Summit Financial Resources

We can often fund a company within 7-14 business days of turning in an application . Here is an overview of the process:

1. Pre-qualification. As a prospective client of Summit Financial Resources, you will be asked to complete a Client Application and provide a recent Accounts Receivable Aging and Customer List. At the same time, your Business Development Officer will begin the Underwriting process.
2. Proposal. Once your customer list has been qualified, usually within 24 hours of submission, your Business Development Officer will present a written proposal outlining the general terms and conditions of our offer to finance your company's accounts receivable.
3. Acceptance. When your proposal is executed and returned to us, you will be asked to include a due diligence fee to cover the cost of credit searches, filings, and other out-of-pocket expenses incurred during the underwriting of your financing request.
4. Preparation of Documents. Once your financing request is approved, a formal set of Financing Documents will be prepared and sent overnight to you for review and signature.
5. Funding. Once the Financing Document package is fully completed, your account will be assigned to one of our Account Executives to complete the steps necessary to fund your request. This process includes five steps:
1. Verification of invoices submitted for financing.
2. Completion of final due diligence.
3. If there is another institution currently in a first priority secured position with respect to the accounts receivable, Summit will obtain a payoff figure and obtain UCC releases with regard to this collateral from the institution.
4. Review of the daily working relationship between your company and the Summit Account Executive assigned to manage your account, including a review of Summit's Online Account Reporting System.
5. Funds are transmitted to you by check or wire.