Tag: Loans

Business Loans, Acquisition Funding, Commercial Banking – Opus Bank #business #careers

#business acquisition loans

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Business Loans

Opus Bank’s portfolio of products, services and solutions are particularly well-suited to support small to mid-sized businesses with revenues from $5 million to $100 million and more. Opus Bank has commercial business banking resources to help your business grow and expand. We believe in building long-term business partner relationships, so you can count on us to be there as you grow.

​LENDING THAT MAKES SENSE

We know every business is unique, which is why our “common sense underwriting” is designed to help you capitalize on the opportunities that make sense for your business. Our Business Bankers are experts at finding the right financing solution for your business.

BUSINESS LOANS

Opus Bank has an extensive array of capital financing to help you achieve your business goals and aspirations.

  • Equipment Loans – Our Equipment Loans can help you purchase equipment, vehicles, or make capital improvements.
  • Business Acquisition Term Loans – Our Business Acquisition Term Loans can be structured to provide cost-effective financing for purchasing another business.
  • Owner-Occupied Real Estate Loans – We can help with the purchase or refinancing of an existing facility, or with the construction of a new facility through our Owner-Occupied Real Estate Loans.
  • Small Business Loans – As a Small Business Administration Preferred Lender, Opus Bank can help you secure the critical funds you need.

Financing subject to credit and collateral approval by Opus Bank





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Secured Business Loans – UK SME Lending #stock #market #quotes

#secured business loans

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Secured Business Loans: The Essentials

Find out if a secured loan is right for your business.

Are you about to launch a new venture? Or perhaps you’re planning ahead for a seasonal dip in income and want to boost cash flow. Maybe you’re expanding and need bigger premises, new equipment and more staff.

Launching or growing a business inevitably involves investing money. An injection of capital can give you the stability and freedom to get things off the ground or take your enterprise to the next level. This is where small business loans come in – when you find the right lender, the funds can be a lifeline.

Focus on alternative finance

The options are numerous – which is great news for all smaller ventures – but identifying the loan that best suits your business is essential to securing funding in the first place, not to mention having a loan that’s affordable.

Lenders apply their own criteria, payment terms, interest rates, and requirements for collateral as security (more about that in a moment). It’s worth focusing on lenders in the mushrooming alternative finance sector, whose terms tend to be more flexible and suited to SMEs.

Secured or unsecured loans?

First, let’s look at the basic differences between secured and unsecured business loans.

You can typically borrow more with a secured loan than with an unsecured loan – some lenders offer in excess of £1 million in fact. Secured loans generally offer lower interest rates too.

One point worth mentioning is that because you can borrow larger amounts with secured loans, lenders need to reduce their risk by asking you for security on the loan. So they’re likely to ask you to provide collateral as security against the loan. Then, if you default, the lender has a higher chance of recovering the money you owe.

Think of it like a pawn shop: you provide an item to the lender who evaluates the asset and decides how much you can borrow based on its value. It may be a simplified comparison, but it illustrates the basic idea.

Company collateral as security

When businesses apply for large loans, they’re likely to be asked to pledge company collateral as security. What lenders want as assurance varies, but you should expect to pledge assets such as the following:

  • Commercial property
  • Land
  • Vehicles
  • Equipment
  • Fittings and fixtures
  • Or, instead of individual assets, some lenders request the net worth of all assets

The value of your assets must be sufficient for a lender to justify giving you the loan.

Personal guarantees

As well as providing company collateral, you may be asked to give a personal guarantee as additional assurance for the lender, making individuals liable for the loan. Lenders’ requirements vary but often depend on your company status – we explain more below:

If you’re a limited company or LLP

  • If you have a limited company or limited liability partnership (LLP), the majority of lenders will expect you to provide a personal guarantee alongside company collateral.
  • Directors or shareholders with a minimum of around 20% to 25% share in a limited company are also likely to be asked to provide a personal guarantee.

