How to get a Small Business Loan?
At Quickest Loans we provide to small businesses for various purposes. These loans may have less limiting requirements, allowing the small business to secure the funds.
A small business loan may provide other incentives for the borrower, which could minimize expenses for the business and improve the business. With new business owners needing to make purchases to start their business, they often turn to business loans – for example, $50k to $100k loans can help pay for such things as equipment, rent and advertising costs. QuickestLoans small business financing is available in many forms, from business credit cards and small business loans, to invoice financing or factoring, to angel investment.
What can an Unsecured Small Business Loan be used for?
- Start your business – If you are starting out the business, you might have no available capital and need business loans. $50,000 to $100,000 will help you start your business.
- Expand your business – When your business is showing some signs of success, but you need more money to grow, you can get a personal business loan. $100,000 will allow you to purchase the things you need to expand.
- Improve your cash flow – Especially when you offer services, you may have a lag time between when you perform the service and when you receive payment. Loans help you through the hard times.
At QuickestLoans we will make sure that each small business loan has the following requirements as per Lenders request following the criteria:
- At least one year in business
- A credit score of 500 or higher
- About $100,000 or higher in annual revenue
- 3 -6 months Business Bank Statements
Small business financing options have grown in the digital age. Business owners currently have more options than ever before. Some of the more traditional small business loan are the most popular, despite generally being more difficult to obtain. Which is why we at QuickestLoans is here to help with such difficulties.
Most Common Options of Small Business Loan
A small business sells a portion of their future revenue sales and receives funds immediately. The small business reduces their risk, but the funds the business receives now are less than the value of the future receivables being sold. Merchant Cash Advance repayment amounts are a factor — or fixed percentage of your revenue sales.
Merchant Cash Advance Criteria & Benefits:
- Businesses with a less-established credit history that need working capital to get through a slow period.
- Funding up to $200,000
- Payment options including Daily, Weekly or Semi-Monthly Payments
- Can use funds for a variety of needs
- Quick approval and funding with little paperwork
A lender approves a business owner for an amount of money that can be drawn on whenever necessary. They only pay interest on the funds they draw. As the money is repaid, it becomes available again without having to reapply for the loan.
Business Line of Credit Criteria & Benefits:
- Funding from $5,000 – $150,000
- Financing from 1 – 3 years
- Only pay for funds currently drawn
- Receive funds more quickly than a usual bank-provided business loan
- Ideal for expanding space, buying inventory, hiring new employees and refinancing debt
The Small Business Administration is a government agency that encourages lenders to fund small businesses by guaranteeing a portion of the loan. SBA loans are best for businesses with a exceptional business credit history.
SBA Loan Criteria & Benefits:
- Funding from $30,000 – $350,000
- Interest rates from 5.75% – 8% variable rate
- Long-term financing up to 10 years
- Monthly payments
- No early payoff fees or penalties
- Generally longer repayment period and lower interest rates
A loan with repayment duration of 3-18 months.
Short-Term Loan Criteria & Benefits:
- Funding from Up to $200,000
- Interest rates starting at 1.1% monthly rates
- Financing up to 18 months
- Receive funds more quickly than a traditional bank-provided business loan
- Ideal for immediate business needs like covering payroll
Business term loans are a source of commercial financing many business owners look for when they have a specific need for a business loan. They are good for that reason, as the terms of these loans are generally flexible to a business’s needs and vary as such. Term loans are good for larger purchases, such as buying equipment or renovating your facility, however, they can sometimes be difficult to apply for and obtain.
Term Loan Criteria & Benefits:
- Lower interest rates
- Simple, Streamlined Application Process
- Fast Approval; Preserves Shareholder Equity
- Payments on Time Boosts Credit Score
Merchant Cash Advance is a commercial funding program that turns future credit,debit,installment contract sales into working capital.
Working Capital Loans provide companies with a flexible solution to increase their working capital in order to meet their operational needs.
Purchase Order Funding is a form of short-term financing or payment assurance to produce or purchase finished goods ordered or sold.
A line of credit is a flexible short-term financial tool that you can use for a variety of business needs, form working capital to purchasing inventory.
Collateral will be required when the lender wants some assurance that they will not lose all their money.
Equipment finance or lease buyback are financing methods that can be used both by equipment buyers and sellers to acquire or sell equipment
when a company sells their unpaid invoices to a different company for a small total payout at a discounted price.
A bridge loan used for business purposes is a temporary financing facility that has short-term funding till a permanent is in place, or until a commercial debt obligation is removed.
At QuickestLoans by using these different kinds of methods to obtain small business loans/ funding you will be heavily benefited and have a high return of investment from these financial options.