ACH stands for Automated Clearing House. Just as how a payment for a TV cable bill or utility bill is automatically withdrawn from a bank account, the repayment amount of your ACH loan is automatically withdrawn on a prescribed date – which can be daily, weekly or monthly (depending on the terms and conditions of the loan agreement).
What’s more, the amount is always fixed and predictable, which is important because it means that you will not experience any unexpected — and unwelcome — surprises when you manage your cash flow.
Application filled out and signed
4 months of business banking statements
**Most recent business tax return
**YTD P&L and Balance Sheet
** A/R & A/P Reports (if applicable)