Palmbrook Funding, a small-business funding broker in Rapid City, South Dakota, answers common owner questions here: whether it lends, funding with only an EIN, how long an LLC should exist before applying, personal loans for business costs, and which requests it does not handle. Only a lending partner can approve, price or set terms.
About Palmbrook Funding
Palmbrook Funding brokers small-business funding from 510 1/2 St Joseph St, Rapid City, SD 57701. It is not a lender: lending partners review each request and make every credit decision. The four steps explain the process.
Funding with an EIN
An Employer Identification Number identifies the business for tax purposes, and partners expect one. But an EIN alone rarely carries a request: most partners also review the owner's credit, bank deposits and time in business. Be wary of offers that claim the EIN is all they need.
How old an LLC has to be
Partners do not share one cutoff. Some partners want two years of history; others consider newer businesses with steady deposits. A brand-new LLC with no revenue will find few options outside personal resources. The state's business records show when your entity was formed, and partners check them.
Personal loans used for business
Some owners finance an early-stage business with a personal loan. It can be easier to obtain before the business has a track record, but the debt is yours personally, it does not build business credit, and the lender may restrict business use. Personal loans are not something Palmbrook sets up.
Merchant cash advances
A merchant cash advance is not a loan. The funder buys receivables you have not yet collected and takes them back through a holdback on sales. The merchant cash advance page explains holdbacks, factor rates and reconciliation.
What Palmbrook turns away
Personal, payday, auto title and home loans; grants; and funding for agriculture or trucking. We also have no Spanish-language service.
Where to read more
Guides on South Dakota sales tax records, Rapid City, SD zoning and free local help are in the guide library. Longer answers to single questions, such as when to hire or how to open a second site, are on our Black Hills notes.
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