WORKING CAPITAL THAT WORKS
Sometimes you just need a little more. When you need to expand on collateral for a loan, our Stretch product can help fill that gap. When cash availability against invoices is tight, we can advance you the extra piece that makes all the difference. Stretch Financing gives you a nudge over the finish line, when you are very close but not quite there. When other lenders can’t make it work, Summit can add Stretch Financing to any core product and give you the full line of credit you deserve.
What is Stretch Financing?
Summit Financial Resources provides stretch financing as an over advance to help give small to medium sized businesses a little extra boost for their credit line needs. For example, if your company has $80,000 worth of invoices, but to meet your financial needs you need an advance of $85,000, stretch financing can augment your invoice factoring loan. We can help meet your financial needs when other lenders will not!
Qualifying for Stretch Financing
Small to medium-sized businesses will be required to provide applicable financing information for our business financing experts to properly vet the loan. A couple of the other qualifications include having good credit, and clean financial & tax backgrounds. If we find that your small to medium-sized business meets these qualifications, then you will be that much closer to getting the capital you need to keep profitable and grow your business!
Apply for Stretch Financing Now!
Applying for our business financing loans can be completed in a few simple steps, since there’s no difficult paperwork. Summit Financial Resources experts are a quick call or email away, and are ready to make the process as easy as possible so you can get the capital you need to help boost your company’s profits! Apply online today >
Stretch Financing Guidelines
|Invoice Factoring||Asset-Based Loans (ABL)||Inventory Financing||Equipment Term Loan||Small Business Loan||Stretch Financing|
|Description||Receivables Purchase||Borrowing Base Certificate||Add-on only||Add-on only||Revolving Loan, |
|Structured Stretch Piece for |
Growth; Add-on only
|Facility Limits||$100M - $4MM||$1M - $4MM||Up To $1MM||Up To $1MM||$200M||<$250M|
|Risk Profile||Higher, with Underwritten |
Collateral & Controls
|Lower, Strong Reporting |
|Higher with Underwritten Exit||Higher, Short-term with |
|Higher, less restrictive with |
standardized pricing and controls
|Higher, Short-term with |
|Pricing Components||Collateral Mgmt/Admin |
Fee + Interest
|Interest + Various Fees||Interest + Admin Fee||Interest + Admin Fee||Admin Fee + Interest / |
Collateral Management Fee
|Flat, Monthly Discount Fee|
|Advance Rates||Up to 90% of A/R||Up to 85% of A/R||Up to 50% of Inventory Cost||Up to 60% of NOLV or 40% |
of Book Value
|Up To 100% of A/R||n/a|
How Stretch Financing Compares
Take a look at our offerings, and see how we can help. We offer Stretch Financing for deals from the low 6 figures to 7 figures, plus. From higher reporting to lower risk, and borrowing base to invoice factoring purchase, somewhere on that chart is a loan for your company.