There are three basic requirements to qualify for funding. First, you must have been in business for at least 1 year. Second, a minimum annual revenue of $100,000 in the past year. Third, you must submit a minimum of your last 3 months bank statements for review. It's that simple.
Although our average cash advance is $75,000 you can receive up to $500,000 if you qualify.
Once the application process is completed, our underwriters will review your past 3 months bank statements to determine the amount that your business qualifies for. At that point you will receive a formal offer explaining the amount and the terms of repayment. Within twenty-four hours of receiving the signed offer, the funds will be electronically transferred to your business account. When the funds reach your account, you are free to use the funds in any way you see fit. Only you, the business owner, determine how the money will be used. Essentially, we are purchasing a portion of your future earnings. That allows us to give you the cash now when you need it most. The goal is to create a repayment schedule to put the least amount of stress on your cash flow.
The answer is yes. Once you have established a repayment history with us, you may then request an additional cash advance. In fact there is no limit to the number of times you can receive additional funding. Over 70% of our clients return to us for additional rounds of funding.
Most loans from traditional sources, such as banks, credit unions, etc. require you to have a minimum credit score and no previous bankruptcy. In addition to being a very time consuming process, if the worst case scenario were to occur, you would be at risk of losing your property or accounts receivable. That is assuming you could be approved in the first place. Midtown Resources provides funding based upon your business's ability to repay the loan not your credit score or past credit history. Because of the streamlined underwriting process we have developed, we often can get your business approved and funded in the same day.
Note: For more information, feel free to contact us at 215 279-9090 , or send us a request for a call at your convenience. If you like what you hear, you can click on the APPLY ONLINE tab on our home page and the process begins immediately.