THE KEY TO RUNNING
A SUCCESSFUL BUSINESS IS SECURING THE RIGHT FUNDING!
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Though there are different ways to go about constructing
your business plan, here are some things we believe should
always be included in a business plan
Though there are different ways to go about constructing
your business plan, here are some things we believe should
always be included in a business plan
LOAN SOLUTIONS
LOAN SOLUTIONS
NEED WORKING CAPITAL?
GET BUSINESS FUNDING TODAY
NEED WORKING CAPITAL?
GET BUSINESS FUNDING TODAY
LEARN ABOUT THE BEST
FUNDING OPTIONS
FOR BUSINESS
GET QUICK FUNDING
GET FAST FUNDING
LEARN ABOUT THE BEST FUNDING
OPTIONS FOR BUSINESS
GET QUICK FUNDING
GET FAST FUNDING
What kind of business loan is right for you?
If you are new to the game, the options for funding may seem overwhelming. There are tons of different kinds of funding options that may suit you and your business plan. We’ve compiled information regarding many of the most popular kinds of business loans and the repayment time frames associated with each.
What kind of business loan is right for you?
If you are new to the game, the options for funding may seem overwhelming. There are tons of different kinds of funding options that may suit you and your business plan. We’ve compiled information regarding many of the most popular kinds of business loans and the repayment time frames associated with each.
If you’ve decided that you do not want to raise funds via investor funding (or ask for money from friends and family), you can look into applying for a business loan. There are many types of business loans available that are perfect for small business owners. Not only can you seek a loan from an accredited financial institution like a bank or credit union, you can also apply for a loan from an online lender.
If you have a lower credit score, a good option can be to look into alternative lenders and learn about their financial products or services. Furthermore, depending on your credit score, a great option can be to open business credit cards, just make sure to pay them back on time!
In general, before you agree to any loan, make sure that your company is liquid enough to repay the loan in the future.
APPLY FOR A SMALL BUSINESS LOAN: BUSINESS FINANCING MADE EASY
Once you have all the documents in order, you can get your money in minutes. The amount you can get from a small business loan ranges from $500 to $5.5 million dollars. However, your eligibility depends on a number of factors such as your credit score, equity in your business and profit viability. In order to qualify, you are going to need to have a for-profit business. A small business loan can be used to help with working capital for paying for fixed assets (furniture, machinery, office space). With 504 loans or 7(a) loans, you are looking at long term loans with variable or fixed interest rates.
APPLY FOR A SMALL BUSINESS LOAN: BUSINESS FINANCING MADE EASY
Once you have all the documents in order, you can get your money in minutes. The amount you can get from a small business loan ranges from $500 to $5.5 million dollars. However, your eligibility depends on a number of factors such as your credit score, equity in your business and profit viability. In order to qualify, you are going to need to have a for-profit business. A small business loan can be used to help with working capital for paying for fixed assets (furniture, machinery, office space). With 504 loans or 7(a) loans, you are looking at long term loans with variable or fixed interest rates.
STARTUP LOANS:
GET START UP
BUSINESS FUNDING TODAY
Unlike Working Capital loans, which assist the operation of any already existing business, there are also Startup loans which are designed to help you get the resources necessary to start the actual business. Startup business loans can pay for things like office furniture, machinery, business equipment financing, office utilities, rent and so forth.
CASH ADVANCE ONLINE
LOANS: ONLINE FUNDING
FOR BUSINESS
STARTUP LOANS: GET START UP BUSINESS FUNDING TODAY
Unlike Working Capital loans, which assist the operation of any already existing business, there are also Startup loans which are designed to help you get the resources necessary to start the actual business. Startup business loans can pay for things like office furniture, machinery, business equipment financing, office utilities, rent and so forth.
CASH ADVANCE ONLINE LOANS:
ONLINE FUNDING FOR BUSINESS
If you need cash fast, check out a cash advance loan, which is sometimes referred to as a Payday loan. You can apply for cash advance loans online. Cash advance loans are short-term loans that are required to be paid back within a short period (a few months to a year). These loans have higher interest rates and are designed for short term issues, rather than investing in long term business expansion. The amount you can receive from a cash advance loan is usually far less than a typical loan (max. several thousand dollars). A cash advance loan can help you get by until your next paycheck, even if you have bad credit. The application process is quick and you can typically get your money instantly.
If you need cash fast, check out a cash advance loan, which is sometimes referred to as a Payday loan. You can apply for cash advance loans online. Cash advance America loans are short-term loans that are required to be paid back within a short period (a few months to a year). These loans have higher interest rates and are designed for short term issues, rather than investing in long term business expansion. The amount you can receive from a cash advance loan is usually far less than a typical loan (max. several thousand dollars). A cash advance loan can help you get by until your next paycheck, even if you have bad credit. The application process is quick and you can typically get your money instantly – even within a business day.
