How would you like to have an “Instantly” approved small business loan from $2,000-$25,000 on the same or next day...Or how about up to $2,000,000 Incredibly fast?
Welcome to this Bitty Advance Review where I “Michael Granados” a small business owner like yourself (owner of Viral Funding Solutions too) who has many years of getting funding and helping Many business owners of all backgrounds and industries as an expert business loan broker/agent get funded, will be pulling back the curtains to show you the HARD truths, the pros and cons, alternatives and so much more so YOU can finally get out of your rut and help your business grow to the next level, but first...
You’re a hard-working person who deserves to keep pushing forward - to keep moving your business to it’s Ultimate growth and as a small business owner myself I know the ALL too daunting feeling of your face going pale…
The cry of agony when you can’t reach into your savings account for funding, reaching out your friends and family without rolling your eyes, and trying to use the Banks as your last resort only to find out you get a HUGE “Denied” stamp on your forward!
To make matters worse...You end up with an avalanche of mental frustrations that just crush you physically body and spirt, and to Ultimately closing your doors. Fortunately there’s a solution, Bitty Advance. With Bitty you’ll be able to finally get fast same day funding, get funding with even bad credit, and go through a simple approval process.
So to answer the "is bitty advance legit" question before moving forward, yes it is. there is no bitty advance scam, okay?
Alright, let’s get into the specifics.
What Is Bitty Advance?
Bitty Advance is a leader in the Merchant Cash Advance (MCA) industry who’s purpose is to provide capital to thousands of entrepreneurs in ALL 50 states. They fund small business owners between $2,000-$25,000 and continuously if you (or someone else) wants more of it.
In case you didn’t know what an MCA is, it’s an agreement to exchange your future business revenue for an upfront amount of cash advance to you immediately. MCA’s have been successfully used by nearly every type of small business, including:
- Health Care
- Child Care
- And many others!
Going Inside Bitty Advance
Did you know there's Bitty advance partners that can fund you in a more secure way?
Cool thing about Bitty Adance llc is they’ve partnered with one of the Industry Leading alternative small business capital companies.
Revenue-Based Funding is more traditional, it's not based off your future credit and debit card sales, you get a fixed payment plan unlike MCA's, and is WAY Less expensive - So in all it's A LOT better! It's a Hybrid of an advance if you will.
Plus, you can get instant approval and same day funding cash advance which is Unheard of in the industry, how?
But in short, this program is a branch of More Funding Services where you can get up to $2,000,000 in funding. So you get options:
- Up to $2,000,000
- Up to $25k
- Up To $100k
- Up To $5k
- And More!
So the bitty advance partnership is VERY real and there's nothing else out there like it. Now here are the qualifications...
Bitty Advance Qualifications:
Here are the Bitty Advance requirements:
- Be making at least $5,000+ PER month
- 6+ months in business
- 550+ credit score
- You need a business checking account
- Business Entity LLC or Corp or sole Proprietor
- Minimal NSFs/Negative Days - No more than 5 NSF or negative days ANY of the last 3 months
- All industries welcomed
- Current loan consideration: If you have a current capital advance, the amount still owed will be taken into consideration and cause a reduction in the approval ammount. More funds ("2nd Positions") MAY be avaialble.
- P.S. IF you need a third position or even fourth then there's a bigger tier service down below you have to see if you qualify for.
- P.P.S. If you think by getting more advances it should decrease your rate and increase your terms as well as get you more funding then your current positions (balance taken into consideration), you are HUGELY mistaken. Usually and more specifically taking your remaining balance as well as your profile into consideration, your rates could be higher and terms could be lower with more positions.
Your approval amount is up to 75% of your monthly revenue, for example:
You make $10,000 Monthly Revenue = $7,500 Advanced Offer. These are 4-6 month terms with automatic daily payments - Which daily is better than monthly because it's easier to go into default with monthly payments and you get a smaller percentage taken out of your revenue - much better than other options...
You know how much is being taken out daily with any fluctuations. PLUS many people can't qualify for a monthly/weekly payment with longer-terms to even start so it wouldn't make sense.
