How do I apply for a business loan or financing?
Start your application here! A member of our team will be in touch shortly to complete the process.
How long does it take to be approved and get my money?
In most cases, your business will be approved within 24 hours. Funds will be deposited in your business bank account in days, not weeks!
What are the requirements?
In most cases, you need to have been in business for at least 2(6 month)_ years, have an annual revenue of at least $250,000, and have a business bank account. Your account manager will walk you through the process and help you gather the necessary documentation.
Do you require personal guarantees?
Nope.(and yes)_ Unlike traditional banks and commercial lenders, we do not require personal guarantees for our business loans.
Cash Advance FAQs
What can I use a business cash advance for?
That’s up to you! A business cash advance can be used to pay for unexpected operating or capital expenses, the launch of a new product or service, or any other need your business has.
How will I repay a business cash advance?
Business cash advances are repaid daily or weekly via automatic ACH drafts from your business bank account, usually as a portion of future (revenue)_ (or )_credit/debit card sales.
How is a business cash advance different from a business loan?
Cash advances put more weight on your business’s sales and revenue. If you have consistent and high credit card sales, it is easier to qualify for a cash advance. Cash advances are not a form of business loan; they are a way for you to use your future income to get immediate funds now.
Line of Credit FAQs
What can I use a business line of credit for?
That’s up to you! Generally a business applies for a line of credit because they experience changes in business throughout the year (seasonal business). When a business knows they’re going to need short-term capital at some point, a line of credit is a flexible financing solution that acts like a safety net.
How will I repay a business line of credit?
Much like a credit card, you will have a due date and minimum payment for your business line of credit. Funds that are drawn will be assessed an interest rate that will accrue until the balance is repaid.( monthly)
or weekly automatic ACH drafts can be scheduled for your convenience.
How do I qualify for a business line of credit?
Like a credit card, a business is qualified for a line of credit based on their time in business, cash flow and revenue, and the business owner’s personal credit score and history. More credit-worthy businesses receive more favorable terms and rates.
SBA Loan FAQs
What are the benefits of an SBA loan?
The major advantage of an SBA loan is its rates (usually around 4%-7%). As a government-backed loan, SBA loans also carry some unique benefits, including lower down payments, flexible overhead requirements, and no collateral needed on some loans.
How long does it take to get an SBA loan?
If the process moves quickly, as little as 60-90 days. Sometimes it may take up to a year if we have to work with customers to repair their credit, appraise collateral, or right their business’s finances. An SBA loan is not ideal for a business that needs cash now. See our business cash advance or line of credit pages for more information on fast financing.
What can I use an SBA loan for?
SBA loans are a bit stricter about what the money can be used the, unlike cash advances and lines of credit which can be used for anything your business needs.
SBA loans can be used for: