Salinas at a glance
Salinas, incorporated in 1874, is the county seat of Monterey County and, per Wikipedia, the main business, governmental and industrial center of the region. Its 163,542 residents (2020 census) live in a valley whose marine climate suits floral growers, vineyards and vegetable farms, earning the nickname "The Salad Bowl of the World." Its proximity to Silicon Valley and its many agricultural employers have also made it a hub for agricultural technology.
Who borrows, and for what
Ag service and supply businesses
Equipment repair, irrigation, pallet and packaging suppliers and cooling. Costs pile up before and during harvest; customers pay after.
Nurseries and floral operations
Plants and supplies are bought months before they sell. That is a classic case for borrowing a defined amount ahead of a sales season.
Agtech startups
Young companies with little bank history. A short record can limit what is offered, so be realistic about the amount.
Main Street and neighborhood businesses
Restaurants, markets and shops whose sales track farm employment through the year.
Sizing a loan against a harvest cycle
For illustration only. An irrigation contractor expects a busy spring and needs $90,000 for pipe, parts and two extra techs. Payments from growers arrive weeks after work is finished. A sensible request covers those up-front costs, is repaid from the season's receipts, and still leaves room in the slower fall and winter months. Borrowing extra for an unplanned cushion raises the payment for months with less income.
Reading your own statements first
Because the review starts with about three months of bank statements, it pays to look at them the way a funder will. In Salinas, those three months can look very different depending on where they fall against the growing season. Note which months you are showing, mark any one-time deposits such as an equipment sale, and be ready to explain a dip that came from a late grower payment rather than lost business. Clear, consistent deposits from your normal customers say more than any single big month.
- Keep business and personal spending in separate accounts.
- Avoid overdrafts in the months before you apply where you can.
- Know your weakest month and your total existing payments.
What we need
We review about three months of business bank statements, consider FICO 500 and above, and use a soft credit pull. No tax returns are required. The application takes about five minutes, and sole proprietors can apply. Funding ranges from $25,000 to $5,000,000 and can be funded in as little as 24 hours.
Compare all options on the Salinas business funding page or apply now.