The rates (not Interest rate based since these are advances not bank loans), are between 1.19-1.69, or in other words, the cost of funds is between 19%-69% of the amount we will fund you. You can call it interest rate but it's rather a factor rate, and without offering up collateral, and you have a risky business financially, you have to understand why the rates are high, right?
To get a bitty advance approval you do have to make sure you meet the requirements and do ALL of these steps I will mention just below in a second, okay?
But first, if you DON'T meet the Bitty Advance qualifications/requirements I just mentioned above, you can jump to the alternative section by clicking here (otherwise just keep reading the application steps for bitty if you DO meet the qualifications coming up below in a second).
Does Bitty Advance Report To Credit Bureaus?
No, because they are revenue advances not loans. The only time they report is IF you default and need to to go to collections.
Bitty Advance Application (Step-by-Step Process)
The bitty cash advance application steps are pretty simple, here’s what you’ll go through with the bitty advance pre approval and more:
- STEP 1: Fill out the small business funding details
- STEP 2: Pre-Approval Page. You’ll get your loaned amount and you can either accept or deny it.
- STEP 3: Add Your Business Information
- STEP 4: Business Revenue Verification
- STEP 5: Update your offer
- STEP 6: Fill out owner information
- STEP 7: Upload your drivers license
- STEP 8: Upload a voided check
- STEP 9: Done. Your loan is ready to transfer into your bank account.
For a visual/image representation of the application process, click here to see.
Go through the bitty advance apply here:
1099 Self-Employed, Contractor/Gig Worker Service...
What if your a 1099 contractor/gig worker and need funding?
Good news, on May 1st 2022, a NEW service was launched where you can FINALLY apply for funding and even without:
- A business checking account (just use your personal bank account)...
- Without a FICO credit score check (No credit check whatsoever!)...
If you want to check out how this funding program works and how to get up to $5,000 fast, Click here to see my in-depth review of the program
Bitty Advance Customer Service
How's the Bitty Advance customer support side of things?
Bitty Advance has a great customer support team from all parts of the US (Not just Florida) who are dedicated to help answer any questions, frustrations you may have. I've had people at times ask me "Why is there a person with an accent on the phone" as if it to say "Is this legit"...
And yes it is legit. I know sometimes we worry about who's on the other line and making sure they are not "scammers" but I'm here with 100% confidence and certainty telling you this is 110% legitimate and trustworthy service.
Bitty Advance Reviews
Here are some bitty loan reviews reviews on Trustpilot:
Aside from thos great bitty advance loan reviews, here's on the BBB...
Bitty Advance BBB
On the Bitty advance bbb website it says it's currently not bbb accredited (which isn't necessarily a bad thing), and there is currently one complaint, BUT keep in mind that this complaint (and if there were any others) are usually misleading and it's a matter of not fully understanding the service or just trying to bash the company.
So like I said earlier, it's just not fully understanding the contract and what they were supposed to be doing.
How Much Does Bitty Advance Cost?
It’s completely Free to start and finish your application. The only cost will be your time and energy so I HIGHLY advise you know the requirements for getting accepted into the program so you’re not wasting your time and find out you get upset if you don’t get approved.
To view the requirements, look just below to see "who" this service is for...
Who Is Bitty Advance For?
Bitty advance is made for small business owners who want and need small business capital from $2,000-$25,000 same day or next day funding to grow, expand, make payroll, get more inventory and for many more reasons. Here’s more:
- Business Owners with at least 6+ months in business
- You’re making $5,000+ per month in revenue
- You have a business checking account
- 550+ credit score
- ALL industries included
Who’s it not for?
- People who don’t meet ALL the requirements up above in the “who’s it for section” (no exceptions!)
- People wanting more than $25k or $35k who have the qualifications for it.
Pros And Cons
- Super fast same day funding up to $35k and even a derivative of that for up to $25k so you can put your money to use right away and get out of a tight pinch, grow, and expand which means you'll grow your business much faster and keep everyone happy.
- Minimum qualifications of a bad credit score, minimum monthly revenue of $5,000+, all industries included and many more which means you'll have a higher chance of getting approved and have a safe secured loan at the same time.
- Straight forward application process so you don't have to worry about going through complicated rates and pre-payment applications like many other places which means you'll get through it faster and feel like you didn't burn a sweat!
