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.
you find that your question is not answered on this page, please contact
us.or call us:
Monday to Saturday, 7:00 AM to 7:00 PM, MST
at 866-645-3775 or cell 970-310-3311.
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?
$5,000 to $300,000 for advances; $10,000 to $2 million on loans
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
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
- Purchasing New Equipment
- Offsetting Seasonal Cash Flow Fluctuations
- Opening New Locations
- Advertising & Marketing
- Repairs and Renovations
- Buying Out a Business Partner
- Paying Outstanding Invoices and Other Liabilities
- Supplement SBA Loans
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
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
- Several months of your most recent credit card processing statements
- Copy of your drivers license
- Voided copy of a business check
- Completed and Signed Funding Application/Merchant Agreement
(takes about 5 minutes)
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
Is the product offered by Premier Business Funding
We offer business loans. We also offer cash advances, which are not loans, rather it is a purchase of future sales.
Once I have been approved and have received my
funding, how does the advance get repaided?
We are the most flexible when it comes to payback. It can be done automatically either by:
1 a percentage of sales or credit card receivable or
2 fixed bank ach payments
Do I have to accept credit cards as a form of payment from my
customers to be eligible for funding?
No, accepting credit cards is not mandatory to get an advance or loan.
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?
- Process at least 5000 in visa/mastercard sales. If not accepting credit cards, gross monthly volume $10,000 or more.
- Be in business at least 2 months
- Have no liens totaling more than $120,000
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
Please call and have our courteous staff assist you with your