Many businesses are struggling in light of the rapid spread of COVID-19, which has resulted in many states “locking down” residents and allowing only essential businesses to operate. While this is certainly an extreme, unprecedented situation, it’s a harsh way for many businesses to see firsthand how cash flow deficiencies can affect their day-to-day operations.
As your lending partner, we consider it our responsibility to provide you with the tools and funding options you need to keep your business running as smoothly as possible. In particular, our line of credit financing solution offers small businesses a flexible way to get capital to manage expenses right now — and be ready to grow when things start going back to normal.
Who We Serve
Minimum customer qualifications include a credit score of at least 560, time in business of at least six months, annual gross revenue of at least $50,000 and an average daily balance of at least $500. In addition, you must not be in an open bankruptcy or have had discharge or dismissal of bankruptcy in the last 12 months.
The core industries being offered this lending option are:
- Retail trade
- Professional, scientific and technical services
- Real estate
- Mortgage brokers
- Financial advisory firms/retirement planning
- Tax prep/accounting
Because we know one size doesn’t fit all, we’ll work with you to tailor your line of credit to your specific needs. Credit limits range from $5,000 to $100,000; repayment terms may be 12, 18, or 24 months; payment frequency may be monthly or weekly; and in most states where this product is available, you’ll have a 2 percent draw fee. In addition, your simple daily interest rate will range from 0.11 to 0.22 percent.
What You Need to Know
Since you never know when you’ll need cash, you’ll be able to draw from your line of credit anytime — 24/7 — up to your available credit limit. The average decision process takes less than four hours, and the average time to get funds after being approved is one to two business days. All we need from you is your Federal Tax ID and Social Security number, business and home addresses and phone numbers, and last three months of business banking statements.
In case you’re interested, our average approved credit line is $24,000, and the average first draw size is $13,000. And, you may be pleased to know there are no penalties for prepayment.
The application process consists of just four steps:
- Click “New Application” in the Partner Portal.
- Complete the application and submit your three most recent months of business bank statements.
- Receive a decision from underwriting.
- If approved, receive an offer email.
The funding process is also very simple:
- Receive the online checkout link.
- Select the first draw amount and term.
- Provide bank account and routing numbers (the ones submitted with the application).
- Sign the contract and authorize the capital disbursement.
- Receive the funds in one to two days.
If Clear Skies Capital can help you get through this challenging time — and plan for future unknowns — don’t hesitate to contact us. Not having access to capital shouldn’t be the reason you struggle. We’ve worked with many business owners, so we’d love to share our expertise while investigating financing alternatives with you. Discover how much you qualify for today.