Silverstreak Funding is offering a new small-business-friendly consumer finance program for powersports dealers that do as little as $400,000 per year in sales. The program provides financing consideration for consumers with less-than-perfect credit.
"This is the first program I've seen that will approve a merchant doing less than $500,000 per year in sales. Beyond that, the terms being granted are very competitive," said Neal Coxworth of Silverstreak Funding.
Among the businesses the company is targeting for financing are powersports dealers who “have been struggling with a financing source that grants very few approvals, or have no financing source at all to offer their customers who may not have cash or room on their credit cards.” Businesses one year and older are eligible to join. The program features the following:
- It is open to businesses doing as little as $400,000 per year in sales.
- It offers credit approvals down to a 580 FICO score.
- It is a web-based, customized merchant portal with instant approvals, quoting payments at point of sale and printing of loan documents.
- It provides ACH Funding to the merchant within 48 hours of job completion or order fulfillment.
- If offers rates from 8.99 percent to 19.99 percent.
- There is no upfront fee for merchants to join.
Silverstreak officials claim that even if a business already has a primary financing source, this program can generally approve 30 percent to 50 percent of the turn-down applications from that primary source.
To find out more about this program, click here.
Posted by Holly Wagner
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