TOP QUESTIONS What are the loan amounts and terms?
Term Loans and MCAs offered through FLX Capital range from $2,500 – $250,000. Term Loan offers terms that range from 6 months to 18 months. With MCA, terms^^ and payment amounts adjust with your payment card sales.
^^The estimated turn of a MCA is the period of time estimated, at underwriting, that it will take to collect the total amount of future receivables that it purchases of the business’s daily card sales. MCA turn can only be an estimate because the dollar amount collected against the total receivables on any given day fluctuates with the business’ fluctuating card sales volumes, and MCA has no set term, maturity date or fixed or minimum payment amounts.
What types of small business does FLX Capital work with?
We work with an array of businesses nationwide—from dental offices and climbing gyms to restaurants and coffee shops, nail salons, automotive repair shops, plus hundreds more! Our customers range in size from at least $100,000 in revenue to multiple-location businesses with millions in revenue.
Are there restrictions on how I use the working capital?
With FLX Capital, you have the freedom to use the funds in your business—for taxes, payroll, inventory, marketing and advertising, business expansion and so much more—almost any business need! You’re the boss, so you make the call.
How much can I get for my business?
We offer access to customized funding options from $2,500 to $250,000± per location. When you apply through your broker, they can tell you how much your business could qualify for, and there’s no obligation.
±This is an invitation to apply (applicants must meet certain eligibility requirements) and not an offer or commitment to provide access to capital. Restrictions apply.
How fast can I get the funds?
Once your business is approved, the funds will be sent to your business account as fast as the next business day.
I’ve had personal credit problems. Can my business still get approved?
It may not matter. At FLX Capital, the criteria for funding eligibility includes the performance of your business. We’re all about building long-term relationships with business owners – like you – who have the know-how to grow their businesses, but need the funds to make it happen.
Are there any fees?
Yes, a one-time origination fee is collected at time of funding the Term Loan. This small fee helps recover costs associated with processing, underwriting and servicing for your new loan contract.
For Term Loan the origination fee is 3% of the principal/funded amount and is automatically deducted from your business bank account the day after funding.
For MCA, there is a $595 Administration Fee.
What about the cost of capital?
While it’s true that you may find lower pricing at your bank, if you’re like most small businesses, you may not qualify. That said, pricing of the products we market is competitive with other alternative finance companies, and our process is fast—funds can be sent as fast as the next business day.
Applying & Repaying
TOP QUESTION How does the application process work?
When you apply through your broker, they can tell you how much your business could qualify for, and there’s no obligation.
Is a personal guarantee required?
Yes, we require a guarantee from the owner of the business.
How does my business qualify for funding available through FLX Capital?
To qualify for Term Loan or MCA funding available through FLX Capital, your business must meet the following requirements:
At least 6 months in business
> $150,000 gross revenue
< $175,000 in outstanding tax liens/ judgments
No personal or business bankruptcy that has not been discharged for at least 1 year
How does repayment work?
For Term Loan, payments are automatically made one weekday or each weekday when the predetermined amount is debited from the business account.
With MCA, there is no repayment because this product is not a loan; instead an MCA is the sale of a portion of a merchant’s future payment card sales.
How do you apply for future funding?
When your business becomes eligible for renewal review, we will contact you. A renewal specialist is available and will review your options to help you find the best solution available at the time.
For more detail about the renewal process, contact us at 714.654.5626.