June 2017 - Excel Capital Management

Home Based Business Loans

February 19, 2020June 22, 2017 by Excel Capital

Getting the funding you need for your business can be challenging. This can be especially true for a home based business.In addition to the tedious process of starting a home-based business, applying for licenses, filing taxes and much, much more, acquiring capital to start, grow, or expand the company is a process all in itself. Many small companies usually start as home-based businesses. It is at this stage where the owner lays the foundation for their future business. It’s also the stage where owners face their biggest challenges. Aside from getting clients, one of the biggest challenges for business owners is finding the right type of financing. Unfortunately, home-based businesses have few financing options. Most don’t have the assets or the track record needed to qualify for conventional bank financing. Instead, they must look for alternate and specialized options. Unfortunately, federal agencies cannot provide home-based businesses with grants, however, there are feasible programs available when it comes to financing. Let’s take a closer look at what’s available.

Home Based Business Financing Options

Equipment Financing help business owners purchase any type of equipment needed to run the business. The loan amount is dependent upon the type of equipment needed, as the repayment term is usually as long as the expected life of the piece of equipment and if it is used or new.

Split Funding also known as Merchant Cash Advance works on a pay as you earn model. It is important to know that Split Funding is not a loan. Instead, a flat percentage of your business’ credit and debit sales are automatically debited daily and put towards the repayment of your loan. If your business does a large amount of sales one day, a larger payment is taken out to pay back the advance. If a small amount of sales is done that particular day, you pay less. There is no fixed payment amount or maturity date. This type of funding is available only to businesses that accept credit card payments.

Short-Term Loans are uses as a way to fill an immediate financial needs and fix cash flow issues. Most lenders that provide this type of loan do not require a lot of paperwork and they can be used for virtually any business purpose. Common uses of short-term business loans are inventory purchases, new hires and employee training, equipment repairs, and filling gaps between accounts payable and receivable. This financing solution mean shorter having a shorter repayment schedule with higher costs. Short-term business loans are generally paid back via weekly ACH payments. In contrast, traditional term loans are paid back within a fixed term and a set interest rate. While traditional term loans allow you to build business credit and have fixed monthly payments, they come with less flexible terms and rates and penalties may be charged if the loan is paid off early.

ACH Loan: These loans may need personal guarantees, and have a fixed repayment schedule that is paid either daily, weekly or monthly. They are a popular funding solution for businesses that do not accept credit cards or want a set repayment schedule. Whether you need the working capital obtained through an ACH Business Loan for inventory purchases, new hires, employee training, purchasing equipment, or almost anything else for your business, this funding solution can be extremely beneficial. Unlike traditional business loans, funds from an ACH Business Loan disburse in as little as three business days after being approved for funding. Additionally, this funding product does not require a minimum credit score to qualify, which means many up and coming businesses or businesses experiencing a rough financial period. Having collateral is not necessary to qualify, so business owners who have poor credit or lack business history can still apply for this great funding solution.

Business Lines of Credit: A rotating loan, also known as a “LOC,” that gives business owners access to a fixed amount of money, which they can use day-to-day according to their need for cash. Interest is only paid on the amount of the advance actually used. There are two types of Business Lines of Credit:

Unsecured Business Line of Credit:
Unsecured Business Lines of Credit do not require borrowers to pledge any

assets as collateral. As a result, this tends to be a more popular type of business credit line to business owners. However, they are much more risky for the lender, therefore your credit score must be excellent. In addition, Unsecured Business Lines of Credit tend to be smaller with higher interest rates.

Secured Business Line of Credit:
A Secured Business Line of Credit requires business owners to put up assets as collateral in order to obtain the loan. While lenders do not typically require business owners to pledge assets like property, they will require the collateral in the form of inventory, accounts receivables, and more. Consequently, if you are unable to pay back the loan, your lender will seize your collateral in order to pay the balance.