CASH LOANS & MICROLOANS:
AN EXCELLENT CHOICE
FOR THOSE WITH
LOW CREDIT
A microloan is also a speedier option for those looking to get cash quickly. Microloans tend to be for sums up to $50,000 and are meant to be repaid within a 72 month period. According to the SBA, the average amount for a microloan is $14,000 and the average repayment time is a 40 month period. Microloans can be used for working capital or to cover expenses like furniture, machinery, industry and office expansion. They can be great for people who may not qualify for other types of loans.
PAYROLL LOANS
(ALSO A FORM OF
PAYDAY LOAN)
If you need help covering payroll, you can inquire about a payroll loan. The payroll is considered a part of your working capital. However, if you are struggling in a bad season of business and failing to cover your employees’ needs, you can inquire about a payroll loan.
These loans are also meant to be temporary solutions. They are short-term loans with high-interest rates and do not require good credit. However, if you fail to pay back your payday loan, you can further lower your credit score.
CONSIDER UNSECURED
BUSINESS FUNDING
OPTIONS: NO COLLATERAL
LOANS
When receiving a loan, you are often required to pledge collateral in the form of an asset (savings account, car, house, real estate). However, with an unsecured business loan, you are being administered the loan simply based on your credit score. Thus, you will need a good credit score (and well-established credit history) to secure this loan.
The downside to an unsecured loan is that you may be charged a higher interest rate. In general, lenders will require some form of collateral, but this is not always the case.
LEARN ABOUT FLEXIBLE
FUNDING OPTIONS:
PAYBACK ON YOUR OWN
SCHEDULE
With any loan, you are going to have to think about your repayment options and consider all of the financial risks involved. If you are seeking a lender, do your research to ensure that you are not falling victim to predatory practices. Use a loan calculator to understand the financial burden of a potential loan and make sure that terms of this loan are designed to help your business, instead of hurt it. Flexible repayment schedules can come in handy in case you have a ton of cash flow one month, and a deficit of cash the next.
STARTING A BUSINESS? CONSIDER OTHER FINANCING OPTIONS
Deciding whether a loan is right for you can be a long and extensive process. If you can acquire other sources of funding, it may be wise to consider those first. Here are some options for financing your business:
Apply for small business grants/ small business innovation research grants
Use crowdfunding platforms
Ask friends & family
Business Funding Made Easy
Check out our table featuring the pros and cons of the
aforementioned business loans:
Our loan consultants can connect you to an
appropriate lender for your situation and help you
decide which loan suits your financial needs!
Business Funding Made Easy
Check out our table featuring the pros and cons of the
aforementioned business loans:
Our loan consultants can connect you to an
appropriate lender for your situation and help you
decide which loan suits your financial needs!
Startup Loans
Cash Advance, Working Capital & Payroll Loans
Small Business Administration Loans
MICROLOANS
So, how do you secure a business loan?
Once you’ve decided on an appropriate loan, you are going to have to prepare your loan application. The application process can be stressful and tedious, depending on the type of loan you are applying for. Working with a loan consultant can help you simplify the process! In general, you are going to need to show the following information to your potential lender:
- Good credit score (680+)
- Business plan
- Balance sheet
- Presence of cash flow
- Equity in the company
- Collateral (in the form of assets, bank account)
- Financial records (proof that you have repaid other loans)
- Cash flow
Startup Loans
Cash Advance, Working Capital & Payroll Loans
Small Business Administration Loans
MICROLOANS
So, how do you secure a business loan?
Once you’ve decided on an appropriate loan, you are going to have to prepare your loan application. The application process can be stressful and tedious, depending on the type of loan you are applying for. Working with a loan consultant can help you simplify the process! In general, you are going to need to show the following information to your potential lender:
- Good credit score (680+)
- Financial statements
- 2+ Years in Business
- Business plan
- Personal Guarantee
- Balance sheet
- Presence of cash flow
- Equity in the company
- Collateral (in the form of assets, bank account)
- Financial records (proof that you have repaid other loans)
- Cash flow
For more information on how to secure business funding, check out our blog on how to get business funding. Every lender will require a different set of criteria, so don’t be afraid to shop around for lenders!
NOTE:
These are general criteria that may not apply to your particular situation. Sometimes, things are out of your control. If your particular industry is doing poorly, you may have a harder time securing a loan. You may also have a harder time if you have declared bankruptcy in the last 7 years.
For more information on how to secure business funding, check out our blog on how to get business funding. Every lender will require a different set of criteria, so don’t be afraid to shop around for lenders!
NOTE:
These are general criteria that may not apply to your particular situation. Sometimes, things are out of your control. If your particular industry is doing poorly, you may have a harder time securing a loan. You may also have a harder time if you have declared bankruptcy in the last 7 years.
Business news
Everything in business matters. Time, day-to-day basis, sba microloans, and credit checks. Checking business news is important in keeping your business efficient.
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