If you’re a sole trader or partnership

  • When it comes to sole traders and partnerships with unlimited liability (not LLPs), the rules are different when it comes to any kind of loan: you’re always personally liable. and, as a result, you won’t be asked to put up any company collateral.

Since each lender has a different approach to decision-making, always look closelyat lenders’ terms.

Another point to highlight: if you refuse to provide a personal guarantee this could reflect badly on your application – and your intention to pay back the money. So regardless of whether you’re a sole trader, a partnership, a limited company or LLP, be prepared to provide a guarantee such as residential property or valuables such as jewellery.

Secured loans = flexible terms

In return for security, lenders can be more flexible with their terms, giving borrowers competitive interest rates and long repayment periods – anything between 2 and 10 years.

On the other hand, if you’re a shoestring startup or a new business yet to build up valuable assets, you might not have enough collateral to put up for a large loan. If this sounds like you, then an unsecured loan could work better for you – but you still need to weigh up the pros and cons.

Whatever you do, choose your small business loan wisely, and you must be confident that you can pay back the loan or you may risk losing the company and personal assets.

Your first step on the road to funding

Since lenders have their own criteria and meticulous assessments, it’s worth talking to them directly. In fact, a chat with one of the experienced relationship managers at Fleximize is a great place to start. As innovators in lending to SMEs, our team understands the demands of small business finance, and the significance of such a serious financial commitment. Call us on 020 7100 0110.





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Small Business Administration Loans #hot #shot #business

#the small business administration

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Home > Lending > Small Business Administration Loans

Small Business Administration Loans

Congress created the Small Business Administration (SBA) over half a century ago to help small companies get started, expand, and prosper. Today, the SBA provides assistance to these companies by guaranteeing a portion of loan amounts and allowing longer terms for qualified borrowers.

Small Business Administration (SBA) loans can include construction/permanent commercial financing.

What are the advantages of an SBA loan?
There are many, including terms up to 25 years for land and buildings and up to 10 years for all other business purposes. SBA loans are assumable and carry no pre-payment penalties or call provisions. (For terms of fifteen years or more, pre-payment penalties apply during the first three years.)

What are the credit requirements for an SBA loan?
A loan applicant must show an ability to repay the loan in a timely manner, through past earnings records or future earnings projections. An applicant must demonstrate management ability and commitment necessary for a successful operation. The applicant must also have sufficient equity capital so that, with the SBA loan, the business can operate on a sound financial basis. Lastly, the applicant must provide adequate collateral.

Who is eligible for an SBA Loan?
The SBA defines a small business as one that is independently owned and operated, which is not dominant in its field and which meets certain criteria based on industry classifications. In laymen s terms, we work with most types of businesses in conjunction with this program. However, loans used to finance real property held solely for income or investment are not eligible.

How do I apply for a Small Business Administration (SBA) loan?
One call to our SBA department will get you started. We will assist you in determining the necessary information needed to submit your application. For our online application, please click here.

Getting the Process Started � 7(a) or 504 Loans
The following basic information is needed in order for MCB to make a preliminary evaluation of your SBA loan request. Although certain items may not be applicable to your business, you should be as thorough as possible in gathering the information. MCB�s application (see below) is very helpful in organizing the information. If you have questions concerning this list, please contact us.

  1. What size loan are you requesting? How will the loan be used? How long of a term (in years) are you requesting on the loan?
  2. If you are proposing to purchase real estate or an existing business, provide a copy of the purchase agreement (signed by both buyer and seller).
  3. Indicate the amount and sources of the equity (i.e. cash) to be injected into the business or project. (Minimum equity requirements apply for start-ups and business purchases.)
  4. Provide photocopies of any notes to be refinanced with the loan.

