How It Works
How to Qualify for Business Financing?
As a business owner, you face dynamic challenges and opportunities every day and require a selection of effective business funding solutions instead of a “one size fits all” business funding program. At Lex Funding, we offer just that, a selection of flexible business funding solutions to help you meet your business needs and goals, overcome unique business challenges, and take advantage of important opportunities.
Your Business Should:
- Be operational for at least 2 months (depending on the type of business you are in, time in business requirements may vary).
- Generate at least $7,000 a month in gross revenue. (for business cash advance)
- Process a minimum of $5,000 per month in credit card sales (for merchant cash advance only)
- Be located in the United States, Canada or the UK.
- No Start Ups
Whether you need urgent cash to cover a temporary deficit, or you are ready to take the next step towards expanding your business, with Lex Funding on your side you can secure the future of your company. Apply for business funding now. and get an answer from us within hours. There are no fees of any kind, and the application will take you less than 5 minutes.
How Much Can You Borrow?
Our minimum business funding offer is $5,000 and our maximum is $2,000,000.
We cater to businesses of all sizes, ranging from the smallest corner pizza shop to multi-location retail and service chains.
How To Best Prepare Yourself For Business Funding?
- Gather 4 most recent months of bank statements and merchant processing statements (if available), and make sure they’re complete.
- If your business is seasonal, be ready to show what your sales volume looks like during both the high and low seasons.
- Make sure that you have proof of business ownership, in case there are no public documents that we can access.
- If your business carries accounts receivables, prepare an Accounts Receivable Aging report (only for A/R Factoring).
- Have proof of business ownership ready (Business License or Schedule K1)
Think carefully about how you plan to use the funds, and how much you really need.
What information do you need from me to apply?
- Completed Lex Funding application..
- Past 4 months of bank statements and/or merchant processing statements showing your credit card processing activity. If you have more than one account please include statements for all business accounts.
- Clear Copy of Photo ID
How quickly does it take Lex Funding to make a decision on my application?
- Lex Funding can often give you a decision in as little as one day.
How fast can I receive the funds?
- After an approval is received and you accept the funding terms, you will need to provide some final documents, and then we will fund you within a 24hr period. (Funding may be done Via ACH or Wire Transfer)
Can I apply for a second advance if I need additional financing?
- Yes, if you determine your business need additional cash, we will ask you to submit a month to date business bank account statement for review and if the business can support the loan we will provide you with additional capital. Please keep in mind we will advise against additional capital (over leveraging) if we feel it would put your business in jeopardy.
Is there a penalty for early repayment?
- There are no early repayment penalties. In most cases we will provide you with an amortization schedule showing you the savings you can expect for early repayment.