Both Secured and Unsecured Business Lines of Credit will require your business to be in good standing. Lenders typically prefer to work with businesses that are well-established and in good financial standing, thus proving to the ability to pay back the loan. Depending on the lender, various financial documents will be requested to support this.

The Application Process

One of the benefits that come with alternative lending is a fast application and approval process. Business owners don’t need to fill out or submit mounds of paperwork, or have to wait months to receive an approval or decline. Once a business has been approved, they can be funded in a little as a week. Usually, the documentation that is initially submitted is enough for this to happen in most cases, but there are instances when additional documentation may be requested depending on the lender. The following is the standard business documentation you should have prepared when starting the application process:

– Business license

– One page application

– Voided check for the business account

– Clear copies of identification for all owners

– Proof of ownership

– Trade references

– Four months of bank statements

– Four months of credit card statements (if applicable)

Finding funding for a home based business can be tough, but luckily there are financial options in reach! For more information on the alternative financing solutions Excel Capital Management offers, call 877-880-8086 to speak to one of our Financial Specialists.

Construction Business Loans: Get the Funding Your Construction Business Needs – Now!

November 14, 2019June 20, 2017 by Excel Capital

EXCELCAPITAL - CONSTRUCTION BUSINESS LOANS

Construction Business Loans – Everything You Need to Know

As a General contractor, you know that obtaining construction business loans is important to keep your business moving and operating in a fluid fashion. Construction businesses are not like a traditional brick and mortar business when it comes to cash flow cycles. Most payments do not come until at least 90 days after the project start date which makes loans for construction companies a necessity.

Most contractors do not get paid in full when they sell their product. As a contractor, you know that selling the job or winning the bid for a project is just the beginning of a long cycle of payments. When a new job is taken on many contractors receive a small down payment upfront and receive progress payments or tiered payments as the job hits certain milestones. This delayed payment structure makes obtaining construction business loans crucial to maintain positive cash flow.

What happens until the milestone gets met and how this affects cash flow?

Many contractors need to come out of pocket for many expenses like

Payroll
Material Costs
Insurance
Equipment

These expenses are crucial to keep your operations in order while completing the Job.

Why Take Out Construction Business Loans Instead of Going to Your Local bank?

The main reason is timing – Most bank Just take too long! When you go to a bank most closings don’t happen overnight.

Even if you try to avoid the timing issue by planning when you need it with the local bank many contractors that apply for a construction business loan with the local bank find out that without pledging collateral banks will more often then not decline a construction business loan due to contractors being placed in a high-risk bracket when it comes to traditional underwriting for construction business loans. At excel we understanding contractor loans. We worked with hundreds of contractors.

Why do Banks Decline Construction Business Loans?

There are a few reasons…

Primarily Four:

Most contracts do not have collateral

Construction is considered a high-risk industry by most banks

Bad Credit

Receivables are not for work complete but rather for progress made on a job thats in process. Therefore receivables can not be factored.

However, in the event that collateral and stellar business credit are present the application and approval process for a construction business loan can be very long and tedious. With underwriting times often taking as long as 3 months. When it comes to lending to contractors we understand how it can be frustrating to get approved for funding. That why we approve contractors in under 48 hours generally.

*For more information on common reasons why your business loan application might be declined, read: 3 Reasons Why Business Loan Applications Get Declined By Traditional Lenders and Alternative Financing Solutions.

But there’s good news– there are now many alternative non-bank lending options available when it comes down to lending for contractors which can be used to obtain the funding your construction business needs, whether it be for:

New equipment
materials purchases for an upcoming Job
Payroll costs and new hires
Paying bills
Bidding on new jobs
Past due business taxes
Past Due Invoices

Whatever you need funding for, there are alternative lending options available to you which can get you the funds your construction business needs.

At Excel we have over a 90% approval rate when it comes down to lending to contractors since we have a specialty platform dedicated to underwriting construction business loans.

Construction business loans the alternative options:

So, what are your options?

Well, you’ve got a lot. And it all comes down to what you need the funds for.

As mentioned above, no matter what you need funding for, there are several options available for you. However, some loan options are designed for specific needs while others are more general.