- Reputable and a leader in the MCA industry so you can have 100% confidence and certainty that you'll be well taken care of and be able to secure a loan that will pay off in the end.
- I wouldn't really say there were any cons and I'm not saying this to be biased but maybe I'd say it's not best for sole proprietors. Even then that's not a con to be honest with you.
- Limited to only $35k or $25k with their partnership with another program.
There are NO close alternatives to bitty advance (at least not yet) so I can’t say there are other and even better alternatives to turn to for business funding up to $25k who ALSO offers the smallest requirements to get approved for. However, there are other one's like:
- Up To $2,000,000
- Business Capital With National
- Rapid Finance
- Fundwise Capital
- Credit Suite
Fundzio and bitty advance are owned by the same person, it's just that Bitty offers smaller advances of $2,500 to $10,000 alone with a turnaround as fast as soon as the same business day.
Fundwise has higher requirements you may not qualify for. So I recommend Bitty Advance with their partnership(s) for sure. Start your bitty advance 2 Application here:
NOTE: Once you click the button above, on the following Page you'll see the partnership with Bitty Advance so there will be a different webpage name which is Legit and Trustworthy, from there you'll go through entering simple information and then go through a quick "questionnaire" and if you meet the qualifications for Bitty, then you'll see the "Bitty advance" page.
The "Up to $2,000,000" option you'll learn about next on how to get a "Hybrid" advance and term loan, but there's also the "Business capital with National" option where they can do a variety of options like asset based financing, and SBA 7a loans and a little more services...
but I would start with the "up to $2,000,000" below first...
Need More Than $25,000?
In the case that you're wanting more than $25k AND you qualify for it, I recommend checking out the "bigger brother" of Bitty Advance and another service which is the This One Right Here.
With this program you can get an approval within a day, funds deposited within 1-2 days as much as week depending on your file/portfolio and you can get 75%-2x (75%-200%) your average monthly revenue/Lowest Monthly Revenue IF you're doing $15k+ within EACH of the last 3 months...
And even if you are and want less than $25k or up to $25k, you should still consider applying through the "manual process" up to $2,000,000 service.
Here are the qualifications for this "up to $2,000,000" program:
- You're making $15,000+ in monthly sales within each of the last 3 months (Don't have this type of revenue?
- 500+ FICO Credit Score
- 4+ Months in Business
- You must have an opened business checking account (Must be in name of your business, not a personal account used for business)
- You are not transferring funds from multiple banking accounts as well as not from personal to business checking as that doesn't count as "organic deposits" or "true deposits", thus it's not actual revenue.
- LLC or Corp or Sole Proprietor
- Minimal NSFs/Negative Days - No more than 5 NSF OR negative days in any of the last 3 months.
- Current Loan Consideration: If you have a current capital advance, the amount still owed will be taken into consideration and cause a reduction in your approval amount. More funds (2nd-4th positions) May be available. If your loan is an EIDL loan, it will NOT affect you and causes a reduction, they are separate from these advances.
- P.S. If you have a first position only or more, we will take the balance into consideration to see what if anything we can give you BUT don't be surpised when the rates are higher and terms are lower as well as much you get be lower than your other positions (what you initially received). ..
- Usually the rates increase with multiple positions.
- P.S. If you have a first position only or more, we will take the balance into consideration to see what if anything we can give you BUT don't be surpised when the rates are higher and terms are lower as well as much you get be lower than your other positions (what you initially received). ..
- Not have a default with another advance/loan company. Regardless of how long ago.
- Background checks - If your background report comes back with a criminal record or past financial issues and past UCC Filings too, then it can be an automatic decline.
- NO MCA Defaults
Also NOT have issue with:
- Financial Fraud
- Past default and past judgment in place
- Submitted altered bank statements to another lender
When something like the above issues happens, you end up on what's called the "DataMerch" which is a system lenders use to determine your future eligibility of getting a loan. Once you have one or more of these, you can NEVER get funding in the industry again (so be careful with what you wish for).
So the Approval Amount for just about every industry is approximately 75%-2x your monthly revenue, Ex: $50,000 monthly revenue = $50,000-$100,000 advance offer.
The amount you "can" get will vary on factors like:
- Revenue - Cash flow, amount of deposits, remaining bank balance, consistency, etc.
