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Small Business Financing |
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The attraction of the freedom of running your own business, with no limitations or glass ceilings is magnetic. This magnetism has created a huge growth of small businesses in the nation, and today, many more people think about owning their own businesses than ever before. In fact, small businesses are the backbone of American economy and the ultimate in obtaining the American dream. |
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But starting a business requires money. Without start up capital, very few people have the resources available to launch a successful business idea. A new business needs a dependable source of income until it can generate the profits it needs to cover its own costs and produce an income. Small business financing can alleviate a lot of stress. |
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Since small business financing is readily available through financial institutions, you can gain access to those institutions and apply for a small business financing by using the consulting services of Accommodative Financial Solutions |
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BENEFITS: |
- No collateral or equity required
- Fast approvals within 24-48 hours
- Cash available for any purpose
- Easy application process
- No financial documentation required in most instances
- Lower interest rates provided
- Costly mistakes eliminated
- No application or upfront fees
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Click here to apply now
Small business financing includes but is not limited to Unsecured small business loans, Unsecured small business lines of credit, business loans and business line of credit secured by equipment, account receivables financing etc…
Below is an example of an underwriters decision process- we don’t expect you to actually take the test, but we don’t mind if you look at it and see what is involved in making the decision to grant you small business financing. They take a lot of factors into consideration and some factors have greater weight than others.
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Take the Underwriters Test
Underwriters Guide to small business financing
See if your business can qualify for a business loan or business line of credit.
Credit Report Information: If you need a free copy of your credit report see the bottom of this page and get your fico score free.
My Highest Credit Rating on any of the 3 credit rating agencies is equal to or greater than an 800 FICO Score
1) Only 1 of three agencies has my credit score above 800 …………………………………………………………………………………..add 20 points.
2) 2 of 3 agencies have my credit score above 800………………………………………………………….…………………….................add 40 points.
3) All 3 of three agencies have my credit score above 800…………………………………………………………………………….………add 60 points.
4) None of the above……………………………………………………………………………………………….…………………………………………….0 point move
My Lowest Credit Rating on any of the 3 credit rating agencies is equal to or lower than an 740 FICO Score
1) My lowest credit score of any of the 3 credit agencies is reported between 700-739……………………………………. deduct 5 points
2) My lowest credit score of any of the 3 credit agencies falls between 680 – 700…………………………………………..deduct 10 points
3) My lowest credit score of any of the 3 credit agencies falls between 630 -680……………………………………………..deduct 30 points
4) My lowest credit score of any of the 3 credit agencies is below a 630……………………………………………………………deduct 80 points
My time on the Credit Bureau’s Reports are 10 Years or older
1) My oldest trade on the bureau’s is older than 10 years…………………………………..…………………………………………………. add 10 points
2) My oldest trade on the bureau’s is between 4 - 10 years ago ……………………….……………………………………….........deduct 10 points
3) My oldest trade on the bureau’s is between 3 - 4 years………..……………………………………………………………………… deduct 30 points
4) My oldest trade on the bureau’s under 3 years………………………………………...…………………………………………………….deduct 50 points
No Late Payments in the past 3+ Yrs on my Credit Report
1) My credit reports show that I have never made a late payment………………………………………………………..…………………add 20 points
2) My credit reports shows between 1-3 late payments over the past 3 yrs…………………………………….….….………….….deduct 5 points
3) My credit reports shows between 3 -7 late payments during the past 3 yrs………………………………………………………..deduct 15 points
4) My credit reports shows between 1 - 4 late payments over a 3-10 yr period……………………………………………….……….deduct 5 points
5) My credit reports shows between 5 - 8 late payments over a 3-10 yr period …………………………………….………...……..deduct 30 points
6) My credit reports shows between 8 -12 late payments over a 3-10 yr period…………….………………………..……………..deduct 45 points
7) My credit reports shows 12 late payments over a 3-10 yr period………………………………………………………………………..deduct 55 points
