A seasonal region needs a seasonal repayment test. Here is how wineries, inns, restaurants and farms can check a lump-sum plan against the year they actually have.
Apply Now →The Finger Lakes draw visitors around eleven lakes, more than 140 wineries and a growing list of inns, restaurants and farm businesses. For a seasonal business, a monthly payment is paid out of a year's revenue, and most of that revenue arrives in a few months. A plan that looks fine in July can be painful in February. So test it by the year.
| Step | What to write |
|---|---|
| 1 | Your deposits for each of the last twelve months, if you have them, or the three months you can document |
| 2 | Your fixed costs for each month: rent, payroll, insurance, utilities |
| 3 | What is left in the weakest month |
| 4 | Whether that amount covers a new payment, or whether summer savings must carry it |
If summer savings must carry it, that is not disqualifying, but it means you are really budgeting a reserve. Know the size of that reserve.
These are purchases that last for years, which is the logic of a term structure.
For illustration only: a lakeside inn plans a $200,000 renovation of rooms in the winter months so they are ready for spring. The owner assumes only a portion of the added room revenue arrives in the first year, checks the payment against the slowest winter month and keeps a reserve for it. The numbers are invented and not our terms.
For many lakeside businesses, winter is when projects are best done: rooms can be renovated, tanks installed and kitchens rebuilt while there are no guests to disturb. That is also when income is lowest. So the timing question is whether to start the project in the quiet months, when revenue is thin and the first payment will fall in the lean season, or to wait and pay a premium for disruption in the busy months. Neither answer is wrong, but your reserve should be sized to the lean season, because that is when the first payments land.
Funding runs from $25,000 to $5,000,000 and can arrive in as little as 24 hours once the file is complete. FICO 500+ is considered, the credit pull is soft, and we ask for about three months of business bank statements rather than tax returns. Sole proprietors can apply. We do not publish rates or term lengths here; the offer states the amount you receive, the total you repay and the structure. A line on your busy and quiet months helps. Apply in about five minutes.
You can apply. The review reads your statements, and a note on seasonality helps.
$25,000.
Apply when your deposits reflect a healthy period, and size the request to a plan.
No.
It is soft.
Three months of business bank statements and a 5-minute application. FICO 500+ considered. $25,000 to $5,000,000, funded in as little as 24 hours.
Apply Now →It takes about two minutes and it will not affect your credit score.
No obligation • No impact to your credit score
