Sky Bridge Funding
Sky Bridge Business Funding is an alternative source of fast capital with simple requirements. If your business has more than $12,500 per month in monthly deposits and has been in business for at least six months, you could qualify for up to $500,000 in business financing and get access to the funds in just 24 hours.
This New Jersey-based lender offers same-day approval for most applicants with one-on-one support from a dedicated funding advisor to help you understand your options. There’s even an Automated Funding Solution available through the website where some business owners can apply online and get approved in just a few minutes.
Financing Types Available
Sky Bridge Business Funding offers financing in the form of merchant cash advance (MCA) of up to $500,000 for businesses who have difficulty qualifying for more traditional forms of funding. Their Automated Funding Solution offers MCAs of up to $500,000 for all types of businesses with access to the funds the next day. This funder does not provide access to other types of business funding.
Merchant Cash Advance with Sky Bridge Funding
Merchant cash advances are a great financing option for any business that doesn’t have collateral to secure a traditional type of funding and may not have the credit history they need to get access to capital. The MCA company purchases your receivables at a discounted rate, essentially “advancing” your future revenue.
- Financing Amounts: $5,000 – $500,000
- Financing Terms: 3 months – 12 months
- Requirements: at least six months in business and a minimum of $12,500 monthly deposits, plus the ability to prove business ownership in the U.S.
A merchant cash advance from Sky Bridge Business Funding allows businesses who are newer and have not yet established credit to access the capital they need. This type of financing is called a merchant cash advance. You’ll dedicate a certain percentage (plus fees) of each of your credit card sales to Sky Bridge Business Funding until the amount owed is paid in full. Typically, a merchant cash advance lender will hold back 10% – 20% of each credit card sale.
Sky Bridge Pros
- Applicants work one-on-one with a dedicated funding specialist
- Optional automated underwriting for funding of $10,000 or less with fast funding
- Minimum credit score: 500
- No restrictions about how a business can use the funds
Sky Bridge Cons
- Must be in business for at least six months; not a good option for startups
- Must have a minimum of $12,500 per month in bank deposit records
- No available information on fees, APR, or terms
- Merchant Cash Advance is the only option with this lender
The Sky Bridge Business Funding website has a small form asking for the company name, owner’s full name, owner’s email, and phone number. After filling out this information, you’ll get a call from a funding advisor who will talk you through the application process. They offer customized funding solutions, so after the advisor explains the options, you can choose to fill out their application and look over the list of documents they need to get the application approved with their underwriting team.
After you submit the completed application and the required paperwork, it will take up to 24 hours for the underwriters to decide whether to approve or deny your application. Throughout the process, you’ll communicate with your funding specialist. The underwriting team may ask for more information after you submit the application.
While credit isn’t the most important factor for qualification with an MCA, Sky Bridge Funding requires proof of solvency and a certain level of business revenue. All applicants must provide bank records showing that the business receives at least $12,500 per month in deposits. The applicant must show proof of business ownership as well as proof that the business started more than six months ago.
With same-day underwriting, Sky Bridge approves or rejects most applicants within one day of receiving the required documents. If you are approved for a merchant cash advance, you’ll get access to your funds in as little as 24 hours.
Privacy & Security
There are very few online reviews available for this business. They aren’t registered with the Better Business Bureau and they don’t have a profile on TrustPilot.com.
Sky Bridge Business Funding customer support is available via email. You can also call their corporate office at 1-888-375-9274. After you submit information for pre-approval, you’ll be contacted by a dedicated funding advisor that can answer your questions and walk you through the process of getting your merchant cash advance set up.
While there’s very little information about Sky Bridge Business Funding’s customer service online, the company dedicates part of their website to talking about how important customer service is to their business. You’ll be in touch with your dedicated funding advisor throughout the application process and even after you receive the funds.
Merchant cash advances represent a good way for new businesses and those without an established credit history to get nearly immediate access to capital. Sky Bridge Business Funding seems to have a solid program in place, but their lack of online reviews could raise questions about their reputation.
There isn’t any information on their website about fees, so to understand how much you’ll pay for access to a MCA financing through Sky Bridge Business Funding, you’ll have to fill out an application. This makes it difficult to compare them to other MCA lenders in the marketplace.
Access to a dedicated funding advisor may be the most important advantage to using this merchant cash advance lender. They also have the ability to underwrite funding quickly, which is important for many businesses.
For businesses who need fast capital and are interested in the MCA option, Sky Bridge Business Funding’s straightforward pre-qualification process makes it easy to get touch with a specialist who can help walk you through getting a merchant cash advance.
525 Washington Blvd, Jersey City, NJ 07310