Less than 25 credit pulls of my Credit Report to check my credit in the past 24 months
1) I have had my credit pulled less than 12 times in the past 24 months…………………………………………………………..add 20points
2) I have had my credit pulled 26 – 40 times in the past 24 months…………………………………………………………….deduct 10 points
3) I have had my credit pulled 41 – 50 times in the past 24 months…………………………………………………………….deduct 15 points
4) I have had my credit pulled 51 – 75 times in the past 24 months…………………………………………………………….deduct 20 points
5) I have had my credit pulled over 75 times in the past 24 months…………………………………………………………….deduct 35 points
High Credit is over $200,000
1) My highest credit ever taken from one lender exceeds $200K…………………………………………………………………………….add 5 points
2) My highest credit ever taken from one lender exceeds $500K………………………….………………………………….…………...add 10 points
3) My highest credit ever taken from one lender exceeds $1,000,000……………………..……………………………….……………add 25 points
4) My highest credit ever taken from one lender is between $50K and $100K……………………………………………….……deduct 5 points
4) My highest credit ever taken from one lender is between $101K and $199K…………………………………….…………….deduct 0 points
5) My highest credit ever taken from one lender is less than $50K……………………………………………………………….…..deduct 20 points
Current Business and /or Personal Unsecured Debt
1) My Personal Loans and Credit Lines and/or Business Loans and Credit Lines are greater than $100,000……….….add 30 points
2) My Personal Loans and Credit Lines and/or Business Loans and Credit Lines are between $75K and $99,999K ….add 25 points
3) My Personal Loans and Credit Lines and/or Business Loans and Credit Lines are between $50K and $74,999K …….add 20 points
4) My Personal Loans and Credit Lines and/or Business Loans and Credit Lines are between $25K and $49,999K …….add 15 points
5) My Personal Loans and Credit Lines and/or Business Loans and Credit Lines are between $10K and $24,999K …….0 point move
6) My Personal Loans and Credit Lines and/or Business Loans and Credit Lines are less than $9,900K………………….deduct 10 points
7) I have no Personal Loans and Credit Lines and/or Business Loans and Credit Lines……………………………………………deduct 25 points
Current Credit from my Personal and / or Business Unsecured Debt
1) I currently have 90+% of my unsecured loans and credit lines still available to spend………………………………………add 40 points
2) I currently have between 80 – 89.99% of my unsecured loans and credit lines still available to spend……….……add 30 points
3) I currently have between 60 – 79.99% of my unsecured loans and credit lines still available to spend……….……add 20 points
4) I currently have between 40 – 59.99% of my unsecured loans and credit lines still available to spend……….……add 15 points
5) I currently have between 30 – 39.99% of my unsecured loans and credit lines still available to spend……….……0 point move
6) I currently have between 20 – 29.99% of my unsecured loans and credit lines still available to spend……….deduct 10 points
7) I currently have between 10 – 19.99% of my unsecured loans and credit lines still available to spend……….deduct 30 points
8) I currently have below 10 % of my unsecured loans and credit lines still available to spend………………….…….deduct 40 points
My Mortgage payments are over 36 Months on my Credit Report
1) My Mortgage Payment has been on my credit report for over 36 months ………………………………………………………….add 10 points
2) My Mortgage Payment has been on my credit report between 24-35 months………………………………………………..deduct 5 points
3) My Mortgage Payment has been on my credit report between 18-24 months……………………………………………….deduct 15 points
4) My Mortgage Payment has been on my credit report under 18 months………………………………………………………... deduct 20 points
5) I have never had a Mortgage……………………………………………………………………………………………………………………………deduct 30 points
General Business Information: (Not on Credit Report)
Business Documentation Confirmation
1) I have my articles of incorporation……………………………………………………………………………………………………………..add 10 points
2) I have my fictitious Name Statement - AKA Doing Business As or (DBA)…………………………………………………….add 10 points
3) I am a sole proprietor without any business license………………………………………………………………………………deduct 20 points
4) I am a sole proprietor with a valid business license…………………………………………………………………………………...add 10 points
5) I am an LLC or other type of Structure and I have the paperwork to prove it…………………………………………….add 10 points
Business Phone Documentation
1) I have a separate phone bill with my business name on it……………………………………………………………………………add 10 points
2) I do not have separate phone bill with my business name on it…………………………………………………………………..deduct 20 points
Business Tax Information
1) I have Business Tax Returns dating back 5+ years………………………………………………………………………………………….add 30 points
2) I have Business Tax Returns dating back 3- 5 years………………………………………………………………………………………..add 20 points
3) I have the last 2 years Business Tax returns……………………………………………………………………………………………………add 10 points