- Negative days/Non-sufficient funds and more.
What about interest rates?
We don't have any (and I'll speak on this later down below), we calculate on "Total Payback" which is much easier and not complicated like rates are, PLUS, we're very inexpensive compared to everywhere else.
Your Repayment Amount is 1.19-1.49x your advanced amount. Ex: You receive $60,000 and you pay back between $72,000-$89,500.
These are 4-24 Month Terms with Automatic Daily/Weekly MICRO Payments...
Listen, Daily and Weekly payments can be FAR greater then monthly payments because they reduce your risk of going into default and monthly payments cause more stress having to worry about meeting those monthly deadlines as well as taking on added interest that you have to pay (becomes too expensive). And if you get a default this will happen...
You will NEVER be able to get funding online here or anywhere else ever again. It gets reported. You can ALWAYS get a chance of moving from daily to weekly payments IF you didn't start there...when you make your payment on time, you pay off your advance earlier and are in overall good standing with the lender(s). But that's what you'll see ALL across the industry, and it's not a matter of "feelings" rather the logic in the math and IF you meet the qualifications and criteria to get a monthly payback and longer term...
But expect higher interest rates if not more than an MCA at about 25% to 50%.
PLUS: If you're "against" daily payments, it shows two things:
- You don't have a well structured and organized business that can be profitable or stay stable. You're fighting every day with insufficient revenue - Ex: You make $100 one day, and then $500 another, and then like $0 after that and so on.
- Your monthly payments are very in-consistent.
Also, as opposed to thinking about "how much of a rate or interest" you'll have , think about the "BENEFIT" of what getting the money and using it for will be, for ex:
If you were a restaurant wanting to expand and you want to create a New patio to hold more customers, and you believe that will double, triple or quadruple your profits, do you think the total payback would really even matter at this point?
So it comes down to your Repayment and not so much about the rate or even the term in a lot of cases.
P.S. We have a 3rd quarter Monthly Payment Option Now where you can get from 6 momths to 36 month terms and from $50k to $1,000,000 BUT you MUST be doing $50k+ per month in sales within each of the last 3 months, in business 12 months or longer with the following:
- Personal FICO score above 650
- Less than 6 NSF's (Non-sufficent funds) in the last 30 days
- Less than 5 Negative banking days in the Last 30 Days
- Closing costs or orgination are 0-2.5%
- Application fee = None
- Required Collateral = None
- Turnaround time = 1-3 days
(Restriced Industries ONLY for this monthly payment option are Law Firms, Staffing Companies, Real Estate companies of ANY kind, Farms, CBD/Cannabis, Mortgage Insurance/Brokers)
NOTE: If your business is strong enough and on like a premium level this monthly option may work, otherwise the 4-24 months is the one.
This is more so for the up to $2,000,000 Capital (not bitty advance), but you just to show you the "technical" side of how these rates are calculated, here it is:
- 1.19 to 1.30 = A Paper Lending/Clients
- Clients with great revenue over $50k monthly, excellent FICO (700+) and been in business 24+ months (2+ years) is what you can expect as a payback rate.
- 1.31 to 1.49 = B-C-D paper Lending/Clients
- B paper is a client with revenue above $20k monthly, good FICO (625+) and been in business 12+ months (1+ years)
- C paper is a client with 525+ FICO credit scores
- D paper is a client with below 525 FICO
The rates you get vary depending on your:
- Time in Business
- Other credit issues such as past Bankruptcies (if any) or number of current delinquencies
- Lender partners take into consideration time in business and monthly revenue dips when determining your rate.
- Other issues that may impact the rate you get are number of current funding positions, number of NSF's, number of negative banks days, number of inquiries on credit from other lenders, daily balances, along with a few other factors
So you get to see how your rates for the up to $2,000,000 working capital is calculated, the Bitty advance/partnership program side is a bit different because there are less revenue requirements but you get to see what lenders and underwriters will look at.
Related: MCA same day funding
Terms and Rates Continued...
Now that you know the rates, let me show you how the "Terms" are calculated...
Terms are usually dependent on:
- Business Type
Like the rates above, we have an "A-D Paper Lending Client" criteria and here it is...
