1) What are the amounts and terms on a Varsity Capital loan?
2) What can I use my loan for?
3) How is my loan repaid?
4) What industries does Varsity Capital work with?
5) Is my small business eligible for a loan with Varsity Capital?
6) I don’t have great personal credit. Can I still get a loan through Varsity Capital?
7) I have been denied by my bank recently, can I still get a loan through Varsity Capital?
8) What information do you need from me to apply?
9) How long is the application process?
10) How fast can Varsity Capital submit funding decisions?
11) How fast can I receive funds?
12) Can I apply for additional funding?
Q) What are the amounts and terms on a Varsity Capital loan?
A) Varsity offers loans ranging from $5000.00 to $150,000, with terms between 3 to 18 months.
Q) What can I use my loan for?
A) Many small and medium sized businesses use Varsity Capital for purchasing inventory, equipment, launching a marketing campaign, hiring additional employees or even general working capital.
A) Daily Direct Debit payments, which are made directly from your business bank account each business day. These fixed, daily payments are proven to prevent the snowball effect often caused by missing larger monthly payments. We will inform you of your exact payment amount, and our online loan management portal allows you to monitor the activity.
Q) What industries does Varsity Capital work with?
A) Varsity Capital works with over 250 different kinds of businesses. We make loans to restaurants, auto repair shops, retailers, doctors, beauty salons, HVAC contractors and many other service providers.
Q) Is my small business eligible for a loan with Varsity Capital?
A) To apply, your business should have the following characteristics:
- 1+ year in business.
- $100,000+ in annual revenue.
- US or Puerto Rico-based.
Q) I don’t have great personal credit. Can I still get a loan through Varsity Capital?
A) Yes. At Varsity Capital we know that your personal credit score doesn’t reflect the true health of your business. That’s why our system values things like cash flow over credit scores when we analyze your business.
Q) I have been denied by my bank recently, can I still get a loan through Varsity Capital?
A) Yes. Our system judges small businesses differently than the banks, with a focus on cash flow instead of personal credit scores or collateral. This means that we can lend to many businesses who may have been denied by their bank.
Q) What information do you need from me to apply?
A) Depending on your loan amount, we may ask for:
- Business Tax ID
- Credit card statements for the previous 3 months
- Bank statements for the previous 1 to 3 months
- Social Security number of business owner(s)
- Drivers license number and State of issue
Q) How long is the application process?
A) A 5 minute application over the phone with your Varsity Capital Rep for submission.
Q) How fast can Varsity Capital submit funding decisions?
A) Varsity Capital can provide decisions in as fast as 1 business day.
Q) How fast can I receive funds?
A) Varsity Capital can provide funding in as fast as 2 business days.
Q) Can I apply for additional funding?
A) Yes. Once you have successfully repaid 50% of your loan, you are eligible to apply for another loan to continue building your business.