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1-800-541-0114
Start-Ups & New Business Leasing?
YES,
We Can!
About
Equipment Leasing For New Businesses
Start-up leasing is for brand new businesses that are
beyond the "idea" stage and either about to open for business or
that have just opened. Businesses operating 12-23 months are
generally termed "new." Both start-up and new businesses
have historically incorporated additional credit risk and
consequently the payments may be somewhat higher and the credit standards
more stringent. For most start-up applications the principals'
personal credit will be carefully reviewed along with their previous
earnings history.
The business "idea" and the principals' related
experience will also be evaluated. However, a new business is still
a new business and the business plan, no matter how compelling and
the principals' experience no matter how significant, will
not
override poor personal credit or lack of any previous credit.
All start-ups
transactions must have a minimum of the following verifiable
characteristics prior to funding:
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Business
Checking Account |
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Business
Name--Corporation, LLC, Partnership or other
name filed with the appropriate state authority |
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Business
Telephone Directory Listing
(actual or ordered) |
In addition, we
will require the following on all start-up and new business transactions:
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Personal
Guarantees from all owners with 10% or greater
ownership. |
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First Capital "New Business Profile" |
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Detailed
Equipment Description & Vendor List |
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Lease Payments By ACH
(Lessee must pre-authorize monthly lease payments via
electronic debit) |
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Signed
Lease Proposal. First Capital's lease proposal will describe the terms of the lease approval we expect
to obtain. A Good Faith Deposit (the greater of $250, or 3% of
the lease request) is required to cover First Capital's
review, analysis and due diligence on your lease request. 100% OF THE
GOOD FAITH DEPOSIT WILL BE APPLIED TO YOUR APPROVED LEASE, upon funding.
In the event your request is not approved, the Good Faith Deposit will
be refunded in full, less $49. Please review the Good Faith Deposit
terms. |
Start-Up
Equipment Leasing Programs -- General Parameters.
(Credit is about financial history and a track record of honoring
previous obligations--and that's exactly what start up's don't have.
We understand. So we will look to the good personal credit of the
owners whenever possible, without that however there's nothing else to make
a credit decision on)
We
offer 3 basic start-up leasing programs:
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Application
Only to $35,000. First Capital will consider
start-up's for as much as $35,000, based on First Capital's standard
one-page application,
clean personal credit and a business or personal
bank reference for all owners (at least 3 month history to verify a
low four-figure balance in good standing ). |
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Extended
Credit to $50,000. First Capital will consider
requests to $50,000 with
clean personal credit and the following
documentation for all owners: |
- Standard
One-Page Application
- Personal
Financial Statement
- Pro-Forma
(projections) for the new business
- Last Two
Years Tax Returns (call for details)
- First
Capital "New Business Profile"
- Evidence of
an alternate source of income (i.e. other business ownership, real
estate income, working spouse etc.)
This
program may offer slightly more aggressive payments on transactions
between $5,000 and $30,000 as well, because of the additional financial
disclosure.
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Structured
Start Up / New Business transactions to $200,000, or more. We will consider larger
transactions with the same details as the "Extended
Credit" program with a cross-corporate guarantee and/or when
collateralized
with unencumbered real estate, CD's, letter's of credit, marketable
securities,
cash-value life insurance or other liquid assets. |
Restaurants
& Retail
Food/Beverage -- A Special Case
Yes, we can even
fund start-up restaurant leasing ("ground zero") and foodservice requests, subject to
the following:
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Start-Up
Restaurant & Retail Food/Beverage to $15,000. (brand
new/ground zero)
Maximum term may be limited to 36 months.
All owner's must have excellent credit
scores (approx. 700+),
clean
personal credit and: |
- Standard
One-Page Application
- Personal
Financial Statement
- Pro-Forma
(projections) for the new business
- Last Two
Years Tax Returns
- First
Capital "New Business Profile"
- 5-20% Security
deposit at closing
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Restaurant & Retail Food/Beverage Application Only to $35,000.
("New" defined as operating at least one year, verifiable). First
Capital will consider "new" foodservice leases for as much as $35,000,
based on First Capital's standard one-page application,
clean
personal credit and a business or
personal bank reference for all owners (at least 3 month history to
verify a low four-figure balance in good standing). No lunch
trucks/carts. Pro-forma
projections for the new business are a plus. |
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Multiple
Location Restaurant Expansion, or
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New
Ownership of Existing Retail Food/Beverage to $75,000.
Existing
location must have minimum time in business of 2 years. All
principals must have
clean
personal credit.
Name,
physical proximity and owners experience are part of criteria. New
location will be considered at Start-Up rates. Call for specific
details.
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New
Retail Food/Beverage Structured to $200,000, or more.
We will consider larger transactions with
clean
personal credit
AND when collateralized
with unencumbered real estate, CD's, letter's of credit, marketable
securities,
cash-value life insurance or other liquid assets. |
Documents
You May Need from
Download
Materials.
QuickLease
Application, Personal Financial Statement, New Business Profile
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