Everest Business Funding: Small Business Loans Review

What is Everest Business Funding?

Based in Doral, Fla., Everest Business Funding is an online provider of merchant cash advances to small businesses in need of working capital. A merchant cash advance, or MCA, is a set amount of money that a business receives in exchange for a percentage of their future credit card sales or receivables. The MCA provider takes a portion of each transaction until the advance plus a fee is paid off. Typically, cash advances are more expensive financing products compared with small business loans. You can use a cash advance from Everest Business Funding to buy equipment, hire employees, make renovations or to cover any other business expense.

Features of banking with Everest Business Funding

Everest Funding Business’s website is a bit absent of some

Single product offering. Everest Business Funding focuses solely on merchant cash advances and doesn’t offer other products. Some lenders that provide cash advances have other funding options available, such as short-term loans or lines of credit.

High approval rate. Everest Business Funding says it approves 95% of businesses that apply for a cash advance. However, you may not be approved for the amount you originally request. The size of your cash advance depends on your business’ revenue.

Bad credit accepted. Everest Business Funding caters to business owners with poor credit who may have trouble securing funding from alternative or traditional lenders. Everest Business Funding’s credit requirement is lower than most online lenders, but common among MCA providers.

Financing products of Everest Business Funding

Everest Business Funding supplies merchant cash advances, collecting a percentage of your daily credit card transactions as repayment. Funds are deposited into your bank account quickly, but you may face high upfront fees.

Funding product Funding amount Term APR range/ factor rate Fees Time to funding
Merchant cash advance $5,000 to $500,000 3 to 6 months Not provided by Everest Business Funding Wire transfer fee: $50
ACH fee*: $395
Origination fee: $199 to $2,900, depending on amount
24 hours

Rates current as of 6/19/2018

*Everest Business Funding collects payments through the Automated Clearing House Network and charges a fee to set up the service. The ACH Network is a processing system that allows financial institutions to collect automatic electronic payments.

Eligibility requirements

Funding product Revenue Min. personal credit score Time in business
Merchant cash advance $5,000 monthly revenue 500 3 months

Additional eligibility factors

The amount of funding you qualify for would depend on how much money your business makes. The higher your revenue, the larger cash advance you could receive.

Ineligible industries for Everest Business Funding:

Everest Business Funding does not work with companies in the following industries:

  • Trucking
  • Automotive
  • Transportation
  • Law
  • Financial services

How to apply for financing with Everest Business Funding

You can apply for a cash advance online or by calling. You need to provide the amount of money you want to borrow, your business’ average monthly revenue and your personal contact information. After you submit the application, Everest will run a background check as well as a credit check to verify the information you provided.

Documents needed to apply:

  • Three months of bank statements
  • Driver’s license


Pros Cons
  Poor credit isn’t a problem.   Little information listed online.
  Broad range of industries accepted.   High upfront fees.
  Newer businesses may qualify.   Overall expensive product.

Who is the best fit?

Wide range of industries. Everest Business Funding works with business owners in a range of industries, tailoring funding for specific fields. Here are a few of the top industries Everest Business Funding serves:


  • Chiropractors
  • Dentists
  • Opticians
  • Veterinarians
  • MRI and surgical centers


  • Bakeries
  • Nightclubs
  • Lounges
  • Bars
  • Restaurant franchisees
  • Quick service restaurants


  • Barber shops
  • Beauty salon
  • Dry cleaning
  • Laundry
  • Hair, nail and skin care
  • Health spas


  • Electrical contractors
  • Plumbing
  • HVAC contractors
  • Mechanics
  • Green energy construction

Seasonal – Accounting, bridal, etc.

  • Accounting and tax preparation
  • Bridal wear
  • Floral


  • Grocery
  • Cosmetics
  • Hardware
  • Liquor
  • Clothing

New businesses. Everest Business Funding requires businesses to be in operation for just three months, allowing young but established businesses an opportunity to obtain financing. Many online lenders require at least six months to a year or longer in business to apply for funding. New businesses in need of capital that have yet to build up credit or revenue may find assistance from Everest Business Funding.

Fine print

Helpful customer service. Although the website is sparse, Everest Business Funding’s customer service representatives are forthcoming with information. You can reach the lender at 1-800-619-2943. Staff members are willing to answer questions about the company’s cash advances with little sales pressure.

Beware the dangers of cash advances. Merchant cash advances generally come with high fees and fast repayment terms and can be risky to take on. Some fees may not be disclosed until after you’ve accepted an offer. Lenders are guaranteed a cut of your daily credit card sales, even on days when business is slow. Sometimes a cash advance becomes so expensive that business owners take out another advance to cover their current one. This is known as “stacking” and could lead to a debt spiral. Make sure you consider all financing options before pursuing a merchant cash advance.

The bottom line: How Everest Business Funding stacks up

Everest Business Funding provides sizeable sums of money to cover any business expense. The eligibility requirements are low and nearly any business that applies is approved for funding. However, merchant cash advances tend to be risky financing options. Merchant cash advance providers often target business owners with poor credit because they can’t qualify for traditional financing and have nowhere else to turn. Cash advances generally are expensive compared with loans, and you may be unable to pay off the debt.

Despite the risky nature of cash advances, Everest Business Funding could help you cover costs if you feel comfortable with your offer. The MCA provider does not disclose much on its website, but customer service representatives are available to answer questions. The application process is simple and speedy, and you would know quickly if Everest Business Funding is the right financing option for you.

As with any financing, it’s best to do as much research as possible and compare offers from other lenders and MCA providers before taking on debt.

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