Equipment Financing

Equipment financing is used to help you purchase whatever equipment your business needs to run smoothly.

The loan amount is dependent upon the type of equipment needed, as the repayment term is usually as long as the expected life of the piece of equipment.

Invoice Factoring

Invoice factoring is used for short-term cash flow issues, especially when your business doesn’t qualify for a traditional bank loan or any other alternative solution.

The lender will factor your business’ customer’s invoices to match your working capital needs.

This type of program is rarely used for contractors since progress payments cannot be factored. Factoring companies only use invoices for work complete. In the construction business, it typically happens this way.

Unsecured Business Loans

This Program was designed for business owners to enjoy the benefits of a Merchant Cash Advance who do not accept credit cards at there business. Most contractors do not receive credit card payments – and even if they do its typically a very small percentage of the annual gross sales.

This works as a purchase of future sale at a discount that is converted into a set payment. This payment is remitted via ACH usually daily, weekly or monthly.

This allows you to get construction business loans without any collateral just your sales.

Merchant Cash Advance

For those of you who accept credit cards at your business – Split funding, or a merchant cash advance, is a construction business loan based on a purchase of your future credit card sales at a discount.

Payments are collected at a set percentage of your credit card sales, which is nice because that means when business is down– so are your payments. And when there is no business– no percentage.

For that reason, this method really helps during a particularly volatile market or rough patch in your construction business.

Term Loans

Our fourth construction business loan option, term loans have a set repayment schedule and interest rate and mature between 1 to 10 years depending on the term of the loan.

However, keep in mind that this type of loan requires financial statements as well as 2 years of business history and one filed tax return.

Business Lines of Credit

A business line of credit is a rotating line of credit which you can dip into whenever the business needs it most.

Similar to a credit card, so long as you pay off your balance you can continue to use that line of credit continuously. Interest is then only paid off the amount that is used.

Asset-based Lending

Lastly, with asset-based lending, the assets of a business, such as inventory, accounts receivable, and other balance-sheet assets are used as collateral.

Plus, because this financing type is secured with collateral, interest rates tend to be low. Having applicable collateral also makes an asset-based loan easier to obtain.

What do I need to obtain a construction business loan?

Although alternative lender’s guidelines are not as strict as traditional bank and lending institution guidelines, they still take your credit score– and several other factors– into consideration when determining your eligibility.

For that reason, it’s important to know what those critical factors are so you can put yourself in the best position to be presented with an approval.

These are the “4 C’s of obtaining a business loan”:

Collateral

Typically, collateral comes in the form of property or liquid assets which are offered as a form of insurance in case you ever can’t pay the loan back. This is what people have come to be used to with bank loans, which are secured due to that collateral. Banks generally require collateral for construction business loans so be prepared.

However, alternative lenders are unsecured, meaning alternative lenders don’t typically take collateral as security for the loan.

Most Fintech, or alternative lending, products are only collateralized by your receivables and limited to business-related collateral, not personal.

Cash flow

The second ‘C’, cash flow is a critically important factor when applying for a loan.

Lenders like to see a healthy average ledger balance in the business account. And, if there are many returned or insufficient items in the account, lenders will often be reluctant to extend credit.

Capacity

Capacity refers to a track record of being able (or not) to make the revenue needed to pay back your loans.

This can be in the form of copies of contract invoices or a copy of your accounts receivable report.

Character

Lastly, the final ‘C’ character is determined by taking a look at the borrower’s personal credit history.

Some of the factors taken into account here are your total debt, delinquent accounts, available credit, and whether you’re making payments on time.

Keep in mind that even if you don’t satisfy each of the above factors, there are several other factors which alternative lenders take into consideration during the approval process.

But this is just one of the many benefits of alternative lending.

Why alternative lending?

In recent years, the way that banks lend money has changed.

It’s now far harder to obtain construction business loans or any type of loans for construction companies than it ever was before and the application and approval process is tedious and time wasting.

