| Application |
- Signed and dated application must be legible, dated and signed within 30 days of applying for financing. NOTE: The applicant(s) must submit a copy of their driver’s license and a voided check with the application via upload. NOTE: The application form is an online PDF document accessible by scanning the QR Code below. The form provides a secure link to upload the requisite attachments to us.
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| Credit Pull |
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| Bank/Processing Statements |
- FOR LOANS: Only the last 3 months of Business Bank Statements (unless seasonal).
- FOR LOCs: Only the last 3 months of Business Bank Statements (unless seasonal).
- For MCAs: Only the last 3 months of Business Bank Statements.
- Only the last 3 months of processing statements (unless seasonal) are required.
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| Multiple Entities/Locations |
- Businesses with multiple entities with different tax IDs – must submit separate applications and statements per entity.
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| Bankruptcy Tax |
- No open bankruptcies are allowed; they must have been discharged for at least a year with at least one active trade line.
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| Liens/Judgments |
- Personal tax liens cannot exceed $150,000
- Business tax liens and business judgments:
- $105,000—no paperwork needed.
- Between $105,000 and $150,000—must be on a payment plan and the last two months of payments required.
- Over $150,000—unqualified.
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| Site Visits |
- Not required but may be requested on a discretionary basis for deals over $150,000
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| Client Interviews |
- Required for new deals over $200,000 and renewals over $250,000
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| Landlord Interviews |
- Required for new deals over $200,000 and renewals over $250,000
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| Competitor Balances |
- For loans and MCAs, no more than two (2) competitor payoffs. Up to 65% of proceeds may be used to pay off outstanding competitor balances (must net 35% of the approved amount)
- Up to two competitor balances may stay in place for LOCs. Please note that Rapid considers small LOCs differently in some cases. Existing LOCs may also be able to remain in place. Please reach out to your local account manager with any questions.
- Competitor UCC filings less than 12 months require a zero-balance verification.
- LOCs – No competitor payoffs currently required.
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| Renewal Eligibility |
- All loans and MCAs are eligible for renewal when 50% of the original balance has been paid.
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| Copy of Lease or Deed |
- Business Space/Location for new deals $150,001 and higher.
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| Financials Required |
- Most recent Business Tax Return, Balance Sheet and Profit & Loss statement (for new deals $200,001 and up* and renewal deals $250,001 and greater).
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| PROHIBITED BUSINESSES/INDUSTRIES (as of 3/2/2025) |
| Adult Entertainment, Auto Dealers (new & used), Bail Bonds, Car Services (Uber, Lyft, etc.), Casinos, Churches/ Religious Organizations, Law Firms, Lending Services, Marijuana-Related Businesses, Money Services, Banks, Virtual Currency, Nightclubs, Non-Profit Organizations, Collection Agencies, Consumer Debt Counseling Services, Direct / Multi-Level Marketing, Firearms/Ammunitions, Flea Markets, Influencers, Property Management, Real Estate Agents, Real Estate Investors, Sanctioned Business (OFAC, SDN), Trucking, and Vape Shops. |