For A&B Paper:
- Weekly/Daily Repayment
- 12-24 Months is what you get
- You must have $50k+ monthly revenue
- 675 FICO Credit score
- 1+ years in business
For C Paper:
- Weekly/Daily Repayment
- 7-11 Months given
- You must have $25k+ in Monthly Revenue
- 600+ FICO Credit score
- 6+ Months in business
For D Paper:
- Daily Payments ONLY
- 4-6 months given
- You must have $15k+ monthly revenue
- 500+ FICO credit score
- 4+ months in business
So after seeing these terms and rates at the top, would you say you have a better understanding of how part of this underwriting process works and what you can qualify for?
Underwriting Guidelines Continued...
So I want to show you more of what the underwriting guidelines entail but I first want to share with you what Documents you'd usually need to submit before a file is submitted to underwriting (again, if I didn't already say this earlier):
- Application - Have it completed, dated, signed and legible
- Bank Statements - Most of the time we just need your 3 most recent months of bank statements. On occasion 12 months (if you request higher amounts of funding and or industry dependent - Like seasonality's).
- Voided Check - Requires Voided check on ALL business accounts submitted
- Driver's License - We'll need a copy of your driver's license for all owners on the application (if more than one of course).
- Tax Return - We ONLY need your last filed tax return IF the funding you're requesting exceeds $100k but usually with the "A-Paper Lending Clients" it's at least $150k when you have to submit taxes.
- Financials - These re requested on ALL requests exceeding $100k - For "A-Paper Lending Clients" it's usually when you're asking for $150k+. **P&L & Balance Sheet, Tax Returns, AR Report (Accounts Receivable) or it's not an AR Report, then a work in progress report that shows you what you have going on in the future if we're going to give you all this money that shows us you will still be in business and you can afford to pay it back.
Now onto the Underwriting:
So each lender has their own underwriting criteria to meet in order for them to provide you with a "solid offer". This will vary from lender to lender especially from "A-paper Lenders to B-C-D Paper Lenders".
Here are the TOP 4 Underwriting Issues that Result in Automatic Declines:
- You (or another client) has a past default with another advance company - Regardless of how long ago it is. If you default at any point, there is rarely a second chance and you just can't get funding online.
- Your background report comes back with a criminal record or past financial issues. Past UCC filings too.
- Your bank statements show 5 or more negative bank days or over 7 NSFs (Non-Sufficient Funds) during one of the last 3 months
- Your Credit is less than the required minimum. "A paper" would be a 680+ FICO, "B&C Paper" is 550 FICO, and "D Paper" is above 500 FICO.
- Your application MUST be completed, signed and dated.
- The applicant (whether it's you or someone else) MUST own 51% of the business to apply. Sometimes will be required to own 75%. If not, then 2nd or 3rd owner MUST be on the application
- Transfers from one account to another, loans, refunds or other deposits not relating to revenue will NOT be counted as part of your monthly revenue.
Funding For B-C-D Paper:
Here is what happens in the final two hours before your funds are wired:
- STEP 1:Once your DocuSign or however you completed your application is completed, it will go through our Junior Underwriter which runs final reports such as background, they collect decision logic bank verification link for review and then once they've done their part, your file gets handed to a Senior Underwriter...
- STEP 2: Senior Underwriter reviews the bank verification, checks ownership, conducts funding call(s) to approve the deal and then after they say this is something that we should move forward on, then it gets moved into the Finance Committee.
- STEP 3: Finance Committee - Upper Management approves wire to be sent.
- STEP 4: Wire or ACH - The majority of Lenders send ACH but the "A Paper Lenders" usually send wires.
Funding For "A Paper":
- Your offer is presented and accepted. Once you accept your offer either an online checkout occurs or you will receive a "DocuSign Agreement".
- No Funding Call. There is no Funding call interview because this is an "A Paper Client".
- You sign the funding agreement either through DocuSign or online check out link.
- No Bank Verification. Bank Verification is also waived in 99% of cases.
Early Pay Off Discounts Explained...
Our lenders will NEVER charge a "prepayment penalty" for paying off early, however, pre-payment penalties are very different from earl pay discounts...
So now that you understand that, here are the payoff discounts you can get starting with most of the B and C paper lending clients:
- Paid off month 1: You get a discount of 12% of your unpaid balance (includes principle and cost of funds).
