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1. Minimum 2 Years in Business under same Ownership.*
(When the business is less than 2-3 years old, the principals must have significant prior experience in the same type of industry.)
2. Satisfactory Dun & Bradstreet Report, Paynet, or other Business Report, if applicable.
3. Satisfactory Bank and Trade References with one comparable trade, lease, or loan references.
4. Without any comparable credit references, Dun & Bradstreet Report, or a Paynet report, financial statements may be required.
5. Credit Bureau Scoring: Equifax – BEACON=>680
No unresolved liens, judgments, suits, or substantial collections. (If business is under three years old, bureau must report either a two year satisfactory payment history on a mortgage or two installments accounts.)
6. Personal Guarantees from all major owners of privately-owned businesses or closely held corporations are generally required.
7. Spouses’ Guarantees may be required when a credit decision has been based on Joint Personal Financial Information.
8. The Lease Term should not exceed Time in Business plus one year.
1. Minimum 3 years in Business under same Ownership.*
(When the business is less than 2-3 years old, the principals must have significant prior experience in the same type of industry.)
2. Satisfactory, Established Bank and Trade References.
3. Satisfactory Dun & Bradstreet Report, Paynet, or other Business Report (if available).
4. Two years Business Financial Statements and/or Tax Returns. (unless submitting application under our $50K App-Only Program Parameters)
5. Lease requests over $35,000 for companies in business less than 4 years, should include personal tax returns and PFS’s of all majority owners.
6. Clean Credit Bureau Reports on Principals – BEACON=>700
7. Personal Guarantees from all major owners of privately-owned businesses or closely-held corporations are generally required.
8. Spouses’ Guarantees may be required when a credit decision has been based on Joint Personal Financial Information.
*Exceptions to the Time in Business Requirement will be considered for start-up professional industries such as physicians, dentists, attorneys, etc. or case-by-case exceptions will be considered.
1. Over 5 yrs. time in business under same ownership.
2. Beacon scores of personal guarantors = > 725. No history of suits, judgments, liens, or bankruptcies.
3. Bank reference with 2-3 year history and at least a moderate
5 fig. average balance.
4. Two satisfactory trade refs with at least one satisfactory
comparable debt reference.
5. Clean Equifax Small Business credit report or D & B report, as appropriate.
6. Clean Paynet report (if sufficient data is reported, Paynet report may replace above requirement for trade references).
“We've had a long term relationship with Madison Capital, they are simply our go to source for financing the equipment I need for my restaurants. Their turnaround time is FAST and they make the process as easy as possible.”
Dennis Garvey, Finance Manager