Company / Owner Information

  1. Provide a brief history and description of your business. (When was the business started, and by whom? What are your products and/or services? How has the business grown or changed? How many employees do you have? Who are your competitors?)
  2. Provide the legal name of the business, street address of the business, telephone number, and Employer Tax ID number.
  3. Provide the name, home address, Social Security number and percentage of ownership for any person having any ownership interest in the business. Include a resume for each owner, describing their educational and business background.
  1. Provide the business interim financial statement. (Not more than 60 days old). (Include aging of accounts receivable and payable).
  2. Provide the business historical financial statements and tax returns for the last three fiscal years, or since start up, whichever is less.
  3. Provide a personal financial statement for each individual owning twenty percent (20%) or more of the business. (If you do not have a personal financial statement form, contact Metro City Bank, and we will provide one to you). With each personal financial statement, provide complete copies of that individual s Personal Income Tax returns for the last three years.
  4. If you are purchasing an existing business, provide copies of that business tax returns for the prior three years, or since inception, whichever is shorter.

MCB � SBA Loan Application
Please download the loan application forms below, once printed please complete all sections legibly and either fax to 770-455-4988 attention: SBA Department or drop by one of our branch locations.

Click Here to Download the Loan Request Form. (Adobe Acrobat Reader is required)
Don�t have Adobe Acrobat Reader? Click here to download your free copy.

We hope that the above information has answered most of your questions concerning SBA loans and that you will make Metro City Bank your first choice for your SBA loan. If you need further information, contact Metro City Bank at 770-455-4989 or contact a loan officer Directly using our Loan Office Contact List.

5441 Buford Highway, Suite 109, Doraville, Georgia 30340





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Quick unsecured business loans #stock #market #quotes

#quick business loans

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NAB QuickBiz Loan

This loan is available only as fixed interest rate principal and interest loan for a 12 or 24 month term with monthly repayments at a rate of 13.85% per annum. Variable rate loan and interest only loans are not available. Economic costs may be payable if you terminate early. If this does not work for you, we have other loan options that may better suit your needs.

You can only receive funds from one approved NAB QuickBiz Loan every 90 days.

Fast online decision is subject to credit assessment and ID verification

This loan is only available for loans which are wholly or predominately for business purposes. This loan cannot be used to make payments to the Australian Tax Office.

Your business must have been in operation for at least 12 months and have a valid Australian Business Number (ABN).

You need to be at least 18 years or older to apply and hold an Australian citizenship or permanent residency.

This loan is only available for sole traders, business partnerships with 2 or less individual partners, and companies with 2 or less directors borrowing in their own right. It is not available for joint borrowers who are not partnerships, or partnerships where one or more partner is a company. It is not available if you are borrowing as trustee of a trust.

Any shareholders of companies listed in the application must be individuals, and not companies.

If you are an existing NAB Customer, you must have operated all accounts in accordance with the terms of those accounts.

If you are an existing NAB Customer, you can only apply for this loan if you have less than $1m in existing business lending and less than $100k in unsecured business lending with NAB (inclusive of this application).

You must have an Australian bank account, in the same name as your business, to receive your funds.

NAB may have other options which suit your business better if you do not meet the conditions for this loan. You can contact us 13 10 12 to discuss.





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PNC – Business Loans #register #business

#business lending

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Business Term Loans

Choice Credit SM for Business Term Loan

Best For: Your business wants an unsecured term loan between $10,000 and $100,000 that’s easy to apply for, with a repayment schedule to best fit your situation, and that offers fast loan decisions.

  • Simple and quick – easy application and quick loan decisioning
  • Less Paperwork – Just a few documents to sign, and all are provided up-front at the time you apply
  • No collateral required – get credit without the hassle of tying up assets
  • Easier payment processing – Automatic deduction from your PNC business checking account
  • Fixed-Term loan – avoid open-ended borrowing with payments and a payoff schedule you can manage

LEARN MORE

Business Equity Installment Loan

Best For: Your business is ready to take advantage of new opportunities or finance continued growth using the equity in your residential or owner-occupied commercial real estate.

