaranteed. 

Step One: Are You Qualified To Borrow

Do you have 6 months business bank statements?

Do you have low or negative balances in bank statements?

Do you have current late payments to creditors?

Do you have multiple inquiries on your personal credit?

Is Your Personal Credit Poor, Fair, or Excellent?

Do your own or rent any real estate?

Step Two: What Is The Money To Do?

Do you need short term merchant cash advance to stabilize the business?

Do you need a revolving line of credit?

Do you need debt consolidation financing?

Do you need funds to grow business with marketing, sales, or business development?

Do you need help picking the best type of  funding?

Step Three: Application For Funding

Do you prefer a bank as a lender?Typically a bank will offer low interest, longer terms, higher credit requirements, longer process, and rely heavily on business and personal financials. 

Do you prefer alternative lenders? 

Unlike a bank, alternative lenders underwriting is simplified. Typically, funding is based on cash flow and bank statement analysis. An advance is not a loan but a receivables contract. 

Do you prefer a revolving line of credit? 

A credit line is a great source of funding for businesses that need access to funds on a continuous basis and has the ability to repay the balances on a recurring basis.

Step Four: Closing Your Funding 

Closing the funding is just as important as finding the right lender. You need to set the foundation that will meet your and the lenders expectations. The last thing you want to do is obtain financing and then fail to have a plan to use the funds correctly, repay the funds on time, or understand what to do if issues develop between you and the lender. 

Since 2013, SpotOn Financial has combined over 20 years of experience providing financial services to small business owners. Our proven approach to lending has helped grow and maintain businesses both in the United States and Canada.