Answers to common questions about drawing funds and making payments with Capital, provided by Bizcap.
In this article:
Drawing funds
How do I draw funds?
Open Capital in the left menu. Your dashboard shows your approved limit and available funds to draw.
1 - Start a draw and enter the amount you want, up to your available financing.
2 - Review the full terms and accept it: the requested amount, the fees, and the payment schedule.
3 - Confirm the draw.
Nothing is charged and nothing starts until you confirm.
How fast do funds arrive?
Funds are sent to your connected bank account. This may take from a few minutes to one business day.
What does a draw cost?
Each draw has a one-time draw fee, deducted from the funded amount upfront. No payments are due for the first 30 days. If you pay a draw in full within those 30 days, the draw fee is the only cost.
If you want to pay a remittance amount set forth in your schedule (without prepaying the balance), a cost of funds applies. It's set in steps based on the date you fully settle the draw: the earlier the date, the lower the step. A fee also applies to draws held past 30 days. The exact amounts are always shown before you confirm.
If you pay the draw amount back within 30 days, the cost is 1% taken at the time of draw.
30-60 days: 1% + 4.9%
60-90 days: 1% + 9.8%
90-120 days: 1% + 18%
120-140 days: 1% + 24.9%
Can I take more than one draw?
Yes. You can draw again whenever you have available financing. Each new draw has its own 30-day window with no payments due.
How payments work
When do I start making payments?
For the first 30 days of a draw, no payments are collected automatically. You can clear the entire balance with a single payment at any moment (before or after 30 days period).
If the balance is not paid back after 30 days, the fee applies and increases fixed weekly payments automatically. They collect the remaining balance over the draw's estimated term.
What if I have more than one draw?
Your active draws are combined into a single weekly payment. A draw drops out of the weekly payment once it's settled.
Where are payments taken from?
The payments are taken from your connected bank account. Keep enough funds available on payment days.
Can I settle a draw early?
Yes, at any time, and it costs less based on the payments schedule. The cost of funds is set in steps by the date the draw is fully settled, so settling earlier means a lower step. Your current balance due appears on your dashboard.
What happens to my limit as I make payments?
Your financing refills as you pay down your balance. Every payment that reduces a draw reopens that amount on your available financing, and you can draw it again right away.
What if a payment fails or I have a question about a payment?
Bizcap manages payments, so contact them about failed or unexpected payments, your balance due, or settling a draw.
Contact them using this form.