However, now alternative lenders have afforded business owners and contractors the chance to get the funding their business needs without having to jump through insane (and, frankly, outdated) hoops to get it.

Alternative lenders us more sophisticated algorithms for deciding the health of your business, taking into account much more than just your credit score (so don’t worry if you don’t have stellar credit), making it easier than ever to get the funding your construction business needs.

But the benefits of alternative lending don’t stop there:

There’s often no personal collateral or guarantee required
Minimum paperwork
Poor credit accepted
Repayment terms are flexible
Fast processing
No application fees
Builds your business credit
Funding in as little as 2 business days

How to obtain construction business loans

Ultimately, it’s up to you to do your research and find out what your best options are.

It’s your business and no one is going to look out for it like you will, so take the necessary steps to educate yourself and then take action to obtain the funding your business needs, whether that’s to keep things afloat or to take things to a whole new level.

Whatever the case, don’t let a lack of funding hold your business back from realizing it’s potential.

To apply for a construction business loan with Excel Capital, only four things are required:

Four months of recent business bank statements
Four months of business credit card processing statements
A one-page application
And just a few minutes to get started

We’ve made the process simple and straightforward so you can get back to what is most important– running your business.

Once everything is received, you can be presented with an approval and funded in as little as one business day– that’s right, just 24 hours.

Get the funding your contracting business needs by completing our short, 2-minute application.

We are experts in construction business loans – See the Excel difference for yourself.

Construction Business Loans – A Case Study

While the construction business is one of the oldest, most flourishing, and most competitive industries around, there comes a time when many of its business owners need access to working capital. The cost of equipment, materials, payroll, and slow turn-around rates trump the cash flow coming in, and many construction company owners find themselves weighed down by bills and overhead costs. Since the great recession of 2008, a traditional bank loan is no longer the go-to solution when it comes to acquiring capital. That old-school way of doing things sometimes ends in heartbreak due to waiting weeks just to receive an answer. That’s where the alternative financing industry comes into play!

With financing solutions such as the ever-popular Merchant Cash Advance, ACH Loan, Asset Based Loans, Equipment Financing, and more, access to working capital is easier than ever! There is no longer a stigma with taking a loan or any type of financing. Working capital is essential when it comes to growing a company of any kind, especially a construction company. Due to the cost of machines and equipment sometimes reaching well into hundreds of thousands of dollars, or the burden imposed by having contractors absorb the upfront costs when starting a job – such as the cost of construction materials like granite and wood – and not to mention, insurance costs and payroll for workers and employees, construction company owners should expect to reach out for capital at some point in their business’s lifetime. Some companies choose to do this more than once, and why not? If working capital is increasing your cash flow and allowing you to take on more jobs, it only makes sense to ask for more. Afterall, the goal most of us strive for is to ensure steady work flow and income for years to come.

Recently, Marty, a construction company owner from Georgia reached out to my company, Excel Capital Management. Marty was in a crunch and in need of funds, and he needed them fast! With a handful of projects on his plate, along with receivables due to a form on a large ongoing project not being paid on schedule, Marty asked us for working capital to be used towards the purchase of materials, construction equipment, licensing for projects to be completed, and payroll. As you know, only a small fraction of projects pay upfront and most only payout in tranches after certain milestones are hit at. When workers and office employees expect to be paid, and materials need to be purchased, waiting for these payouts is not an option. In order to get things back on track, as well as to generate new growth, Marty asked our sales rep, Jordan Lindenbaum, for help in securing an ACH Loan Product – a short term funding product paid on a daily or weekly basis by direct Automated Clearing House debits.