  • Save money – use real estate equity to secure lower loan rates and longer terms than unsecured loans
  • Covers your borrowing needs – Wide range of available loan amounts
  • Easier repayment – payments automatically deducted from your PNC business checking account
  • Fixed-term loan – Avoid open-ended borrowing with payments and a payoff schedule you can manage

LEARN MORE

Best For: One-time business expenses that require longer term financing – such as equipment or machinery, or special projects that require longer capital commitments. Offers secured loan option to businesses who prefer to use non-real-estate assets as collateral.

  • Save money – Use business assets to secure lower loan rates and longer terms than unsecured loans
  • Covers your borrowing needs – Wide range of available loan amounts
  • Easier payments – Monthly payments automatically deducted from your PNC business checking account
  • Fixed-term loan – Avoid open-ended borrowing with payments and a payoff schedule you can manage
  • More collateral options – Use non-real estate business assets

LEARN MORE

Best For: Purchasing or refinancing owner-occupied commercial property.

  • Covers your borrowing needs – wide range of available mortgage amounts and maturity terms
  • Easier payments – no checks to mail or trips to the bank – payments automatically deducted from your PNC business checking account
  • Expedited application processing – streamlined process to buy or refinance
  • Fixed-term loan – avoid open-ended borrowing with payment amounts and a payoff schedule you can manage

LEARN MORE

Best For: Financing new or used cars, trucks, or heavy vehicles for business-use purposes.

  • Easy financing for the vehicles your business uses every day
  • Competitive fixed-interest rates – avoid fluctuating payment amounts
  • 100% financing for new vehicles, 80% for used vehicles

LEARN MORE

Investment Real Estate Term Loan

Best For: Specialized lending solution for the Commercial Real Estate Owner or Investor for non-owner-occupied commercial properties such as office buildings, shopping centers, mixed-use commercial buildings, multi-family units and more.

  • Covers your borrowing needs – wide range of available loan amounts and maturity terms
  • Easier payments – no checks to mail or trips to the bank – payments automatically deducted from your PNC business checking account
  • PNC Investment Real Estate Group – get the experience and personal attention you require when you work with our team of specialized commercial real estate financing specialists
  • PNC Advantage for Commercial Real Estate Owners and Investors – access to a full spectrum of specialized business banking products and services with your real estate needs in mind, such as tenant escrow management accounts and remote deposit services

LEARN MORE





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Small Business Loans #window #cleaning #business

#business loans

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Small Business Loans

Small business loans provide your business with the cash it needs to expand, increase or replace inventory, advertise, consolidate debt, or even pay taxes. We do not offer “one-size-fits-all” lending. We work with you to make sure you understand all your options and help you to choose a loan that makes sense for your business.

Custom Tailored Loans that s our policy.

Get Started Today!

Why get a small business loan with National Funding?

We have money available to help you grow your business and the flexibility to custom tailor a loan that meets your needs and your budget. We handle the tedious paperwork and walk you through the entire loan process.

Plus, National Funding offers:

  • Loans up to $500,000
  • Funding in as few as 24 hours
  • Unsecured loans with no collateral required
  • Easy, no-obligation application
  • Automatic payments

Variety of Loan Payment Options with National Funding

One of our most popular financial solutions, with unique features, including smaller, more frequent payments instead of one, lump-sum monthly payment.

With our weekday fixed payment plan, you can make automatic payments with fixed amounts each weekday. It’s perfect for business owners who prefer predictable, pre-set payments while avoiding the one, large, monthly lump-sum payment that often puts a strain on working capital .

How To Apply For A Small Business Loan

Small business owners who find it difficult to get small business loans from traditional lenders, like banks, may find it easier to acquire a business loan from an alternative lender, like National Funding. Learn how to apply for a small business loan.

How to Apply for a Small Business Loan.

Applying for a business loan can be an intimidating and complicated process.

Traditional lenders have a history of playing favorites, and require heaps of paperwork, such as:
• Credit history or credit score of the parties applying
• All financial statements
• Tax Returns
• Financial Reporting
• Projections for at least a year
• And much more
This leads to confusion and delays of your business loan with little chance of approval.
Over the headache and rejection? National Funding is here to help!

