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Frequently Asked Questions

Find answers to common questions about our business funding solutions

What is a Merchant Cash Advance (MCA)?
A Merchant Cash Advance is a lump sum of capital provided to your business in exchange for a percentage of your future credit card sales or daily bank deposits. It's not technically a loan—it's an advance on your future revenue. Repayment happens automatically through a small percentage of your daily sales, so payments flex with your business performance.
How quickly can I get funded?
Most businesses receive funding within 24-48 hours of approval. In many cases, we can provide same-day funding if you apply early in the business day and submit all required documents promptly. Our streamlined process is designed to get you capital fast when you need it most.
What are the minimum requirements to qualify?
To qualify for funding with SUMMIT, your business needs to meet these minimum criteria:
  • At least 1 year in business
  • Minimum $600,000 in annual revenue
  • Personal FICO score of 625 or higher
  • Active business checking account
Even if you don't meet all criteria, we encourage you to apply—we evaluate each application individually.
Will applying affect my credit score?
No, our initial application and review process uses a soft credit pull, which does not affect your credit score. We only perform a hard credit inquiry if you move forward with funding, and we'll notify you before doing so. You can check your eligibility and get pre-qualified without any impact to your credit.
What documents do I need to apply?
We keep documentation simple. Most applicants only need:
  • 3-4 months of business bank statements
  • Valid government-issued ID (driver's license or passport)
  • Voided business check or bank letter
In some cases, we may request additional documentation like merchant processing statements or tax returns, but we'll let you know what's needed during the application process.
How much funding can I receive?
SUMMIT provides funding from $25,000 to $1,000,000, depending on your business revenue, time in business, and other factors. The exact amount you qualify for is determined during underwriting based on your business's financial health and repayment capacity. Most businesses receive between $25,000 and $1,000,000.
What can I use the funding for?
You can use funding for virtually any business purpose, including:
  • Purchasing inventory
  • Covering payroll during slow seasons
  • Expanding or renovating your location
  • Launching marketing campaigns
  • Upgrading equipment
  • Hiring new employees
  • Managing cash flow gaps
  • Consolidating existing business debt
We don't restrict how you use the capital—it's your business, your decision.
How does repayment work?
Repayment is automatic and flexible. A small, predetermined percentage of your daily credit card sales or bank deposits is automatically remitted toward the advance. This means:
  • When sales are high, you pay back more
  • When sales are slow, you pay back less
  • No fixed monthly payments that strain your cash flow
  • Payments align with your business performance
This flexible structure makes MCAs ideal for seasonal businesses or those with variable revenue.
Do I need collateral?
No, SUMMIT Merchant Cash Advances are unsecured, meaning you don't need to put up collateral like property, equipment, or inventory. We base our decision on your business's revenue and performance, not assets. This makes the application process simpler and faster than traditional bank loans.
Can I get another advance if I already have one?
Yes! Once you've paid down at least 50% of your current advance and maintained good payment history, you may be eligible for additional funding. We call this a "renewal" or "refinance." Many of our customers work with us repeatedly as their trusted funding partner because of our transparent terms and excellent service.
What industries do you work with?
We fund businesses across a wide range of industries, including:
  • Restaurants and food service
  • Retail and e-commerce
  • Professional services
  • Healthcare and medical practices
  • Construction and contractors
  • Automotive services
  • Beauty salons and spas
  • Transportation and logistics
If you have a legitimate business with consistent revenue, we'd love to work with you.
Is there a penalty for early repayment?
This depends on your specific funding agreement. Some of our products allow early repayment without penalty, while others may have a small early repayment fee. Your funding specialist will clearly explain all terms before you sign any agreement. We believe in full transparency—no surprises, ever.

Still Have Questions?

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