1. What types of small business financing does New Era offer?

    We provide working capital in the form of merchant cash advance.

  2. What documentation is generally required to get working capital from New Era?

    We require that you submit three bank statements and a completed MCA application.

  3. What are qualifications for working capital?

    To qualify for MCA, you will need to submit at least three bank statements. We will also have to run a credit check occasionally.

  4. How fast can I get my money?

    As fast as 3 hours from when we get a filled out application and three latest bank statements.

  5. Can I get a better deal by going directly to a funding provider?

    Yes! By coming to us, you get to skip the brokerage fees.

  6. What is a factor rate?

    A factor rate is the difference between the amount we advance you and the amount of your receivables that we purchase.

  7. What is alternative lending?

    Alternative lending is a term used to describe a wide variety of fundings outside of the traditional bank loan, including: merchant cash advances, factoring, and accounts receivable financing.

  8. What metrics affect my business cash advance application?

    There are two major factors that affect your application: your bank deposits and how long you have been in business.

  9. What are your merchant cash advance amounts and terms?

    Our advance amounts range from $5,000 to $500,000 with terms between three and twenty-four months. The payments are made over six months, and the lines are revolving so as you pay down your balance, your available funds increase.

  10. How does the application process work?

    Our application process is simple and typically takes about 10 minutes. You can apply online or over the phone by calling (888)-958-3781.

  11. How does repayment work?

    We deduct a fixed, daily payment from your business bank account on a daily or weekly basis, depending on the product you are approved for. This amount is based on historical percentage of your average daily receivables. The daily amount can be adjusted from time to time in light of your future experience.  These fixed payments help ensure minimal impact to your cash flow and are proven to prevent the snowball effect often caused by missing larger monthly payments. You can request your balance statements and pay off letters by emailing us at submit@neweralending.com or calling us at (888)-958-3781.

  12. Are New Era advances unsecured?

    Our merchant cash advances are secured.

  13. How is New Era different from other lenders?

    We are faster than a bank or any other alternative lender on the market. Unlike banks, we can deliver decisions in minutes and we value your overall business performance – not just your personal credit score. We build your business credit and deduct fixed daily or weekly payments, rather than a batch percentage of your sales.

  14. What industries do you work with?

    We work with more than 700 different kinds of businesses in all 50 U.S. states, including restaurants, retailers, auto repair shops, healthcare professionals, HVAC contractors and many other service providers, as long as they are grossing $10,000 per month.

  15. Why is it so hard for small businesses to get financing?

    Small business lending has been slow to recover since the recession. Traditional lenders lack an efficient system to underwrite small businesses, so many tend to defer to the personal credit score of the business owner as a measure of creditworthiness. It’s also cost prohibitive to underwrite smaller sized loans – it’s more profitable to make a $3,000,000 loan than it is a $30,000 loan.

  16. Why can New Era approve so many more businesses?

    We use our advanced scoring technology to make financing decisions based on the health of the business, rather than a personal credit score. We look at a variety of data points when analyzing businesses, and are able to deliver decisions in minutes and funding in as fast as 1 business day.

  17. How is New Era MCA different from a traditional bank loan?

    New Era is different than traditional lenders in a several ways:

    1. Our advances are between $5,000 and $250,000, with terms between 3 and 24 months. Bank loans are typically larger – up to $5 million – and can have terms anywhere from 2 to 25 years.
    2. New Era makes funding decisions in minutes and can deliver funding in as fast as 1 business day, while banks can take up to 2 weeks to review the application and an additional 30 to 60 days to fund the loan if approved.
    3. New Era also deducts a fixed, daily payment directly from your business bank account each business day, which helps to ensure minimal impact to your cash flow. Traditionally, banks collect payments on a monthly or quarterly basis.