Why borrow from us?
National Funding makes it easy to fulfill your dream and get the financing you need by providing loans for small businesses that do not meet the incredibly high standards set forth by traditional lenders. What makes us different is:
• A simple and fast process
• Minimal paperwork
• Use the loan for any business purpose
• And it’s easier to qualify for than loans from traditional lenders

National Funding offers:
• Loans up to $500,000
• Loans requiring no collateral
• An early payoff discount
• And potential tax savings

Get Started Today!
Call National Funding at (888) 733-2383 or visit nationalfunding.com to apply today! That’s it!
Same approvals, receive your funds in as soon as one business day.
National Funding

Instant
Quote

Instantly calculate your personal quote for a working capital loan.

What Our Clients Are Saying

We needed working capital to purchase a work truck, so we contacted National Funding. The customer care exceeded my expectations and the loan fit into our budget. The National Funding representative we worked with was extremely helpful, polite, and professional. We would recommend National Funding to anyone.

We needed working capital to purchase a work truck, so we contacted National Funding. The customer care exceeded my expectations and the loan fit into our budget. The National Funding representative we worked with was extremely helpful, polite, and professional. We would recommend National Funding to anyone.

WE’RE IN A LEAGUE OF OUR OWN

Proud small business lending partner





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The Best Small Business Loans of 2016 #business #schools

#best small business

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Small Business Loans Reviews

How to Choose a Small Business Loan
The top performers in our review are SmartBiz. the Gold Award winner; Grow America Fund. the Silver Award winner; and Wells Fargo. the Bronze Award winner. Here’s more on choosing a small business loan to meet your needs, along with detail on how we arrived at our ranking of 10 loans.

As a small business owner, funding obtained through a small business loan enables you to take advantage of profitable opportunities. You may need the funds to expand your business by hiring additional staff to increase your productivity or to purchase equipment or machinery that broadens the range of products you offer. You may need to purchase inventory to stock up for your busy season or jump on a discount offered by a vendor. You may even need working capital to repair or replace old or damaged equipment or to sustain your business during your off season.

If your credit is good, your finances are in order and you have time to apply for a loan backed by the Small Business Administration (SBA), you can often obtain the best rates. If a fast turnaround is critical or if your credit needs improving, alternative lending can help you procure the funding you need. Peer-to-peer lending is another option to consider if your credit isn’t quite good enough for a bank loan or if the amount of money that you want to borrow is smaller than banks want to lend. Merchant cash advance lenders can provide you with a useful solution if you need cash quickly, and it’s convenient for you to repay the loan in small daily repayments that the lender automatically subtracts from your credit card sales.

Typically, SBA loans, available through banks and non-bank lenders, offer the best rates and are the first resource that you should consider. These loans are desirable because they carry lower interest rates and favorable terms, which lenders are willing to extend because the federal government assumes a large portion of the risk by guaranteeing a percentage of the loan through the Small Business Administration. The SBA also provides resources can help women, veterans and minorities obtain small business loans. The SBA 7(a) loan is the most common loan available and can range from a few thousand dollars up to five million dollars with repayment terms that can span many years.

The disadvantage of using federal money for starting a new small business with an SBA loan is that it may require you to submit more paperwork than many of your other loan options, which can be time-consuming. Although the lenders we selected for our review are preferred SBA lenders with a nationwide reach, also consider your local and regional banks, as they also offer SBA loans and may be good resources for you, especially if you’ve already established relationships with them.

Small Business Loans: What We Evaluated, What We Found
We looked for lenders that provide SBA 7(a) loans nationwide and that offer the most desirable amounts and a range of terms. We researched the company online and then contacted each lender via email and phone to gather and verify information about its rates and terms. Some key differentiators include the loan amounts offered by each lender, the fees and costs they charge, and how long it takes to get your loan approved and funded.

