Everything You Need To Know
Small Business Funding FAQs
Get fast, clear answers to your biggest funding questions. Whether you're applying today or just exploring options, this FAQ guide will help you move forward with confidence.
Business Funding Application Questions
Minimum Requirements, Application Timeline, Required Documents, Speaking to a Funding Specialist
To qualify for business funding, your business must meet the following criteria:
- Minimum six months in business.
- Minimum of $180,000 in annual revenue
- Minimum 525 Personal FICO score
- Business checking account
Our online application can be completed in under 5 minutes. Funding decisions are typically made within 12 hours and approved funds can be deposited the same day.
Here at Pinnacle Funding we like to keep things simple. All you’ll need to apply is your three most recent business bank statements and some quick questions that can all be completed on our portal.
Absolutely! Our dedicated Relationship Managers are available to assist you. Contact us Monday through Friday, 9 AM to 6 PM EST, at (347) 694-8180.
Credit And Loan Approval FAQs
Credit Score Impact, Approval Criteria, Line of Credit Requirements
No. At Pinnacle Funding, we go beyond just analyzing the numbers; instead, we take a holistic view of each business. If a company’s fundamentals are solid and its credit score meets our minimum threshold of 525, we’re able to provide the business substantial funding.
No, submitting an application will not affect your credit score. We only perform a soft credit pull, which does not have a negative impact on your credit score.
To qualify for a business line of credit, your FICO score must be 525 or higher.
No. Since we only do a soft credit pull, your business funding application will have no effect on your overall credit score.
Funding Process And Timing FAQs
Industries Funded, Approval Speed, Fund Deposit Timeline, Fund Usage
Yes, we do not offer funding to businesses in the adult entertainment or gambling industries.
You will typically receive an approval decision within 12 hours, often on the same day. Applications submitted after business hours are processed the following day.
You can choose from the following options:
- Same-day wire transfer (fees may apply).
- Next business day ACH transfer.
You can use your funds for anything. You can use your business funding to pay for that business expansion you’ve been planning, order more inventory, make payroll, or to pay off debt. Whatever your growth goals may be, we’re here to back your ambitions and make your next move possible.
General Business Loan And Funding FAQs
Financing Terms, Collateral Requirements, Using a Business Line of Credit
- Fixed-Term Financing: Terms range from 6 months to 2 years, depending on the product and borrower’s profile.
- Revenue-Based Financing: Terms fluctuate based on your business’s cash flow.
You can use it for anything your business needs. A business line of credit offers flexible access to funds, allowing you to withdraw money whenever you need.
No, we do not require collateral for any of our funding products.
Yes! Our financing options can complement existing traditional loans without affecting your current obligations.
Yes, absolutely. At Pinnacle Funding, we take data security seriously. We use advanced privacy technologies and 256-bit encryption to keep your information fully protected.
Accounts, Repayment, And Renewals FAQs
Monthly Payments, Prepayment Penalties, Early Payoff, Renewal Eligibility
Yes, qualifying businesses can opt for monthly repayment plans.
For revenue-based financing, your business bank account is automatically debited based on the agreed upon payment schedule. There is no need to manually make payments or worry about missed deadlines.
Absolutely not. Our funding products do not have any prepayment penalties. In some cases, early repayment can even qualify you for a prepayment discount.
Yes, you can repay your loan at any time without any penalties. Depending on your funding agreement, you may even qualify for a discount on your balance. Contact your Relationship Manager for further details.
Most clients qualify for renewal after paying 40% to 50% of their loan balance. In some cases, you may qualify sooner. Contact your Relationship Manager for further details.