• Questions? Call 855-889-1990

Business Loans FAQ’S:

Who is First Choice Business Capital?
Why Choose First Choice Business Capital?
What types of businesses do you work with?
How do I apply?
Are there restrictions on how I use the working capital funds?
How do I know if my business qualifies and does it cost me anything to apply?
Do you fund startups?
What types of Loans do you provide?
What is an Merchant Cash Advance?
What if I already have an existing Merchant Cash advance outstanding?
Is credit card processing required to get a business loan?
How often are payments to First Choice Business Capital processed?
I have bad credit, can I still qualify for business funding?

 

 

Who is First Choice Business Capital?

First Choice Business Capital specializes in providing alternative lending solutions to small and medium size businesses for all types of industries.  We leverage our flexible business loan solutions with a large network of financing professionals across the nation and have offices in Miami and New York.  We are an alternate lending company providing you with the maximum number of resources available; from in-house direct lenders to our vast network of financial partners offering you the easiest and fastest working capital options all under one roof.  Our mission is to always provide what’ best for the merchants we work with and strive to make the lending process as simple and straightforward as possible.

 

Why Choose First Choice Business Capital?

One of the biggest benefit to our merchants is that you’re essentially applying to multiple lenders with just one application.  With multiple offers in hand, you can shop for the best funding products at the best rate.  Our rates vary from 4% to 36% and small business loans through First Choice Business Capital range from $10,000 to $5,000,000.  We have streamlined the application process and require minimal paperwork; plus we are able to fund very quickly – typically in as little as 3 to 5 days.  

 

What types of businesses do you work with?

We serve over 650+ different types of industries so the chances are good that we can work with you.  We work with medical, hospitality businesses, restaurants, boutique hotels, retail establishments, trucking and transport, law offices, construction, child and daycare just to name some of the most common industries we have worked with.

 

How do I apply?

Simply fill out the online application, or call us and speak to a First Choice Business Capital specialist right away.  Once we receive your loan application, we’ll start the process immediately by reviewing your application and determining your specific needs and the best financing options available for your business.  You’ll be asked to submit 3 months of your most current credit card and bank statements to document sales. Once submitted, we will do the rest and get back to you with usually within 24-48 hrs. Once you review the offer and agree to move forward, funding can be wired directly into your bank account. The whole process is easy, there is no obligation and typically takes just 3 to 5 business days!

 

Are there restrictions on how I use the working capital funds?

No, may use the funds however you wish.

 

How do I know if my business qualifies and does it cost me anything to apply?

There are absolutely no fees to apply to see how much you qualify for.  We’d love the opportunity to present you with viable funding options at no cost and no obligation to move forward.  We are completely transparent.  The initial qualifications are simple, we require a minimum average of $7,500 of monthly revenue in each of the past three months and you must have been in business for at least 3 months and no open  bankruptcies.

 

Do you fund startups?

Sorry, we can not fund any start up businesses.  In order to be eligible for our working capital options such as merchant cash advances (MCAs) and Business Cash Advances,  you must have a business in operation for at least 3 months with a separate business bank account generation at least $7,500 per month.

 

What types of Loans do you provide?

We provide business loan options such as MCA and business cash advances in all 5 states.

 

What is an Merchant Cash Advance?

A merchant cash advance also known as an MCA, business cash advance, credit card receivable financing or credit card factoring is an easy alternative lending program that allows a business to receive a lump sum of capital in exchange for the sale of future credit and debit card sales — and no collateral needed.

 

What if I already have an existing Merchant Cash advance outstanding?

No problem, in most cases we can easily payoff your existing merchant cash advance and provide you with the additional funding you need.

 

Is credit card processing required to get a business loan?

No.  It does not matter whether or not your accept credit cards, you can still qualify for financing.

 

How often are payments to First Choice Business Capital processed?

We collect a small percentage of your credit and debit card sales as they are settled.  We offer different programs either on a weekly or daily schedule.

 

I have bad credit, can I still qualify for business funding?

Yes, your credit history does not play a major role as part of the qualification process.