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Compare Business Funding Options

 

Small Business Funding helps businesses receive funding needed for payroll, inventory, new equipment purchases, expansion – whatever it takes to make your business successful.

Online-Loan-Grid-v2-with-Line-of-Credit.

Flexible Loan Types

Working Capital Advance

  • Whether it’s for payroll, inventory, materials or expansion, Small Business Funding can help you secure the Working Capital your business needs to keep thriving. While a traditional bank loan may be more cost effective, in many cases the process can be long and tedious and decisions on approval or decline may take as long as a month or two.

  • Traditional loan underwriting places a lot of weight on personal credit and time in business, where alternative funding products such as a Working Capital Advance place less emphasis on these factors.

  • Timing: Approvals within 24 hours (in most cases), funding within 2-3 business days or sooner

  • Requirements: 3-4 months in business, minimum $100,000 annual revenue

  • Process: Submit your company’s 3 most recent months of business banking history along with our easy online application to find out what you’re qualified for – your dedicated Funding Manager will take it from there!

  • Approval Amounts: Up to $500,000

  • Repayment Terms: While we will give you an estimate at time of approval, terms are based on a percentage of your company’s revenue, which may fluctuate. This allows for a potential decrease in scheduled payment amount should your revenue decrease. (Please note, the payment would not increase with higher revenue)

Term Loans

  • For those that want the benefits of a more traditional loan but still need the funds in as short a time as possible, we can offer a standard Term Loan. Term Loans are slightly easier to obtain than an SBA Loan, and time to funding is faster, but maximum repayment time will be shorter and they still carry relatively strict approval requirements as indicated below.

  • Typical uses are for working capital, to refinance debt and to purchase equipment.

  • Timing: Pre-Qualification can happen in minutes. Assuming you pass initial requirements and secure a pre-approval, expect funding to take 2 to 4 weeks, and could take longer.

  • Requirements: 2+ years in business, verified through two complete tax returns; minimum personal FICO of 640 for ownership; you’ll need to supply business financial statements including Profit & Loss, Balance Sheet and potentially other documents as deemed necessary.

  • Process: Submit your company’s 3 most recent months of business banking history along with our easy online application to find out if you qualify – your dedicated SBF Funding Manager will take it from there!

  • Approval Amounts: $30,000 to $200,000

  • Repayment Terms: 2 to 5-year terms, monthly payments. APR (Annual Percentage Rate) = 6.99% to 26.99%*

SBA Loans

  • An SBA Working Capital Loan has been referred to as the “gold standard” of loan options for small business owners. It is a government-backed loan that is partially guaranteed by the Small Business Administration (SBA), an agency of the federal government.

  • While these loans are harder for small business owners to qualify for due to more stringent requirements as listed below, they are truly one of the best options for those businesses looking to refinance debt, hire employees, purchase equipment, or just looking to expand.

  • Timing: Pre-Qualification can happen in minutes. Assuming you pass initial requirements and secure a pre-approval, expect funding to take approximately 4 weeks, and could take longer.

  • Requirements: 2+ years in business, verified through two complete tax returns; minimum personal FICO of 650 for ownership; you’ll need to supply business financial statements including Profit & Loss, Balance Sheet and potentially other documents as deemed necessary.

  • Process: Submit your company’s 3 most recent months of business banking history along with our easy online application to find out if you qualify – your dedicated SBF Funding Manager will take it from there!

  • Approval Amounts: $30,000 to $350,000

  • Repayment Terms: 10-year term, monthly payments. APR (Annual Percentage Rate) = 6.50% – 8.75% (Prime Rate + 2.75% to 3.75%)

Line of Credit

  • A Line of Credit for your business provides a very flexible option for controlling when and how much funding you take on. Once approved, you can draw as little or as much as you want up to the maximum approved amount, which ensures that you never have to pay for more money than you need. And with no prepayment penalty you can pay back whenever is feasible, potentially reducing the interest you pay.

  • Timing: If approved, funding can take place in as little as 24 hours, although not all business owners will have this experience. In some cases, additional documentation will be needed, which can delay funding.

  • Requirements: 6 months in business; minimum personal FICO of 620 for ownership; minimum annual gross revenue of approximately $300K.

  • Process: Submit your company’s 3 most recent months of business banking history along with our easy online application to find out if you qualify – your dedicated SBF Funding Manager will take it from there!

  • Approval Amounts: $10,000 to $250,000

  • Repayment Terms: 6 month or 12 month terms; 12% to 47% simple interest (annualized)*

Equipment Financing

  • Small Business Funding offers Equipment Financing where you may potentially be able to finance up to 100% of your equipment cost.

  • Timing: Approvals in 24 – 48 hours (in most cases), funding within 1 week.

  • Requirements: Completed  application, your equipment invoice, need a minimum credit score (FICO) of 600, and you must currently be in business.

  • Process: Complete our easy online application and your dedicated Funding Manager will contact you to discuss your request or call 800-742-2995 to speak directly with a Funding Manager.

  • Approval Amounts: Up to $1 Million

  • Repayment Terms: 1 to 5-year terms, with monthly payments.

Are you ready to apply for a loan?

 

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