Frequently Asked Questions Welcome to the Frequently Asked Questions (FAQ page). Below, we have tried to answer the most common questions visitors to this our Web site may have.
How long does it take for my application to be approved? Applications are reviewed and approved in 48 hours or less. The usual turn around time is 24 hours from the time it is submitted. How much time will it take for my business to receive funds once that the application is approved? Typically we will wire funds to your bank in 5 to 8 business days or less, after being approved. How much funding is my business eligible for? $2500 to $250,000 per location. Do you charge any sort of application fees or other type of fees to apply for funding? No. There are no application fees or administrative fees to apply for funding. What can I use my funding for? You can use your funding for anything that your business needs. Some examples of how businesses have used the funding they received are:
Do I have to pledge any business assets or personal assets as collateral? No, The Premier Business Funding product is not a loan. Therefore, no callateral or personal assets are required. I have been turned down by the bank for a loan. Do I still qualify for funding from Premier Business Funding? Yes, The approval criteria for funding through us is much more liberal than a bank. The fact that you have been turned down by a bank for a business or personal loan does not impact on our approval process for Premier Business Funding. What information is needed to apply for funding? To apply for funding, you will be asked to provide the following information:
My personal credit is not the best. Can I still qualify for funding from Premier Business Funding? Yes. While personal credit does play a small part in the overall approval process, it is the performance of your business that plays the biggest part in determining whether or not you are approved for funding. Is the product offered by Premier Business Funding a loan? No, credit card advancements are not loans. They are purchases of the anticipated future sales of the business Once I have been approved and have received my funding, how does the advance get repaided? Once you have been approved and received your funding, a small percentage of your sales will be withheld to pay down the future sales that have been purchased. Does the percentage that is withheld from my credit card sales used to pay the funding change? No. You will be told upfront what the withholding percentage will be, it will be stated on your contract and will also be confirmed to you again when you are approved for funding. Do I have to accept credit cards as a form of payment from my customers to be eligible for funding? Yes, you must accept credit cards to be eligible for funding. Do I have to change credit card processors to receive funding? In most cases you will not have to change processors. In some cases, you will have to change to credit card processors. This is due to the fact that payback process is automated and handled through your daily batch. Due to the systems process you will have to process your credit card sales through the processor that we work with. However, our processor has agreed to meet or beat the rates that you are paying to your current processor company. What are the main requirements to be eligible for funding? Accept credit cards as a form of payment for customers. If you are not currently accepting them, we can assist you in setting up that valuable payment option.
My business enrolled in a marketing program with a company that also gave me cash that was so expensive and I want to buy out of the contract. Can I get funding to buy out that company? Absolutely! Premier Business Funding has helped many restaurants get out of expensive contract programs that claim their marketing would drive in all sorts of new business. Not only can we get you out of those contracts, your cost of funds to do so will be considerably less than what you were paying to the marketing company. If I am approved for funding, do I have to accept it? If you are approved for funding you do not have to accept it. You have up to 90 days after approval to accept your funding. After 90 days, you have to reapply. What if I need additional working capital after I receive my funding? You can receive additional funding after you have paid back 75%. There are exceptions, however, where you may be able to get additional funding once you have paid back 50%. How do I contact Premier Business Funding? You can contact us by email, online request for form, or phone. Contact us. Do you have a question that was not covered in the FAQ’s about funding? Please call and have our courteous staff assist you with your financial needs.
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