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Questions & Answers
How Long Has FSB been providing funding to business establishments?
FSB has been providing working capital to restaurants, retail establishments, medical professionals, and other types of business since 1997.
What Type of Funding do You Provide?
FSB currently offers a Cash Advance Program, Loan Program, and Accounts Receivable Factoring Program. For our full line of products visit our Loan Funding Program.
How do these Programs Differ?
The Cash Advance Program is actually a factor type program, whereby funds are advanced based on a combination of your credit card processing volume, along with your total monthly gross volume. Repayment is through a percentage of your credit card receipts. Since repayment is based on your volume, there is no fixed repayment period.
The Loan Program is solely based on your monthly gross sales volume. Repayment is a fixed amount debited to your business checking account.
The Accounts Receivable Programs is tailored to businesses that carry monthly account receivables. Funds are advanced with the factoring company collecting the receivable payments from the business customers.
Do I need to accept credit cards?
No, you do need to accept credit cards to participate in our Program.
How long do I need to be in business?
We like to say the longer the better, but generally one-year is sufficient. We will though look at businesses under one-year in some cases.
Do you have a Program for start-up businesses?
Yes, we currently have a program for restaurant start-ups, and are adding additional types of businesses.
My credit score is not good. Is this a major factor?
No, your credit score is not a major factor in our approval determination.
Do I need to change my credit card processor?
No, we have programs whereby there is no need to change your processor.
Are there any fees involved?
We do not charge an application fee, upfront fee, or closing fee. There is absolutely no cost to our clients to review their funding approval.
Is there a minimum amount of volume that my business needs to generate to be eligible for your program?
We generally look for a business that generates at least $5,000.00 per month in credit card processing, if they accept credit cards, or at least $12,000.00 in total sales volume.
What are your funding amounts?
We will provide funding from $5,000.00-$500,000.00, or more with multiple locations.
How long is the approval and funding process?
Approval is usually within 48 hours, and funding within 10 business days.
Are business tax liens a problem?
In most instances we can work around situations like that, if a payment plan is in place.
Do I have to provide any type of collateral or security?
No, collateral or security is not needed for most our Programs.
Is there much documentation that I need to provide, and what type is needed?
No, currently all we need is the application, business license, driver's license. voided check, lease information, and credit card processing statements, if available, and bank statements. For our Loan Programs, additional information may be needed.
Why is your program better than my bank program?
First of all, with the current credit crunch; banks have tightened their lending requirements. They are requiring more security and collateral, they have raised there credit score requirements, approval, if obtained is a longer process, and they would require more documentation. And, they probably will have various fees such as an application and possibility, an appraisal fee.
Is there any way you can tell me if I could even possibly qualify for working capital?
Yes, through a series of brief questions; we can address your concerns.
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