- Paid off month 2: Discount of 10% of the unpaid balance (includes the principle and cost of funds).
- Paid off Month 3: Discount of 8% of the unpaid balance (includes principle and cost of funds).
Prepayment Discounts on A Paper Clients
- A Paper lenders will almost always provide prepayment discounts of a range between 20% to 25% of the total cost of funds.
- Unlike for the B and C paper lenders having an 8% to 12% prepayment discount off the "total amount due" (including your principal and cost of funds), the A Paper lender will take the 20% to 25% off the cost of funds only and not the principle borrowed.
$100k Prepayment Example:
Let's say you're getting $100k in business funding, and you're given a factor rate of 1.38 = $138,000 you're paying back.
(The industry standard is half these numbers however most of the lender partners provide the rates I'll show you below)
- Using the 8% to 12% discount scenario (b and c paper lenders), your prepayment discount would end up being $11,040 to $16,560 (minus your amount already paid in).
- Using the 20% to 25% discount scenario, your prepayment discount would either be 20% or 25% of the $38k cost of funds or $7,600 to $9,500.
Does that make sense? It's a very unique way to get accommodated for paying your advance back sooner rather than later.
Can You Stop Making Payments?
If you stop making payments for whatever reason that is (EVEN if you're sick and were not able to work, well sometimes it's possible WHEN you have a strong enough relationship with a lender but even then it's rare), that's what's called a default and if you've EVER defaulted with another company, there is no forgiveness, and you will very likely not get a second chance.
Although there are a very limited of lenders who may give you a second chance, it's very unlikely to happen and if it does, you'll be given a larger payback amount and limited time to prove yourself.
Now, if you don't make your payments once you have the advance, that'll cause a default, so you have to make sure you will be able to pay it back. Another thing...
If You for whatever reason decide to close your bank account OR calling your bank to disallow payment, it is purposeful non-payment, and it looks like fraudulent activity. So don't be this person (It's very slim that this happens but I've had clients do this).
Yes, these advances have a personal guarantee, but which option doesn't these days? If you didn't know what a personal guarantee is, it's basically where if you couldn't make your payment(s) for whatever reason that may be and you went into a default, the lender has the right to seize any of your personal assets to recover the cost (car, home, and more). Listen, this is very common...
The reason a personal guarantee is in place is so you are serious and the lender(s) need a way to make their money back somehow, right? Like anything there are consequences. Just about every loan/cash advance comes with a PG, unless you offered up some collateral upfront with like a secured loan.
At least your advantage is not giving up collateral, some type of equity, and real estate in the process.
Credit Bureau Reporting?
No, these advances do not report to the main credit bureau's like Dun and Bradstreet, Equifax, TransUnion, etc), so you don't have to worry if you have bad credit. And even with Goodland above credit, this is very helpful because you may have something on your file you don't want showing or you're not concerned too much with building your credit this way.
How To Get Started
If you’re ready to get funded and receive your decision in minutes, here’s the simple 3 step process:
- Pre-Qualification. You will complete the online form by clicking the button below. Your application will be reviewed and then contacted to discuss available options and answer your questions.
- Complete Application. When you complete the simple application, it’ll provide the lenders and advance companies with more business, personal and financial details. You’ll submit with a few requested documents.
- Submit Documents. To verify your application and secure approval, the program will request 4 months of bank statements, a copy of your last year's business tax return, a canceled check, and a copy of your driver's license.
Monthly Vs Daily/Weekly/Bi-weekly Loans and Advances REALITY
I made a quick video going over the misconceptions of getting a monthly payback with longer term loan vs the Daily/weekly/bi-weekly payments YOU really should watch so you really understand why a monthly payment may not work for you, and why a daily type of payment structure is best as well as how to view things:
- Just because you "qualify" for some "monthly" 2+ year term business loan with lower interest DOES NOT mean it is best for you! The total cost of financing can be a lot higher, you end up staying in debt for longer even if your payments are lower on a monthly basis and may end up having to put a down payment and or collateral
- Monthly payments cause WAY too many defaults
- You may already be paying high credit card monthly lump sum costs and rent on top of more where you get A LOT taken out at once
- To get a better repayment, in a lot of cases you'll want to BUILD a relationship with the lender(s) for them to give you that access.
