US Small Business Working Capital Loans 2023 Low FICO Same Day Financing Expands
Mar 1, 2023
DAC Business Backing specializes in funding small business expansion in the United States and Canada through an easy online application process.
Milford, United States - March 1, 2023 /PressCable/ —
One of the biggest challenges for small businesses trying to expand is a lack of available funding for working capital. DAC Business Backing has made it easier for small businesses based in the United States and Canada to apply online for funding by expanding their low FICO same-day financing options.
Interested parties can visit https://www.dacbusinessbacking.com/
Serving over 700 industries and working with transparent lenders, DAC Business Backing provides unsecured loans to existing small businesses requiring easily accessible capital to fund expansion. The minimum requirements are less intensive than traditional lenders, and funding can be up to 50% less expensive than a typical merchant cash advance.
According to DAC Business Backing, small businesses cannot always receive the funding they need from traditional lenders because they have poor credit scores, no collateral or insufficient time in business. To qualify for business capital from DAC Business Backing, however, a company only needs a minimum of four months in business, a credit score of at least 500+, and a monthly revenue of $15,000 or higher.
Statistics released by the Small Business Association show that 33.2 million small businesses in America currently employ more than 61.5 million people. However, 18% of small businesses fail within the first year, 50% make it to five years and approximately 65% close their doors after ten years. According to DAC Business Backing, one reason for the failure of small businesses is a lack of working capital.
The expanded DAC Business Backing application process is entirely online, with minimal documentation required. The company needs three months' worth of bank statements, a voided check, and a copy of a valid driver's license.
After a client has completed the online application and submitted the necessary documentation, DAC Business Backing has a fast turnaround time. Applicants can expect to receive a decision within one to two business days and capital of up to $2,000,000.
Small business loans can be expensive, but DAC Business Backing is transparent about its costs. They charge a 0%-5% origination fee, deducted from the capital advance at the time of funding. Total payback costs range from 18 cents to 50 cents per borrowed dollar, with terms from 3 to 24 months and scheduled automatic fixed repayments.
The capital, terms and costs are based on the loan provider's analysis of the business and, if applicable, their history with DAC Business Backing. Returning customers with a reliable repayment history and customers with strong cash flow and good credit profiles are eligible for lower rates.
To find out more about how DAC Business Backing helps existing small businesses secure working capital and funds business growth, visit https://www.dacbusinessbacking.com/
Contact Info:
Name: Tiffany Whitehurst
Email: Send Email
Organization: DAC Business Backing
Address: 525 N. Main Street Suite 270, Milford, MI 48381, United States
Website: https://www.dacbusinessbacking.com/
Source: PressCable
Release ID: 89091213
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