Some companies seek a product closer to the traditional bank loan and can afford to wait a little bit longer for their capital. For those businesses, Spendown Finance offers term business loans for growth and expansion.
These business loans are more like traditional bank business loans (minus the collateral requirements) and offer equal monthly payments for the entirety of the loan term. Generally, we’ll need more information from the client to determine if they qualify for one of these loans. Documents may include:
Corporate and/or individual tax returns
Profit and Loss statement
A/R Aging report
Business Bank Statements
Merchant Account Statements
Terms for these business loans will range from 1-5 years at APRs of 10.99-19.99%. Typically, we’ll be able to fund 20-25% of the annual company revenue. Turndowns from banks are ideal for this program.