Funding is everything in a business. While customer service is a big issue, as is location and pricing, you cannot sustain your business without funding. While banks could loan you money, they typically do not if your business is in the “high risk” category. For others, bank loans have high interest rates, and they must be paid back starting the next month. This is less than helpful, especially if your business is struggling to make it. The only option you need to look at when considering a business loan is an ACH business loan from FAM.
With an ACH business loan, you do not have to possess a merchant account. This is different from other types of business loans, as many require payments to come from a merchant account. With FAM’s ACH business loan, payments will be taken from your business’s checking account. This is also a big help if you are a cash-only business, or a business that does not accept plastic payment cards, as most cannot find a reputable business loan, but to the fact that they typically do not possess merchant accounts.
FAM will monitor your bank deposits and make a daily ACH withdrawal based on your gross sales. We are paid when you are paid! Alternatively, we at FAM may set up a fixed daily ACH amount based on historical sales history for your business. This is much better than having to give your bank or loan provider a hefty payment when your business cannot afford it.
All you need to qualify is a 500 FICO score, less than three NSF’s per month, have been in business for at least 6 months, and have an average of $10,000 in gross monthly deposits. Many businesses, even small businesses, have all of this criteria, so you need to consider an ACH business loan for your business woes.
With our ACH funding program there are no tax returns, or financials required to receive funding. We just need 3-6 months of business bank statements, a copy of your driver’s license, a copy of a voided check and a copy of your lease with landlord contact information or property ownership information. You can receive your funds in as little as 5 days.
For more information about FAM’s ACH business loan program, click below.