Loan Size: Amounts Vary by Lender
Although the SBA doesn’t set a minimum amount on loans and caps them at $5,000,000, all lenders set a minimum amount and some also set their own maximum amount. Because of the paperwork required with an SBA 7(a) loan, most lenders prefer to offer larger loans. SmartBiz is the exception, as it caters to small businesses that want smaller loans and it offers the smallest loans in our review, starting at $5,000 and capping out at $350,000, which is around the minimum amount that some lenders are willing to consider. The lender with the highest minimum, starting at $500,000, is CapitalSpring .

Fees Costs: Although Regulated, There Is Variance
Even though SBA 7(a) loans are highly regulated, there is some variance in the fees and costs that lenders are permitted to charge. Packaging fees vary the most, as some lenders, like the Grow American Fund, Wells Fargo, Chase and Ridgestone Bank. don’t charge them at all, while others may charge several thousand dollars. Almost all lenders charge closing costs, which typically bundle due diligence expenses, such as those for appraisals and lawyers’ fees. Because closing costs vary from loan to loan, you should verify with your lender what your closing costs cover and the exact amount you can expect to pay.

Approval Funding Time: A Wide Variation
SBA 7(a) loans are notorious for taking a long time to obtain, but the amount of time it takes lenders to approve and fund a loan varies widely. After you submit you completed application and all accompanying documents, five to seven days is an average amount of time for approval. Most lenders agree that the process is faster when the borrower is motivated and responds quickly when additional information is required. SmartBiz has a faster turnaround time than most because it utilizes sophisticated technology to speed up the process.

What Else Is Important in Selecting a Small Business Loan?
Other factors that influence your overall satisfaction with a loan are the interest rate and whether the loan is secured or unsecured. As you search for the best small business loan, it’s critical that you understand every aspect of the deal and that you thoroughly read and understand every document you sign so that you know precisely what you’re getting and what your obligations and responsibilities are. Consider the following factors as you research your loans options. You can also read articles about small business loans to broaden your understanding of the subject.

Interest Rate Range
The interest rate is the percentage of the amount of money you borrowed that you repay the lender. Although the SBA regulates the range of interest rates that the lender can charge you, it’s influenced by a variety of factors, including your business’s industry, the amount of time you’ve been in business, your business and personal credit history, and the overall health of your business. Most lenders charge a couple of percentage points above prime, which is the published percentage that seven of the 10 largest American banks charge their best customers. The Grow America Fund has the lowest interest rates in our review.

Secured or Unsecured
Most small business loans require you to leverage business assets, such as real estate or equipment, as collateral against the loan in order to minimize the lender’s risk. Most also require a personal guarantee from all individuals owning 20% or more of the business. You may be required to put up personal assets if you don’t have sufficient collateral from your business, particularly if the loan you’re procuring is for a startup. Take care to protect your home and personal savings when entering into a loan. Unsecured business loans are less common, though they are available for SBA 7(a) loans under $25,000.

In the above matrix, you can find information on other additional small business loan features, including details on noteworthy features and the lenders’ status with the SBA. You can also find information on down payments, the time it takes to receive your funds after your application is approved and the availability of customer support resources.

Small Business Loans: Our Verdict Recommendations
The best SBA 7(a) lender we reviewed is SmartBiz, which earned the Top Ten Reviews Gold Award for its ability to streamline the process and its willingness to offer loans in amounts smaller than most other lenders are interested in; these qualities make it the most accessible lender in our review. The Grow America Fund earned the Top Ten Reviews Silver Award because it offers the lowest interest rate in our review and specializes in helping small business owners who are women or minorities or who have businesses in underserved communities obtain funding. Likewise, CRF helps small businesses that are owned by women, minorities and veterans and that can provide jobs in low-income areas. Wells Fargo earned the Top Ten Reviews Bronze award for overall excellence as an SBA 7(a) lender, as it gives the most money to the most small businesses nationwide.