Marty’s situation was a tough one! He was owed close to $200,000 which was tied up and not coming in for at least thirty days, plus around $150,000 in retainage for completed contracts, however, that was going to be payed out over six months. He also had both a $2 million and a $1.5 million contract on the table respectively (both carrying a 20% gross profit), but those were not set in stone. Marty’s company had no time to wait with other projects lined up and needing to be completed by early 2016, however, they couldn’t be completed unless he had the means to hire more workers and purchase a few machines to keep up with the timelines in place. Obviously, without the aforementioned payouts, he was in a bind. To the Average Joe, these type of accounts receivable amounts seem amazing, but in the construction business, we know this revenue doesn’t always reflect the tangible finances. Most, if of not all, of the money is put back into the company to complete ongoing projects. Whether Marty could wait until his pay day or not – he needed some additional working capital, now.

After supplying us with a few bank statements, a business lease, his driver’s license, and a few other minimal stipulations, we were able to get Marty $80,000 in working capital in a matter of only two days! The daily repayment amount was only $400 per day – an ACH automatically debited (so Marty wouldn’t have to worry about making any large monthly payments – he could focus on his projects at hand) which would happen over the course of 12 months. It was as simple as that! No hassles or phone calls from banks, just a solid relationship with an alternative financing company, such as Excel Capital Management, and peace of mind.

Everyone needs a little help here and there, and there is no shame in asking for it. There’s more hope than ever for small to mid-sized businesses when it comes to acquiring working capital. Whether you need $5,000 or $5,000,000, there are options. Most of today’s top CEOs have taken loans or received working capital in order to grow their companies into multi million dollar corporations. You know the old saying. “It takes money to make money!” With our state of the art approval process loans for construction companies are one click away.

Motel loans: What funding options are best for Hotels, Motels and Bed and Breakfasts.

February 19, 2020June 13, 2017 by Excel Capital

Motel Financing: How to Obtain the Working Capital You Need | Excel Capital Management

Owning and operating a motel business is no easy task whether you have one location or are in charge of a franchise. Keeping up with trends and the constant competition among other motel and hotel chains can be quite difficult at times, and some additional working capital may be needed to keep up. When it comes to applying for financing help, many motel owners have a tough time going the traditional route. Traditional banks and lenders tend to list motels as high risk for various reasons such as seasonality, low numbers of guest bookings, negative reviews, lack of collateral to pledge when obtaining financing, and more. These concerns are all justified, but it’s not the end of the road. There are many alternative funding options available to motel business owner. Let’s take a look!

Motel Financing Options

Split Funding aka Merchant Cash Advance: Short-term financing transactions that are collected through a set percentage of your Visa and MasterCard sales that are accepted at your place of business. Probably the most common term used in the industry. These do not have a set repayment schedule and are based on the volume of your businesses credit card processing sales. These are usually only guaranteed by the future sales of your business.

Equipment Financing: Equipment Financing is a loan product used to help business owners purchase any type of equipment needed to run the business. The loan amount is dependent upon the type of equipment needed, as the repayment term is usually as long as the expected life of the piece of equipment and if it is used or new.

Term Loans: A loan that is backed by a bank for an exact amount that has a specified repayment timetable and interest rate that are adjusted accordingly. Terms mature between 1 and 10 years.

ACH Loan: These loans may need personal guarantees, and have a fixed repayment schedule that is paid either daily, weekly or monthly. These products are catered to industries that do not accept credit cards and need a fixed payment.

Business Lines of Credit: A rotating loan that gives business owners access to a fixed amount of money, which they can use day-to-day according to their need for cash. Interest is only paid on the amount of the advance actually used.

What Can Working Capital Acquired via Motel Financing Be Used For?

What’s great about all of the aforementioned motel financing options is that the working capital acquired through any of them can be used for virtually anything as long as it pertains to the business. Whether your motel has hit a rough patch and you need the capital to fix cash flow issues, or business is booming any you want to grow bigger and better, you can use it! Here are just a few popular working capital uses among motel owners:

– Business Expenses and Tax Payments

– Payroll and New Hires

– New and Additional Locations

– Equipment and Supplies

Three Crucial Steps to Take Before Applying for Motel Financing

As you would assume, there are many, many alternative lenders out there who can promise you the world when it comes to your motel financing needs. While most lenders and brokers out there are good guys, it is in your best interest to be cautious and to ask questions. Before you sign anything, make sure you fully understand the business funding solution you are applying for, how it works, and what the overall cost will be – literally and figuratively. Here are three crucial steps to take before you apply:

Identify Your Business’ Needs – First things first, why does your business need a loan in the first place? Sit down with your core staff members, financial advisers, or simply yourself to determine your business’ needs and how a quick business loan could help. Do you need to purchase inventory, hire additional staff, catch up on bills? Having a plan of execution once the loan is acquired is essential for success, as well as a plan for paying the loan back.