Documents Needed For Up To $2M
- Application - Completed, dated, signed and legible.
- Bank Statements - Most of the time we need the last 3 months. On occasion 12 months IF we're trying to get you half a million or a million+ dollars.
- Voided Check - Requires a voided check on all business account submitted. Many times an account that is submitted has multiple transfers so it's important to see everything that's moving around.
- Drivers License - We will need a copy of your driver's license for all owners on the application.
- Tax Return (optional) - This will ONLY be required IF you're asking for over $150,000. This is asked for so we can see who really owns your business. You can say you have 100% ownership but your K1 only says you own 25%.
- Financials - Only required on all requests exceeding $100k. **P&L Balance Sheet, Tax Returns, AR Report.
For a visual/image look of the up to $2,000,000 application process, click here
Business Line Of Credit Hybrid Program
If you didn't know, a business line of credit is where you can get approved for an amount of funding but instead of getting a lump sum of cash all at once with like an MCA or a business term loan, you can withdraw and use the funds whenever you need it.
So let's say you get approved for $30k in a line of credit, then you can take out however much you need from that and use it and only pay interest on what you use. Then once you pay it off, it goes back into your account as a "revolving line of credit"...
And you can keep using it over and over again. This is a great addition if you needed additional funds and have seasonal things come up or for cash flow, emergency funds or similar uses to getting a lump sum - you choose how you best see fit to use it.
Here are some quick details:
- You can get receive a decision in 1-2 business days, requiring ONLY a soft credit pull.
- Simple to understand draw fees and balance fees - with zero penalties and big savings for early payoff.
- No collateral is required.
- 550+ FICO credit score
- $15,000+ per month in revenue
- 1+ years in business
- Anywhere in the United States (US Only)
NOTE: If you've been in business less than 2 years, or your business resides in NJ, CA, RI, NV, VT, or MT, then your FICO score must be 600+. Qualification is also based on other criteria, but not limited to; financial strength of your business, average daily balance, number of NSFs, etc.
If you don't qualify for the Business Line of Credit at this time, you can apply for the working capital advances here:
Also, if you have a business outside of the US (Canada and Puerto Rico), then refer to the alternative section below to learn about the company "GoKapital"
- Approval amount is 150%-200% your average monthly sales.
- Revolving line. Ex: You use $10,000 of the $30k you're approved for and you pay it off, it goes back into your account and replenishes back to $30k.
- You pay a draw fee and balance fee. As you take money you pay a fee, and as you have a balance that you haven't paid off, every week you pay an interest charge on that balance, so the longer you hold it, the more it will cost you.
- 0-3% draw fees, usually it's 3% but some other lenders we work with have 0 draw fees but you pay a monthly fee of $20 per month. So it can vary.
- Balance fee example: Let's say you have a $50k business line of credit and you take out $10k, each week you'll get charged a percentage, let's say it 3/4 of 1% per week, so you take the $10k x 3/4 of 1% = $75 you pay this week to have that money out. If you pay it all of next week it only cost you $75. But if you hold it longer, than you'll be getting charged next week another whatever your balance is times 3/4 of 1%. So maybe next week it's $75 again.
- You get a weekly payment to pay it off within 6, 9, or 12 months, usually 12 months. So if you take $10k from your total $50k, what would the payment be to pay it all back in 12 months? That's what we calculate. Let's say it's a $300 per week payment (but it can be any), if you pay it every week, in one year that $10k will be paid if with interest. AND if you pay it off early, there is no penalty and you save big. So your minimum payment must be paid every week, it's a weekly auto payment but you're not only restricted to only pay that. You can pay it down and save a bunch of interest. You're only paying a balance fee while you have a balance.
- .69%-1.39 interest (cost of funds). For example, let's you get approved for $20,000 and withdraw at the minimum $1,000 with a 3% draw fee which is $1,300 then divided by 6,9,or 12 months (depends on what you get) so we divide the $1,300 into the weeks within the months, so let's say you get 12 months which is 52 weeks, then that’s $25 + cost of capital (interest), If.69 then you pay $94 per week.
