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How It Works?
What Is a Business Loan?
Your Small Business Loan Options?
What Are the Benefits of a Small Business Loan?
How Do I Apply for a Business Loan?
What Do You Need a Small Business Loan for?
What Can You Actually Afford?
Steps to a Business Loan
How to Get a Loan to Start a Business?
We help you save time and money by easily finding the best loan options
See all your loan options in one place with our quick, simple application. It takes 1 minutes to complete and won’t impact your credit score.
Finding the best loan option for your business should be easy. With us, you can get approved within hours so you can get back to running your business.
The best loan option is one based on your budget, goals, and unique needs. We help you compare all your loan options in one place, from the industry’s top lenders.
Once approved, your funds are transferred directly into your business’s bank account within 24 hours. Growing your business is just that simple.
A business loan is a loan that is secured for business purposes and not for personal needs. Business loans are often applied for, to start a new business, to expand an existing business, to fulfill orders and so on. Such loans are usually paid back over a specific period of time in installments. The goal of a business loan is to repay the loan from the business income generated by the said loan.
A merchant cash advance (MCA) is a lump sum of capital lent against a business’s future sales.
3 months—5 years
Starting at 5%
As fast as 1 day
When your business needs additional capital, securing a small business loan can be the best decision you make for your company.
Each business, no matter their size, experiences periods where working capital is tight. A small business loan can help shorten these stretches, without interrupting operations.
Securing a small business loan allows you to maintain control of your company. You can use your loan however you like and can keep any profits or gains your business generates, all without seeking permission from your lender.
In order to grow, you have to continually invest in your business. A small business loan can enable you to plan for the future without using any working capital from your day-to-day needs.
Trying to capitalize on a new market? With a small business loan, you can secure the location you need to widen your business’s reach. The more locations you have, the greater your chance to grow.
Small businesses or business owners apply for business loans to gather capital for investment purposes. The typical business loan system requires the borrower to pay back the sum with pre-decided interest over a period of time in installments. There are a variety of business loan types out there including SBA loans, term loans and business lines of credit.
Securing a business loan can be extremely easy or difficult depending on the type of loan one applies for and the details of the business. The length of time the business has stayed operational, its financial health, market cap, credit rating, assets & liabilities, collaterals all are key factors in deciding the type of business loan one qualifies for. We are going to take a deeper look today at small business loans and how they function.
Identifying the need that one expects a business loan to fulfill is the first and the most important step. There are a number of business loans available in the market, merchant cash advances, business lines of credit, invoice financing, inventory financing, bank loans, etc. Each type of loan assists a certain business need.
Invoice financing, for example, is perfect for taking care of past due invoices. Inventory financing helps keep the storage bins stocked. For regular day-to-day business expenses, a business line of credit may do the trick. Following are some of the most common business loan needs:
Starting a business
Expanding an existing business
Generating working capital
Exploring new business opportunities
Inventory or equipment purchasing
Maintaining daily business expenses
Managing business cash flow
Paying off outstanding liabilities
Once the exact need is identified, it becomes easier to pinpoint the business loan that is perfectly suited to do the job.
Once the perfect type of loan is chosen, it is important to identify the amount that one is eligible for and can repay. It might be useful to take out a $2 million business loan but if the loan amount can be repaid along with the interest within the stipulated timeline is the key question. It always pays to only loan the amount one can afford rather than one need.
If one is in the market looking for a business loan for the first time, the process can be confusing and intimidating. There are a lot of lenders and banks each offering competing products. It is hard to narrow down to one lender. Once a lender is chosen, it is still difficult to identify the correct loan product from the many on offer. Here are five simple steps that any business owner can follow to secure their first business loan:
Identify the exact need for the loan and preplan the expenditure upon securing the loan.
Identify affordability. If unsure, a detailed study of the business finances can provide insight into the debt service coverage ratio.
Browse all loan products and arrive at the one that most perfectly meets the needs.
Prepare the required documents to process the loan. Each loan type might need different documentation.
Apply for the loan. It is important to read the offer document carefully before signing the deal. Take the help of a CPA or lawyer if needed.
Starting a new business, no matter how small, requires capital. In case one does not have enough saved, they can always reach out to their family and friends, relatives, crowdfunding websites or other private investors. But these methods of securing funds have their caveats. Another more traditional and useful way of securing capital is via startup business loans.
These loans are aimed at small and new business owners. One has to work with traditional lenders and the loan is a product designed to suit your needs. All the factors that go into applying for other business loans remain for startup business loans as well. By following the below guide, it might be easy to apply for a startup loan:
Understand and plan the total startup cost. It is important to identify which parts of the cost will be covered by the loan.
Business registration and documentation must be in place before the application. The business plan must be firmly in place and the necessary credit score established. No matter which aspect of the business you need the loan for, there must be the required documentation ready for it.
Check if you qualify for the loan. Even if you are unsure, take steps to increase the existing customer base, credit rating, future financial projections, and improve assets.
Startup loans can also be of different kinds. Based on your need, identify if you need a business line of credit, credit line builder, business credit card or equipment financing to name a few.
Once everything is in place, apply for the loan. If it is approved, make sure to read all documents carefully before signing.
Fill the online application form provided and voilà! We will get in touch with you immediately and provide you with a number of options customized for your business, depending on the information you’ll have given us. Decide on what best suits your business and remember that you are not obliged to proceed further, and no charges apply whatsoever.