Do the Due Diligence – You may hear the phrase, “do the due diligence” a lot when researching quick business loans. In simpler terms, this means doing the necessary research before applying and accepting an offer with a lender. There are thousands of lenders and brokers out there – traditional and alternative. Don’t take everything at face value. Learn as much as you can about each lender you are interested in, compare pricing, read reviews, ask questions, and follow your gut if something just doesn’t seem right. You have the right to protect yourself and your business. The last thing you want to do is put your business in more of a financial bind or have setbacks. Research and knowledge is key. Do your due diligence.

Choose the Best Quick Business Loan Option – Maybe you did this when identifying why your business needs a quick business loan, but it’s a good idea to confirm again the type of loan product your business truly needs. Speak with your chosen lender to go over all of your options and get a better understanding of each financing option and how everything works.

Find Out What’s Needed To Qualify and Apply – All lenders have different business loan qualification guidelines. Depending on your business’ financial standing the amount of money you are looking to obtain, the documentation needed to be presented with an approval will vary. It is a good idea to at least have your last six months of business bank and credit card processing statements available, as well as additional financial documents like P&L and Balance Sheets and tax returns easily accessible.

The Application, Approval, and Funding Process

The great thing about motel financing is that the application, approval, and funding process is quick and simple. Generally, lenders that provide these financing options only require a simple, one-page application, four months of recent business bank statements, and four months of business credit card processing statements to get started. Once these pieces of documentation (and maybe a few others) are received, you can be presented with an approval and funded in as little at three business days!

For more information on motel financing options, contact one of our funding specialists today at 877-880-1106 or APPLY NOW!

Split Funding: What are the Benefits for Your Business?

February 19, 2020June 6, 2017 by Excel Capital

No matter what the industry type, almost all small business run into a point over time where they need additional working capital. Whether you need the working capital to cover basic business expenses during a slow season, a little extra cash to take care of payroll, money to purchase bulk inventory, or anything else pertaining to the business – access to funding is crucial for any business owner. Today, let’s discuss on probably, the most popular, alternative funding option out there, the cash advance business loan.

What is Split Funding and How Does it Work?

Split Funding is more commonly know as a Merchant Cash Advance. This type of business funding solutions is a flexible and cash-flow friendly way to access additional working capital for inventory purchases, equipment upgrades, hiring, employee training, payroll, taxes, and anything else your business could use the money for. Split Funding is especially great for businesses whose owners value having the amount they remit fluctuate with their daily payment card receivables. In simpler terms, a flat percentage of your business’ credit and debit sales are automatically remitted daily. If your business does a large amount of sales one day, a larger payment is taken out to pay back the advance. If a small amount of sales is done that particular day, you pay less. There is no fixed payment amount or maturity date. A larger repayment amount is sent on busy sales days than on slow days, and the process stops as soon as the advance is paid back in full.

What are the Perks of Split Funding for Small Business Owners?

The primary purpose of Split Funding is to service the financial needs of small to medium sized business owners. However, there are unique advantages included in the service that tailors to a specific business owners need. Here are some of those advantages:

Unlike traditional business loans, funds from split funding disburse in as little as three to four business days.
Split Funding does not require a minimum credit score to qualify. Therefore, any company struggling with a weak credit profile qualifies for the funds they need.
Traditional business loans typically require some form of collateral to secure a loan. The collateral requirement causes many business owners to face the fact they may lose precious assets in case they cannot make their payment. However, split funding does not require any personal collateral to qualify. Business owners who have limited assets never need to worry about losing their collateral.
Since there is no fixed payment with split funding, business owners who run into financial trouble or weakening sales do not carry the burden of a fixed remittance.
Since payments come from a small percentage of credit and debit sales, a business owner will actually see their payment decrease during lean times. There is no advantage quite like this with traditional business loans.

