Business Funding FAQ
Find answers to common questions about business funding, working capital, business lines of credit, invoice factoring, equipment financing, and the business funding process.
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Business Funding FAQ Questions and Answers
Does It Cost Anything to Apply for Funding?
No. The application process at Novus Business Funding is completely free. There is no obligation and you will not be charged any fees just to see what options are available for your business. Novus Business Funding wants you to have the full picture of your funding options without any pressure or cost.
Will Checking My Business Funding Options Affect My Credit Score?
No. Novus Business Funding uses a soft credit pull for pre-qualification. Checking your funding options will not affect your credit score.
What Information Do I Need to Apply for Business Funding?
To apply for business funding through Novus Business Funding, you will need basic business information and your four most recent business bank statements. Additional documentation may be requested depending on the funding program being reviewed.
How Fast Can Business Funding Be Available?
Novus Business Funding moves fast. Once you submit your information, you can receive a pre-approval decision in as little as three hours. If approved, funds can be transferred directly to your business bank account the same day or within 24 hours.
How Long Does the Business Funding Process Take?
The pre-qualification form takes just a few minutes to complete. Novus Business Funding typically reviews your initial bank activity the same day. Most businesses receive a decision within a few hours and funding within 24 hours if approved.
What Are the Basic Requirements for Business Funding?
The baseline requirements for Novus Business Funding are simple: at least one year in business, $10,000 or more in monthly revenue, and a credit score of 500 or above. Novus Business Funding looks at the total picture of your business, so if you are close to these numbers, reach out and we will let you know right away if we can help.
How Much Business Funding Can I Qualify For?
Novus Business Funding provides funding from $5,000 to $10,000,000 and above. The exact amount depends on your business history and the program that best fits your needs. Novus Business Funding will give you a clear specific number as soon as we review your initial bank activity.
What Types of Businesses Qualify for Business Funding?
Novus Business Funding works with almost every industry, including construction, trucking, healthcare, retail, restaurants, manufacturing, and professional services. If your business is generating revenue and needs capital, Novus Business Funding can help.
Can I Get Business Funding with Bad Credit?
Yes. Novus Business Funding looks at your total business health, not just your credit score. If your revenue and business profile are solid, Novus Business Funding has programs available even with lower credit scores. Reach out and let us review your activity to see what we can do.
What Is a Business Line of Credit?
A business line of credit is a revolving pool of capital that businesses can tap into whenever they need it. You only use and pay interest on what you draw. As you repay the balance those funds become available again.
What Is Business Funding Consolidation?
If your business has multiple existing funding obligations, consolidation may allow you to simplify your payments and improve cash flow. Novus Business Funding reviews your overall situation, payment history, and existing obligations to determine if those positions can be restructured into a more manageable program that may also free up additional working capital.
What Is Stacking?
Stacking happens when a business takes on additional funding while existing obligations are still in place. The real danger is high cost revenue based financing stacking, which can quickly inflate your total payment obligations and put severe pressure on your cash flow. Novus Business Funding prioritizes the long term health of your business and will always advise against stacking if it compromises your financial stability.
What Is Double Dipping?
Double dipping occurs when a business takes on new funding while refinancing an existing obligation, causing the business to pay new fees on capital it already had. This becomes particularly dangerous with short term positions of 30 to 60 days, where fees can hit 50 percent or more. In those situations a business can quickly find itself paying back 100 percent of the original funded amount in fees alone. Worse, many of these high cost positions include a Confession of Judgment clause, giving the lender the power to seize assets without a court hearing. Novus Business Funding prioritizes your long term stability and will always help you avoid these high risk traps.