Rates come from the funding partner that makes an offer, not from this site. Fees can include origination, documentation, late and prepayment charges. Bank statements, tax returns and quotes are among the papers a partner may request. Each product fits a different kind of cost, shown here for a child care provider.
Why no rate is printed on this site, and who sets the rate on a Richmond, KY owner's offer
Ledgecrest Lending does not set rates. The rate on any offer comes from the funding partner that makes it, after its own review of the business, the product, the amount and the term, so no single rate printed here could fit a given request.
Illustration only, invented figures: on a $15,000 loan over 24 months, an invented 9.9% annual rate gives a payment of $691.48 and $1,595.52 of interest, while an invented 15.9% annual rate gives $733.73 a month and $2,609.52 of interest.
The six-point gap in this invented pair costs $42.25 more each month, or $1,014.00 more interest across the 24 payments. That spread is why an offer's rate is worth reading next to its total.
Which fees can appear on an offer, priced on a Madison County, KY dental office's equipment quote
Offices of dentists in Madison County, KY paid $10.1 million in annual payroll across 32 employer establishments in 2023 (County Business Patterns, NAICS 6212).
Fees that can appear on a partner's offer include:
- Origination fee: a percentage of the amount, deducted from the funds or added to the balance
- Documentation fee: a flat charge for preparing the agreement
- Late payment fee, set in the agreement
- Prepayment charge, on some offers, for paying off early
Illustration only, invented figures: a dental office receives an offer on a $31,200 equipment quote with an invented 2% origination fee of $624.00 and an invented $295 documentation fee, or $919.00 in fees. If the origination fee were deducted from the funds in this invented case, $30,576.00 would reach the seller, short of the quote.
Every fee on an offer appears in the partner's agreement, and asking for the full list before signing is reasonable.
The paperwork a funding partner may ask a Richmond, KY home builder for, one document at a time
Of the 181 construction employer establishments in Madison County, KY in 2023, 61.3% had fewer than five employees (County Business Patterns, NAICS 23). A builder asking about funding may be asked for some or all of the following:
- Business bank statements for recent months
- The latest business tax return, and possibly the one before it
- A year-to-date profit and loss statement
- Each existing loan, lease or advance with its monthly payment
- Quotes or invoices for what the money pays for
- A schedule of jobs in progress and their payment terms
A partner may not ask for every item, and a smaller request may need fewer pages. Keeping them in one folder before the call keeps the back-and-forth short. The how it works page traces a request through the call, the partner review and any offer.
Different funding products for a Madison County, KY child care provider, one cost at a time
Child day care services counted 18 employer establishments in Madison County, KY in 2023, with 321 paid employees and $8.7 million in annual payroll (County Business Patterns, NAICS 624410).
| Cost | Product to ask about | Why it fits |
|---|---|---|
| A passenger van for field trips | Equipment financing | The van can serve as security |
| Indoor play equipment, classroom tablets and a commercial washer | Equipment financing | Movable items with a quote |
| A week of payroll ahead of tuition deposits | Working capital loan | A short, fixed repayment |
| Monthly food and classroom supply orders | Business line of credit | Draws that repeat and pay down |
| Classroom software and a security camera kit | Business term loan | One amount, level payments |
| Tuition taken by card | Merchant cash advance | Collected as a share of card sales |
Each product has its own page: equipment financing, working capital loans, business lines of credit, business term loans and merchant cash advances. Inventory financing pays for goods a business resells, so it does not apply to a provider that sells no goods.
By Ledgecrest Lending ยท Updated