What Can Working Capital Acquired Through Split Funding Be Used For?

As mentioned in our opening paragraph, many business owners obtain funding at some point in their business’ lifecycle to help out with various needs. The great thing about split funding is that it can be used for virtually anything as long as it pertains to the business. Here are some common uses:

Business Expenses

By acquiring working capital for your business, you will be able to pay for things that may have not been affordable in the past. You may need office supplies, new computer software, or you may have a few bills to pay. These payments can all be made possible with working capital.

New Hires and Employee Training

Once you business starts to boom, you may need some extra help. Maybe you want to hire additional cashiers for your store. Maybe your restaurant needs additional wait staff or hosts. Maybe your medical office needs another receptionist. Maybe you even need to hire a few accountants to help take care of your finances. Additionally, many of these employees will need adequate training. Working capital can be used for all of these things!

Inventory and Equipment Purchases

Many business owners choose to use working capital to take advantage of bulk pricing on inventory and equipment. Similarly, equipment such as machines, computers, vehicles, and more can reach well into the thousands of dollars. Because many vendors require a large upfront payment for this type of pricing on inventory and equipment, working capital gives business owners the funds they need to purchase the items they need before it’s too late.

Unforeseen Problems

Unfortunately, with every business, problems do arise. Equipment fails, vehicles breakdown, natural disasters occur, employees leave. The headaches are unforeseeable and can be expensive, but working capital can help to cover the costs in a matter of a few days.

Marketing & Advertising

One of the most important things you can do is market and advertise your business to the world. Website development, paid ads, and social media marketing is a big job, and hiring a team of professionals can be pricey. Having enough working capital in order to cover these expenses can help tremendously.

Research & Development

Constantly developing your products, goods, and services is essential for staying ahead of the competition in your industry. Additionally, doing the proper market research and analyzing your target audience and consumers is key to knowing what your customers want. Working capital can certainly be used to help fund this process.

Product Manufacturing

Similar to research and development, product manufacturing may be a constant need depending on your industry and business capital may be needed during slow periods or when business is so great, that you must quickly meet the demand.

Office Space & Business Locations

Maybe you need an office space or facility in order to properly operate. Working capital can be used to acquire the appropriate space during the startup face or shortly thereafter.

What’s Needed To Qualify and Apply?

Split Funding is fairly easy to qualify for! Most lenders generally only require that the business have at least two months of operating history, documented gross monthly sales of $10,000 or more, $7,500 or more in monthly credit card sales, and no open bankruptcies. As you can see, if you business is out of the startup phase, qualifying for this business funding options is simple. After this criteria is met, the documentation you must provide is simply a one-page application, four months of business bank statements, and four months of business credit card statements. Most business owners receive a call with an approval within 24 hours and are funded in as little as 3 business days!

Complete our online application and see how much you can be approved for: Apply Now

Truck Overhaul Financing: How It Can Help Your Business

June 13, 2018June 1, 2017 by Excel Capital

The trucking industry can be a highly competitive and taxing. Training drivers to operate new equipment and trucks, the length of your payment terms with various vendors, the price of fuel, and maintenance are all expenses that need to be considered. From driving through hilly terrain to hauling heavy loads, a lot of stress is put on your truck’s engine. Despite staying on top of fixing small problems before they become bigger problems you will eventually have to put money towards a major fix. This is where truck overhaul financing can help.

While you should take your truck to a shop for analysis, you can also use your senses (sight, hearing, smell, and touch) to monitor their condition. If your truck is showing any of these signs, it could mean that it’s time for an overhaul:

Increased oil consumption: This is caused if the valve guides are worn, or if there’s too much space between the valve stems and guides, or if the valve guide seals are worn, missing, broken or not installed correctly. The engine may still have good compression, but it will use a lot of oil.