4) I have this year’s Business Tax returns only………………………………………………………………………………………………deduct 15 points
5) I have no Business Tax returns and no personal returns showing my business income…………………………….deduct 30 points
6) I have no Business Tax returns, but I have Personal returns showing my business income for 1 year………deduct 10 points
7) I have no Business Tax returns, but I have Personal returns showing my business income for 2 years………….add 10 points
8) I have no Business Tax returns, but I have Personal returns showing my business income for 3-5 years……...add 20 points
9) I have no Business Tax returns, but I have Personal returns showing my business income for 5+ years………..add 30 points
Time in Business for over 5 Years
1) I have owned my business for over 5 years…………………………………………………………………………………………….……..add 20 points
2) I have owned my business between 24 mo-36 months………………………..………………………………………….………………add 5 points
3) I have owned my business between 18 and 23 months……………………………………………………………………………..deduct 20 points
Business Gross is $2,000,000
1) My business Gross Sales is over $2,000,000………………………………………………………………………………………….……………add 20 points
2) My business Gross Sales is between $1,500,000 -$2,000,000………………………………………………………….…… ………….add 15 points
3) My business Gross Sales is between $1,000,000 – $1,499,999……………………………………………….………………………….add 10 points
4) My business Gross Sales is between -$800K - $999K………………………………………………………………….………………………0 Point move
5) My business Gross Sales is between $500K-$800K………………………………………………………………….……….………………deduct 5 points
6) My business Gross Sales is between $400-$499K…………………………………………………………………………………………..deduct 10 points
7) My business Gross Sales is between $350-$399K………………………………………………………………………………………….deduct 15 points
8) My business Gross Sales is between $250-$349K…………………………………………………………..……………………………….deduct 25 points
9) My business Gross Sales is between $100K -$249K…………………………………………………………………………………………deduct 30 points
10) My business Gross Sales is less than $100K……………………………………………………………………………………………………..deduct 50 points
Business Net Profit is 10 -60%
1) My business net profit is between 10% and 60% of gross sales…………………………………………..…………………………….add 10 points
2) My business net profit is between 5.9% - 9% of gross sales………………………………………………………………………………deduct 5 points
3) My business net profit is between 3% - 5.8% of gross sales…………………………………………………………………………….deduct. 15 points
4) My business net profit is under 3% of gross sales……………………………………………………………………………………………..deduct 30 points
5) My business net profit is between 60.1% - 75% of gross sales………………………………………………………………………..deduct 5 points
6) My business net profit is between 75.1% - 92% of gross sales………………………………………………………………………..deduct 10 points
Business Description
1) I’m in the real estate, construction, Investment or Check Cashing or other Money Transfer business…………….deduct 35 points
My Number of Employees (3+ Employees needed to qualify for a Business Loan of Business Line of Credit)
1) The number of people I directly employ is 10 +………………………………………………………………………………………………….add 15 points
2) The number of people I directly employ is between 6 -9……………………………………………………………………………………add 5 points
3) The number of people I directly employ is between 3 -5…………………………………..………………………………………………0 point move
Business Banking Information
Average Business Banking Account Balance
1) My average business bank account balance is equal to 1 months net profit……………………………………………………….0 point move
2) My average business bank account balance is equal to 4-6 weeks of the business net profit……………………………add 10 points
3) My average business bank account balance is equal to 6 weeks + of the business net profit………………………………add 20 points
4) My average business bank account balance is equal to 2-4 weeks of the business net profit…………………………deduct 10 points
5) My average business bank account balance is under 2 weeks’ worth of the business net profit……………………..deduct 30 points
Personal Financial Information
Personal Debt to Income Information: If you don’t know how to figure this out, click Here!
On this section, first find your appropriate income level and then check the correct debt to income box.
My Personal income is 75K – 300K (75K is Min Personal Income for a Business Loan Candidate)
1) My personal debt to income ratio is under .25……………………………………………………………………………………………………….add 25 points
2) My personal debt to income ratio is between.26-.30………………………………………………………………………………………..….add 10 points
3) My personal debt to income ratio is between.31-.35…………………………………………………………………………………………… deduct 5 points
4) My personal debt to income ratio is between.36-.40………………………………………………………………………………………….deduct 15 points
5) My personal debt to income ratio is between.41-.45……………………………………………………………………………………….deduct 20 points
6) My personal debt to income ratio is between.46-.50………………………………………………………………………………………..deduct 25 points
7) My per