Effective: October 2023
NAPA Funding Group LLC (“GRP Funding”), encourages you to read the following Disclosures and understand how they may or may not affect you as a business Customer.
(1) Next Business Day Funding
Fast approvals and funds deposited the next business day subject to receipt of required documentation, underwriting and deposit processing time by your bank. Funds will be deposited into your business checking account as soon as the next business day after approval and acceptance of terms.
(2) Eligibility Terms
GRP Funding does not guarantee that it will present offer terms. Financing eligibility subject to final approval. Actual eligibility may vary. An approval is based on integrated data from a variety of sources coupled with proprietary risk models which may evaluate such business performance factors as business type, time in business, annual sales, average bank balances, credit card processing information, business owner credit and other variables deemed relevant.
(3) Not Consumer Loans or Financing
Financial products offered by GRP Funding are not consumer loans or financing. Financial products offered through GRP Funding can either be the Purchase & Sale of Future Receipts (“PSFR”) or the Purchase & Sale of Payment Card Receipts (“PSPCR”). The PSFR & PSPCR Agreements specify that the financial products offered by GRP Funding are not loans or extensions of credit but are True Sales of a business’s future receivables.
The PSFR offered through GRP Funding purchases a Specified Percentage of business’s total future receipts. For convenience, the business’s owner will authorize GRP Funding to debit a “fixed” Specified Amount from the business’s bank account daily or weekly via ACH. The Specified Amount is intended to represent the Specified Percentage of the business’s Future Receipts. A business is eligible monthly to “reconcile” or “true-up” the business’s actual receipts so that the amount GRP Funding debited via ACH equals the Specified Percentage collected in that calendar month. The PSPCR offered through GRP Funding purchases a Specified Percentage of a business’s future credit, debit and other payment card receipts at a discount. PSPCR have no set term, maturity date, fixed payment or minimum payment features.
Business owners are required to guarantee the performance of certain covenants in the PSFR & PSPCR Agreements. However, the PSFR & PSPCR Agreements include no personal guarantee of “payment,” such as those associated with traditional loan financing. In the PSFR & PSPCR Agreements, business owners do not guarantee they will deliver the purchased receivables, nor do they pledge personal collateral to secure such an obligation.
PSFR & PSPCR Agreements may be provided and purchased by third parties, as applicable and subject to their final approval. After receipt of funds, GRP Funding will support and service your account, according to the terms of your PSFR and/or PSPCR Agreement.
For additional questions on these DISCLOSURES please contact us at email@example.com or call us toll free at (877) 571-7999.