Getting a business loan is a significant undertaking for a small business, and it’s important that you take every reasonable step to ensure that it’s the best decision for your company. Shop around for the best interest rates and small business loan terms. Pay particular attention to fees and penalties and don’t be afraid to ask the lender to explain them to you. Request the fee structure and terms in writing and read your contract thoroughly before you sign it to ensure that you understand the details of your loan and your repayment responsibilities.

Top Ten Reviews strives to appraise all services and products using hands-on evaluation and research that, in so far as possible, replicates the careful exploratory process of a typical small business owner. The lenders we evaluated had no influence or input over our testing methodology, nor was the evaluation process provided to any of them in more detail than is publically available by reading our reviews, nor were the results of our research provided to the lenders prior to publication.

Disclaimer: The interest rates listed are reflective of the date this review was last updated.





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Bad Credit? Where to Find Business Loans #design #business #card

#bad credit business loans

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Credit Cards

Banking

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Mortgages

Loans

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Credit Cards

Banking

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Mortgages

Loans

Insurance

Bad Credit? Where to Find Business Loans

You can trust that we maintain strict editorial integrity in our writing and assessments; however, we receive compensation when you click on links to products from our partners and get approved. Here’s how we make money .

Bad credit is a red flag for lenders. It indicates you’ve either mismanaged your personal finances or fallen on hard times. Either way, lenders see you as higher risk — more likely to miss payments or default on a loan than a borrower with good credit.

Bad credit (defined by FICO as a score of 300 to 629) is one reason loan applications are rejected; the approval rate of business loans from big banks was just 23.3% as of June 2016, according to Biz2Credit. But alternative lenders provide options. They emphasize the strength and operating history of your business rather than your credit. Be sure to carefully compare all of your choices, weighing terms and annual percentage rate.

Here are some options:

Note: If you’re a startup less than a year old, it’ll be tough to find a loan, no matter your credit. Here are financing ideas to help you launch your company.

If your personal credit score is under 500

With a score below 500, your best bet is likely a lender with no minimum credit score. Many lenders require a minimum score to qualify, but Fundbox and Kabbage don’t. Both are good, although pricey, choices for bad-credit borrowers who need short-term working capital up to $100,000. Fundbox, however, is only for businesses with unpaid customer invoices. There’s no minimum revenue with Fundbox and no credit check. For Kabbage’s line of credit, you need least $50,000 in annual revenue and one year in business.

If your personal credit score is 500 or higher

With a personal credit score of at least 500 or 530, you could qualify for OnDeck or BlueVine. OnDeck is for businesses that have at least $100,000 in annual revenue and is better if you need cash for an expansion (such as purchasing equipment or making renovations). The lender reports payment activity to the three credit bureaus, so paying off your loan on time will help build your credit score. If your score is at least 530 and your business has unpaid customer invoices, consider BlueVine invoice factoring.

Good option for:

• Fast cash
• Inventory
• Expansion

• Fast cash
• Working capital
• Businesses with unpaid invoices

500+ credit score
• $100,000+ revenue
• No personal bankruptcies in past 2 years

530+ credit score
• Must have unpaid customer invoices
• $120,000+ annual revenue
• 3+ months in business

If your personal credit score is 600 or higher

Because your score is at least 600, you can turn to Dealstruck or StreetShares for financing. For larger amounts of funding and lower borrowing costs, consider Dealstruck, as it has term loans and lines of credit up to $500,000 with APRs from 10% to 28%. However, you’ll also need strong minimum annual revenue of $150,000 to qualify. If you have $25,000 or more in revenue, StreetShares is an option. Its loans max out at $100,000 with 9% to 40% APR.

