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You need funds now? Perhaps you are remodeling, need some new equipment, want to open a new location or buyout a partner, or simply need some cash to pay your rent or payroll to bridge a few slow months. Enhanced Funding provides several ways to obtain rapid turnaround funding and these products are used by many businesses as supplements or substitutes to their line of credit. In all cases, your rate will be determined by a number of factors including your credit score, although we can fund for most financial profiles. New customers can be funded in as little as 5-7 business days after completing the application and repeat customers can receive next day funding.
Our quick-fund methods include:
Credit Card Factoring-the absolute best rates in the entire industry
If your business takes credit cards and processes at least $10,000 of Visa and Mastercard transactions per month (on average), Visa/MC factoring might be for you.
How it works: To provide funds via the credit card factoring method, we take the last 6 months of a company's Visa and Master Card statements and factor them to see how much we can give. If this is a slow season, we will look at the statements from the past 12 months. Your business should be in existence at least one year (in some instances there are exceptions) and not be behind more than two months on rent. We have funded deals with low credit scores.
This funding method allows us to make advances from $10,000 to $150,000 per Fed ID #. Your initial need must be at least $10,000 (we will make exceptions in some cases).
To obtain the funds, you must use our credit card processor because that is how the advance is repaid. Enhanced Funding’s advantage is that we guarantee our discount rate will be the same or better which can even offset the cost of the loan AND the actual cost of the loan is affordable because the loan payback is most often automatically generated within 6-7 months.
Little documentation is required, but the client must not make a side deal with the processor, must not discourage customers from using their credit cards and must not change their main business. The funds may be used for virtually anything other than changing the focus of the main business.
Common uses include opening another business, remodeling, partner buyouts, new equipment, rent, back taxes and so on.
Receivables Factoring
Receivables factoring is most appropriate when most of your accounts receivable is paid by check and you are looking for an advance against quality future invoices. Enhanced Funding’s receivables factoring does not require financial covenants and concentrates on your current receivables and inventory, not your history.
We can advance you up to 100% of your receivables in some cases and the allowable amount can range from a minimum of $25,000 up to $5,000,000 to allow for acquisitions (our average deal is in the $200,000 range). Depending on your situation, we will become the beneficiary to your receivables and take on collection responsibility, or you will remain the benefactor with payment collection responsibility.
Many customers who obtain funds this way do so because they need to generate cash flow to keep the business healthy while awaiting payment on future orders. Sometimes the difference between a great year and a devastating one is simply obtaining the capital to get your business what it needs to be able to fulfill the order that you’ve worked so hard to win.
Leasing
If you need funding to purchase a specific product or to open a new form of credit line called a Master Lease line of credit, leasing is an excellent way to manage these costs. Please click here to be redirected to our leasing page.Ready to apply or want more information? Please contact us at 800-380-0635 tell us when we should call you back, or send us an e-mail to info@enhancedfundingllc.com and we'll respond within 24 hours but generally much sooner. |
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