||5% of annual revenues up to 1X average monthly credit card sales volume
|Use of Proceeds:
||Business purposes including unexpected expenses
||1% per month - 1.06 to 1.24 depending on credit qualifications and size of loan
||Based on a 260 work days a year
||Lockbox for credit card processing settlements
||2% withheld from loan proceeds
||Receipt and acceptable review of the following items:
• Signed Application
• 12 months merchant processing statements
• 3 months bank statements
• Previous Year's Business Tax Returns
• Year End Financial Statements
• Most recent interim corporate financial statement.
• Previous Year's Personal Tax Returns
• Current Personal Financial Statement
• Current account statements on any outstanding Commercial (bank) loan(s).
||Two (2) Business days upon receipt of all Credit Requirements
||Upon approval, a Terms Letter will be issued outlining the details of the loan. The loan can typically be documented and funded within ten (10) business days of acceptance of the Terms Letter.