Frequently Asked Questions
How long has FMC been processing financing requests, and what is their approval rate? Over 30 years, 90%
What is the minimum size loan request? $400,000
Do you accept start-up loan applications? Yes The company must present a business model, which includes three years of monthly projected Income statements with assumptions, quarterly balance sheets and cash flow statements using the indirect method
Do you accept loan requests without sufficient collateral but adequate cash flows? Yes
How long does it take to process a loan request? 30 to 45 days from receipt of requested information
What is the minimum size equity request? $300,000
How long does it take to process equity funding? 60 days in addition to the time to complete due diligence
How much do your services costs? Each service has a different fee structure based on the complexity and program selected. Before any work begins, fees will be reviewed with the client and if approved, a contract signed.
What is the market area served? The Southwest
What type of business structure is acceptable? All
Does debt financing require a personal guaranty? Yes Owners with more than 19% ownership will be required to guarantee the loan.
What are the interest rates and maturities? Interest rates will range from fixed to floating over prime depending on the quality of the credit. Maturities will range from 5 to 25 years.
What are the processing stages?
- Eligibility Analysis: analysis of the business’ most current financial statements including 6 critical financial ratios. The purpose is to determine if the business is eligible for financing. There is no charge.
- Recommendations: A series of options are given to the client with associated costs and benefits. There is no charge.
- Contract signed, Work begins
- Approval or Decline
- Closing and Funding
Information for Business Owners
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Although small businesses are the largest contributors to the economy, they experience a failure rate of 80% during the first five years.
Half of the survivors fail over the following three years. The major reasons for failure are lack of sufficient capital and business knowledge, insufficient revenues, and no exit planning.
CPA Programs
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Like all businesses, a CPA’s practice has a target market and needs to differentiate itself from the competition.
For over 30 years FMC has been growing business including CPA practices providing value added services.
In your practice’s strategy, if you are not already targeting the small business, we strongly suggest you consider it.
If you already do, then we want to help you grow your practice.
Banking Solutions
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FMC Financial Services, Inc. (FMC) serves both banks and small business owners. Each is benefited mutually by growing together.
Small businesses account for over 55% of the GNP and exert a powerful impact on the local economy.
Without the support of local banks, small businesses would not have sufficient capital for growth.