Excessive Exhaust: Since they positioned in the back of the truck, your tailpipes can go unnoticed. However, knowing if it blows excessive smoke, that’s a good indication that it’s time for an engine rebuild. Thick and dark is another clue. Just keep an eye on the tailpipe and take notice of any unusual smoke or a larger amount of it is coming out of your tailpipe.

Black, blue, or white exhaust: See if your truck is emitting exhaust that is blue, black or white in color.

Water in the oil: If there’s water in the oil, it will create a foam or gunk on the fill cap or the dipstick. Water that has formed on the dipstick will also cause rust to develop.

Engine knocking: Listen for changes in the way your trucks sounds when running. Rough running and pinging are both signs. If you ever hear a sound coming from your engine that sounds bad, it would have to be the knocking sound that gets louder when you rev the engine. This can sound like someone is actually knocking on your engine. This sound is not just annoying, but not a good indicator. It is not normal and sometimes it can lead to other auto problems if not addressed properly.

Oil pressure gauge: Even if the gauge isn’t calibrated perfectly, look out for any noticeable change in its reading.

Sludge: If you notice oil sludge on your oil pin when you clean and replace your oil, then you know your engine is not working well. Oil or coolant sludge is not just gross, it’s also a sure sign that you will need an engine overhaul in the immediate future. Sludge is wasted oil or coolant that is not going to be used. Plus it can cause issues that may make your engine not run very well.

Overheating oil: Oil that’s overheating smells like burning oil.

Reduction in acceleration: This is a sign of loss of cylinder compression.

Low fuel economy: Fuel is be pricey and can be a nuisance if you constant have to refill our tank, especially during long distance hauls. When the engine is slow or not working well, it can uses a lot more gas just to run.

Low oil pressure: This happens when the oil pump does not create pressure, and as a result, oil doesn’t all of the components. It’s often due to worn rod bearings or a broken oil pump.

Truck Overhaul Financing Options

Overhauling an engine can be costly and you may need additional working capital to help. The following are some of the trucking overhaul financing options available:

Equipment Financing: Used to help business owners purchase any type of equipment needed to run the business. The loan amount is dependent upon the type of equipment needed, as the repayment term is usually as long as the expected life of the piece of equipment and if it is used or new.
Merchant Cash Advance (Split Funding): Transactions that are collected through a set percentage of your Visa and MasterCard sales that are accepted at your place of business. Probably the most common term used in the industry. These do not have a set repayment schedule and are based on the volume of your businesses credit card processing sales. These are usually only guaranteed by the future sales of your business.
Term Loans: A loan that is backed by a bank for an exact amount that has a specified repayment timetable and interest rate that are adjusted accordingly. Terms mature between 1 and 10 years.
ACH Loan: These loans may need personal guarantees, and have a fixed repayment schedule that is paid either daily, weekly or monthly. These products are catered to industries that do not accept credit cards and need a fixed payment.
Business Lines of Credit: A rotating loan that gives business owners access to a fixed amount of money, which they can use day-to-day according to their need for cash. Interest is only paid on the amount of the advance actually used.
Emergency Business Loans: Loans that are funded quickly to help your business get out of a jam quick. Generally funded within 24 hours.

Application Process

Once a business has been approved, they can be funded in a little as a week. Usually, the documentation that is initially submitted is enough for this to happen in most cases, but there are instances when additional documentation may be requested depending on the lender. The following is the standard business documentation you should have prepared when starting the application process:

Business license
Voided check for the business account
Clear copies of identification for all owners
Proof of ownership
Trade references
Four months of bank statements
Four months of credit card statements (if applicable)

If it’s time to get some work done, trucking overhaul financing could be right for your small business. Excel Capital Management’s funding specialists are here to help and guide you every step of the way. Excel Capital Management will work to match your business capital needs. Give us a call at 877-880-8086 or APPLY NOW!