- I got these numbers from taking the principle of $1,000 with your draw of 3% which you owe $1,300 on your balance, then divided that by $52 weeks (because you got 12 months), and then figured out your interest or cost of capital to be .69 (this number is given to you), so $1,300/52 weeks = $25 + .69 x 100 (which is $25 +$69) and that's $94 per week you'll be paying until you've fully used up your principal of $1,000. I hope that makes sense. It can sound a bit confusing but it's very straightforward. It's an "Amortization" thing which is jargon for your weekly payments and how they are calculated.
- You can lower your weekly payments by drawing out more
- Longer terms can keep your payment down.
- Pre-pay to save big time
- Auto Weekly Payments
- Construction and Transportation Industries must have 2+ years in business
Line of Credit Application Process...
The Line of credit application process is similar to that of the "Up To $2,000,000 Funding" application process I showed you up above (refer to that if need be). PLUS: You can apply for both programs and try to get approved for a "lump sum" ad a line of credit or we can just evaluate you for one if that's what you prefer (but I recommend both).
Do you Even Qualify For an SBA Loan?
Listen, EVERYONE wants an SBA EIDL loan, the targeted advance grant, The SBA 7a/504, PPP and so forth but Do YOU actually qualify is the question?
As of now, EIDL is not accepting ANY new applicants, you'd have to already of received funding and are looking for a reconsideration and so forth to continue getting more BUT...
It's not the end of the world. There are other alternatives like the SBA 7a and SBA 504 below but you must know this...
To get these types of loans you MUST have:
- Business credit established with at least a 155 in Business Liquid credit/FICO SBSS and have a decent paydex score.
- Strong cash-flow
- Equity if you have it
- Liquidity can be looked at
- Sufficient Collateral (if needed)
- 10% Down payment (if needed)
- 680+ FICO
- 500,0000+ Annual gross revenue
- 2+ years in business
- At least 2 years of profitability
- Great credit and credit reports
- And more!
Even if you had everything needed, it does NOT necessarily mean and SBA Loan is best.
What I Liked Most About Bitty Advance
There’s A TON I like about Bitty Advance but one of my favorite aspects is the same day funding, why?
When you’re a small business owner in a tight pinch or you just can’t wait many days or months to get your loan “JUST” approved and then given to you, it’s a relaxing and ensuring feeling to get funding straight away without the hassle of rates, and higher qualification you need.
So for that, I really see this as a Life Changing business AND impactful way it can change you as a person because you’ll feel much happier and for that you’ll think more clearly to run your business to the highest peaks and your overall health will be much better.
What I Liked Least
I wouldn’t say there’s anything I disliked and I’m not saying this to be biased but maybe that it’s not for sole proprietors. But even that It’s not a con.
Final Thoughts And $13,000+ In FREE Exclusive Bonuses
What was your favorite part about Bitty Advance you learned here today?
Whether you’re in a tight pinch, you need to grow, expand or for any other reason AND you want/need fast same day funding, there’s no greater option than Bitty Advance, here’s more to that.
You shouldn’t have to feel buried in your concerns and deprived of air because your business is on a decline, rather you deserve to be taken care financially so you can give your own customers and people that help you run your business a unique experience like no other…
One where they’ll even thank you for where you are. Just imagine this...You get approved for working capital, and within a matter of literally seconds your cash is in your bank account -BOOP. Not a moment later you’re staring at your banking account and this glow shines all across your face with a smile to match it…
You’re ready to use your money to grow, expand, pay off other expenses, make payroll and so forth. You’ve expanded your business to twice the capacity and now you’re earning another $10,000+ PER Month, enough for you to justify your loan amount in the first place. Days pass (not weeks or months) and you’re rolling.
If that’s something you want to have in your life and business, then I highly recommend getting started with your bitty advance application below and getting bitty funding fast but first, the bonuses you'll receive for getting funded through me as an agent/loan broker and even with other programs bitty has partnered with:
NOTE: Once you click the "green" button right above, on the following Page you'll see the partnership Bitty Advance has, so there will be a different webpage name which is Very Legit and Trustworthy, and from there you'll go through entering simple information and then go through a quick "questionnaire" and if you meet the qualifications for Bitty Advance, then you'll see the "Bitty advance" page OR you could get up to $2,000,000 or even up to $5k, depending on the questions you answer.