Specialty Capital Merchant Cash Advance Review 2023
Loan Amount
Factor Rate
Terms
Min Credit
Time to Fund
Company Profile
Specialty Capital is a financial institution founded to address a significant need: providing financial support for small businesses. Traditional financiers often take months to approve and deliver funds, and they may reject healthy businesses due to their credit score, financials, or cumbersome collateral requirements. This can leave business owners unable to secure the financing they need to survive and thrive. Specialty Capital understands that small businesses need working capital quickly, and they are dedicated to providing industry-specific small business financing options with competitive rates and repayment terms. They work with business owners from all backgrounds and from every state, including many veteran, minority, and women-owned businesses.
Products & Services
Specialty Capital offers fast, unsecured financing options for every type of business. They understand the importance of time and aim to provide the working capital businesses need when they need it. They offer better rates and better payment terms compared to traditional financiers. Their services are quick, transparent, and accessible. They can provide funding within 24 hours, with no hidden fees, penalties, or other costs. They also have minimum requirements that allow them to fund businesses that aren't eligible for traditional financing. These requirements include a time in business of 6+ months, annual revenue of $120K, and a FICO score of 500 or higher.
Pros and Cons
Pros:
1. Quick funding: Specialty Capital can provide funding within 24 hours.
2. Transparent: There are no hidden fees, penalties, or other costs.
3. Accessible: Their specialists are always there to help through the process.
4. Low requirements: They have minimum requirements that allow them to fund businesses that aren't eligible for traditional financing.
5. Industry-specific: They provide industry-specific small business financing options.
Cons:
1. Limited information: There is limited information available on their website about specific loan terms and rates.
2. No physical branches: They operate entirely online, which might not be ideal for those who prefer face-to-face interactions.
3. Limited customer reviews: There are not many customer reviews available online to assess their service quality.
4. Not for startups: They require businesses to have been in operation for at least 6 months.
5. High revenue requirement: They require businesses to have an annual revenue of $120K, which may not be feasible for smaller businesses.
Ideal Customer
The ideal customer for Specialty Capital is a small business owner who needs quick access to working capital. This could include businesses that are not eligible for traditional financing due to their credit score, financials, or lack of collateral. Specialty Capital works with business owners from all backgrounds and from every state, including many veteran, minority, and women-owned businesses. They are particularly suited to businesses that need fast, unsecured financing options.
Required Documentation
To apply for funding from Specialty Capital, you need to provide your basic business information and a signed application. You will also need to submit your last 6 months of business bank statements. This information can be submitted through their secure online form.
Industries and Restrictions
Specialty Capital serves a wide range of industries. They offer specific financing options for grocery stores, optometrist offices, dental practices, mental health providers, veterinarian offices, medical practices, pharmacies, restaurants, and cleaning and maintenance services. They aim to provide fast, unsecured financing options for every type of business, regardless of the industry.
State of Operations
The website does not provide specific information about the states in which Specialty Capital operates or any state restrictions. However, it mentions that they work with business owners from every state. For more detailed information, it would be best to contact Specialty Capital directly.
Basic Qualifications
To qualify for Specialty Capital's business financing options, businesses need to meet the following criteria: Time in Business: 6+ months, Annual Revenue: $120K a year, and FICO Score: 500+. While they can't guarantee approval, most businesses who meet these criteria are likely to be approved.
Collateral or Guarantees
Specialty Capital offers unsecured funding, which means it isn't tied to collateral. This allows them to approve funding faster and help many business owners get funded without pledging their assets such as homes.
Alternatives
If Specialty Capital does not meet your needs, there are several alternative options available. Traditional banks often offer business loans, though they may have stricter requirements and longer approval times. Online lenders and peer-to-peer lending platforms can also provide quick access to funding, often with less stringent requirements. Crowdfunding platforms can be a good option for businesses with a strong community presence or innovative product. Finally, business credit cards and lines of credit can provide flexible access to funds for day-to-day expenses.