For existing businesses or even Start Ups, these programs will use credit cards or revolving lines of credit. Even if you’ve had issues in the past, we have sources that can get you started. There are typically no asset requirements or collateral needed. In most cases you will not need financial statements, tax statements or a formal business plan. We have achieved a 98% success rate for our clients and require no upfront fees. We can typically get you funded in 30 days or less.
We have a program for Business Lines of Credit where we will acquire revolving lines of credit under your business name and will require personal guarantees. Clients can expect first year interest rates to be on average 0% for the first 12 months and between 7.5%-12.5% APR thereafter. There are no term limits associated with these lines as they are revolving lines of Business Credit and will remain an asset for your business asset as long as you continue to use it.
Qualifications: A FICO score of 700+ is considered best for securing higher program balances. Lenders like to see a Good payment history and Low balances on credit cards.
Equipment lease and financing provides all types and sizes of commercial businesses the ability to acquire the equipment they need to keep their business operations running smoothly. Whether it’s Vehicles, Restaurant Equipment or Computers your business relies heavily on your equipment to generate income and you can’t afford the delay that happens when it breaks down. If you need to replace your faulty machines or upgrade to a more efficient model, we can help you get the funds you need to get up and running quickly.
Because we work with literally hundreds of lenders we can secure flexible equipment finance offers to help our diverse clientele obtain financing for CNC Machine Shops, Construction Equipment, Commercial Trucking, Medical and Dental to name a few of the industries we serve. Up to 100% financing is available including leasehold improvements.
At Main Street Commercial Finance we work with Business Owners to help make the best procurement choice based on a variety of factors such as cash flow, balance sheet impact, and available credit lines.
Qualifications: Although it will always be client and situation specific, most lenders prefer to see an average to better personal/business credit rating, however we do have high risk equipment leasing that goes down to a 550-credit score.
Our approach has always been about understanding our client’s investment goals and delivering a personalized loan solution that fits each unique real estate transaction. At Main Street Commercial Finance We understand that every loan has a unique story and we’re ready to listen to your needs and tailor a solution to the specific market and do so with the most cost effective financing.
When you partner with Main Street Commercial Finance you have access to a leading Nationwide Commercial Real Estate Network of lenders that have originated billions of dollars in loans and has decades of financing experience. We provide customized lending solutions for Multi-Family, Single-Family Rental Portfolios, Commercial Properties, Bridge and Hard Money.
We also have financing packages built to suit various commercial real estate investing strategies. From traditional amortizing loans with fixed rates and long repayment terms to bridge loans specifically designed for property renovators and Fix and Flip.
Our approach is to be transparent in all our communications and provide quick and efficient closing with no hidden fees.
A business line of credit works very similar to a credit card. You apply for the funding and when you are approved for a certain amount you will then have access to the funds to use as needed up to your credit limit. Interest is only paid on the money taken out. As you make payments on your current balance, you can use that money again until your term limit is reached.
A line of credit may also take several forms such as cash credit, overdraft, demand loan, export packing credit, term loan, discounting or purchase of commercial bills, etc.
A business line of credit can be a great tool that can expand a business rapidly.
Qualifications: Lenders require a minimum 2 years in business, 640+ credit scores, security and full documentation. Income of $100,000+ is recommended.
Any business owner that accepts credit cards and needs capital right now can apply for a Merchant Cash Advance with Main Street Commercial Finance and get the funds deposited into his or her account in less than 7 days after the application gets approved.
This is not a loan. It is a purchase of future receivables which makes it much easier and faster than a bank loan. A small percentage is deducted from the on-going credit card receipts to pay back the advance. There are no fixed payments or fixed terms. Clients can use the money in any way they want. There are no restrictions. Most applications are pre-qualified within 48 hours and it will not affect any existing loans or be reported on a client’s credit report.
You don't even need to have perfect credit. However poor credit will affect the advance. The only need is to have been in business a year, own the business and have accepted credit cards for at least 6 months.
We help you turn future credit or debit card sales into working capital that you can use today. Our Cash advances are fast, easy to get, and unsecured, meaning you won’t have to risk any of your personal or business’ assets.
We encourage businesses to use these advances strategically and for short term use when opportunities outweigh the cost of capital and convert to longer term products as soon as is practical.
Qualifications: Typically, lenders are very tolerant here because the loan is secured by daily/weekly payments extracted directly from the businesses merchant processing activity. Credit only has to be above 500. Amount borrowed will be determined by your monthly business bank deposits.
When your credit is less than optimal, it can cost you thousands of dollars every year. Subprime credit scores result in loans or credit cards with higher interest rates that carry stricter terms than those approved for people with good credit. That is if you can even get approval in the first place.
Poor credit hurts you in other ways, too. It can be an obstacle to buying or renting a home, turning on utilities, and expanding your business. That’s why credit repair companies are in high demand – they help you to improve your credit, thus saving you those extra thousands of dollars every year, for a fee.
Some people with poor credit turn to credit counseling agencies. These agencies are intended to help you review your finances and teach you how to improve your finances yourself. This is a great idea in theory, but they don’t do the hard part for you – disputing and working with the creditors. And, as you’ve probably seen, most creditors don’t take the individual borrower seriously until they step in with a professional.
We have partnered with only High Quality and Ethical Credit Repair companies that have a solid track record of improving the lives of thousands of businesses owners. We will evaluate your credit report from all three of the major consumer credit bureaus (TransUnion, Equifax, and Experian) and run it through a process where we check for derogatory marks, credit history and do all the heavy lifting for you so you can get your scores improved in record time and get you qualified for your new financing as soon as possible.