Everest Business Funding Merchant Cash Advance Review 2023
Loan Amount
Factor Rate
Terms
Min Credit
Time to Fund
Company Profile
Everest Business Funding is a financial services company that provides revenue-based financing to business owners. They are committed to helping business owners obtain the working capital they need through a fast and hassle-free application and funding process. The company is headquartered at 102 W 38th Street, 6th Floor, New York, NY 10018.
Everest Business Funding is a solution for businesses seeking quick and flexible funding options. They pride themselves on their fast turnaround times and offer funding up to $1,000,000. Their goal is to help businesses grow by providing the necessary capital for buying equipment, making payroll, opening new locations, and hiring more staff.
Products & Services
Everest Business Funding offers revenue-based financing to businesses. This type of financing allows businesses to receive funding based on their future revenue. It's a flexible funding option that can be used for a variety of business needs such as buying equipment, making payroll, opening new locations, and hiring more staff.
The company provides an easy online application process and promises fast turnaround times. They offer flexible funding options to meet the unique needs of each business. Everest Business Funding is committed to helping businesses succeed by providing them with the financial resources they need to grow and thrive.
Everest Pros and Cons
Pros:
1. Fast and hassle-free application and funding process.
2. Provides revenue-based financing which is flexible and can be used for various business needs.
3. Offers funding up to $1,000,000.
4. Fast turnaround times.
5. Committed to helping businesses grow.
Cons:
1. Expensive financing option.
2. Daily payments can strain business cash flow.
3. Lack of transparency.
4. No incentives or discounts for repeat customers.
5. Charges an origination fee ranging from $199 to $2,900.
Ideal Customer
The ideal customer for Everest Business Funding is a business owner who needs quick access to capital but may not qualify for more traditional loans due to poor credit or insufficient business history. This includes businesses in industries such as healthcare, food and beverage, service, trade, retail, and seasonal businesses. However, it's important for potential customers to understand that the cost of a merchant cash advance can be high and daily payments can strain business cash flow.
Required Documentation
To apply for a merchant cash advance with Everest Business Funding, you’ll need bank statements that prove you meet the monthly revenue requirements. They describe their application as easy and hassle-free, so you won’t need a ton of documentation to apply.
Industries and Restrictions
Everest Business Funding can fund any type of business. However, some of the most common industries they work with are healthcare, food and beverage, service, trade, retail, and seasonal businesses. There are no specific industry restrictions mentioned.
State of Operations
The company is based in Florida, but there is no specific information available about the states they operate in or any potential state restrictions.
Basic Qualifications
To be eligible for a merchant cash advance from Everest Business Funding, your business needs to meet the following criteria: monthly revenue of $10,000, a personal credit score of 500, and a minimum of 3 months in business.
Collateral or Guarantees
Merchant cash advances from Everest Business Funding do not come with a predetermined repayment length. You will pay back your debt with daily payments in the form of either a scheduled ACH or a percentage of your daily credit card revenues. This will continue until your debt (the principal loan amount multiplied by the factor rate) is repaid in full.
Alternatives
If you qualify for other financing options other than a merchant cash advance from Everest Business Funding, you might want to consider those. If time is on your side and you don’t need funding immediately, it's also suggested to improve your credit and revenue so that you can qualify for less expensive financing down the road. Being in business for a longer period will also increase your business history, which is another business loan requirement that lenders consider.