Good option for:

• Expansion, inventory purchases
• Businesses with unpaid invoices

• Young businesses
• Veterans

600+ credit score
• $150,000+ annual revenue
• 1+ year in business

600+ credit score
• $25,000+ annual revenue
• 1+ year in business, unless you already have $100,000 revenue (drops to six months)





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Government Small Business Loans #hot #shot #business

#government loans

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Government Small Business Loans

Government small business loans help put your own business within reach. First there’s the quest for a decent location, then comes building a customer base, followed by all the initial hiccups of generating a cash flow before your business grows roots and gains momentum. The beginning of a business is crucial because it’s when you gain or lose market credibility. If you disappoint your customers, they may not give you a second chance. If your business gets off to a rocky start (most do), and you believe you can recover but need further financing to make this happen, you can apply for government small business loans.

Why Government Loans?

For-profit lenders are reluctant to issue loans to anyone who does not have a strong credit report and financial history. That is not the case with government small business loans. Obviously, a decent credit report is important, and you will have to follow the guidelines regarding the repayment period and the interest rate set by the government, but usually the interest rates charged by government loans are lower than those you could expect in the private sector.

More about Government Small Business Loans

Government loans are typically offered through banks and credit unions that partner with the Small Business Administration (SBA). The SBA is a U.S. government body, with the motive of providing support for small businesses and entrepreneurs. For each loan authorized, a government-backed guarantee offers serious credibility, since the lender knows that even if you default, the government will pay off the balance. These loans can be applied to a number of uses, such as:

  • Purchase of new equipment, machinery, parts, supplies, etc.
  • Financing leasehold improvements
  • Commercial mortgage on buildings
  • Refinance existing debt
  • Establishing a line of credit

Government small business loans benefit both small businesses and the lending agency. For small businesses, it is beneficial because this is money capital they may not have access too. For banks, the loan’s risk is decreased due to the loan being backed by the SBA.

Different SBA Government Loans

The SBA extends financial help through various lending programs it has to offer. Some of the more popular loans are:

  • 7(a) Loan Guarantee Program: aimed primarily in helping a small business start or expand its services. The maximum size of such a loan is $5 million.
  • MicroLoan Program: mostly used for short-term purposes, such as purchase of goods, office furniture, transportation, computers, etc. The maximum amount is fixed at $50,000.
  • 504 Fixed Asset Program: featuring fixed-rate and long-term financing, these loans are aimed at applicants whose business model will benefit their community directly, either by providing jobs or bringing needed services to an underserved area. Again, the maximum amount is $5 million.
  • Disaster Assistance: under this program, loans are sanctioned to renters or homeowners with a low-interest, long-term plan for the restoration of property to its pre-disaster condition.

In most cases, maintaining a good business credit report is enough to qualify. In addition, it instills confidence not only in the lender, but also in you. There is at least one SBA office in every state in America. If you contact them regarding the startup status of your business model and plan, you can get started on a government small business loan that will give you the financing to make your dreams a reality.

You just learned about: Government Small Business Loans Programs

For more information, check out this related resource: Funding a Business





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Canada Student Loans Program – Service Canada #discount #business #cards

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Canada Student Loans Program

The Canada Student Loans Program provides financial assistance in the form of loans and grants to post-secondary students who demonstrate financial need.

Delivered by: Employment and Social Development Canada (ESDC )

Application Information

  • Students must first apply for a provincial or territorial student loan. Students are automatically considered for a Canada Student Loan when they apply for a provincial or territorial student loan.
  • Loan application forms are available from provincial and territorial student assistance offices and at financial aid offices in educational institutions.
  • Students must apply every year in order to receive funding.

Related Information

  • Students must give loan providers proof of enrolment within six months of finishing their last study period in order to maintain interest-free status while studying. Confirmation of Enrolment forms are issued by educational institutions.
  • The governments of the Northwest Territories. Nunavut and Quebec do not participate in the Canada Student Loans Program but offer their own financial assistance programs for students.
  • Additional information is available from the National Student Loans Service Centre .
  • The Canada Revenue Agency is responsible for the collection of repayments for defaulted Canada Student Loans .

Date modified: 2016-06-09

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