Applying for a Merchant Cash Advance? 5 Things You Should Know:May 12th, 2022
Will your business qualify for fast funding with Velocity Group USA?
We’re lifting the veil on the application process and listing out some little-known ways we determine whether your business is eligible for a merchant cash advance. Read on, and don’t be afraid to reach out to one of our representatives if you have questions.
- Your business has been established for 1 full calendar year or more. To receive fast working capital from Velocity Group USA we do require that your business has been operating for at least one full year. We do not fund startups, or businesses under a year old.
- You are a US citizen. We only fund businesses located in the United States, and the business owner will need to be a US citizen.
- Your credit score isn’t perfect. Let’s start by acknowledging that expecting a “perfect” credit score from a small business owner is like asking a toddler not to get their clothes dirty. We understand the challenges that come with running a business, therefore we consider all aspects of the application- not just the credit score. We also never run a hard credit pull on any of our applicants.
- We look at your business’ bank statements. We do require a submission of bank statements, and this is so we can see how healthy your business is. Our underwriter will look at what the monthly deposits and withdrawals typically are so we can determine if the amount of money you are requesting for your business ultimately makes sense.
- For certain alternative financing amount requests, there may be a required site inspection. This is to confirm the physical location of your business. We do not require collateral to obtain a merchant cash advance, so this is one example of how we validate your business. These are performed many ways, even virtually.