EXCLUSIVE BUSINESS LOAN
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Specializing in building your business through varies financing options.
Your Business CashFlow Solution
Term loans
Business term loans provide a lump sum of cash upfront, paid with interest in fixed monthly or weekly installments.
Short-term business loans
have repayment terms of a few months to a year or more and are commonly available from online lenders.
Long-term business loans, usually offered by traditional brick-and-mortar banks, can last 10 years or more.
Line of credit
Similar to a credit card, a
business line of credit
is a revolving form of funding that requires you to pay interest only on the amount you borrow. Lines of credit are best for recurring expenses like rent and inventory purchases or seasonal fluctuations in income..
Equipment
Also known as equipment loans,
equipment financing
enables businesses to purchase heavy machinery, computers, vehicles or other necessary equipment to operate the business. The equipment acts as collateral for the loan.
Commercial RE
Commercial loans
help large companies to purchase materials, finance equipment or build property for business uses. Commercial real estate loans are similar to a home mortgage, but often require a higher upfront down payment.
SBA loans
SBA loans are guaranteed by the U.S. Small Business Administration (SBA), offering long repayment terms with comparatively low interest rates.The
SBA 7(a) loan
provides up to $5 million for various business purposes, while the504/CDC loan
is more commonly used for purchasing equipment or real estate. You’ll apply with a bank or online lender, not directly through the SBA.
Microloans
Microloans are loans for $50,000 or less. The SBA offers microloans, along with several nonprofit or community organizations. Microloans are often geared towards startups or underrepresented business owners, such as women or people of color.
Working Capital
Working capital loan is an umbrella term for financing that covers short-term operating expenses, like payroll or cash flow gaps. Working capital loans can come in various forms, like working capital lines of credit, term loans and cash advances
Invoice factoring
Invoice factoring enables businesses to sell unpaid invoices to a factoring company
in exchange for a cash advance. This may be a good option for cash-strapped businesses or businesses with poor or limited credit, but you can typically get only 70% to 90% of your invoice face value. It can also get expensive, with factoring rates going as high as 8.25%
Getting a business loan in three easy steps
The process to get a business loan depends on the lender and the type of funding you need. But that doesn’t mean it has to be complicated. Start by answering these questions.
Why do you need the funds?
Are you looking to buy a vehicle for your new food truck business? Are you looking for commercial real estate so you can expand to a second location across town? Or maybe you need some quick cash to fill in the gaps during the off-season.
What you can afford?
Look at your business budget to decide what you can afford. Some business loans are repaid monthly over long periods, while others require weekly or even daily repayment. Business loans are debts you must repay, so make sure your business can handle the extra payment.
How can you get the best rates?
Before you decide to apply, take the extra time to shop around. Compare offers to get the best rates. This extra bit of legwork may reduce your interest or fees in the long run. Read
small business lender reviews
to ensure you are working with a reputable lender.
Give a quick snapshot of your business
How do small business loans work?
Business owners can take out small business loans — generally between $5,000 and $500,000 or more — to finance expenses like payroll financing, inventory, equipment and other costs. Repayment terms could be as short as three months or as long as 25 years. Both traditional financial institutions and alternative online lenders offer small business loans.
Are there small business loans for bad credit?
Yes, bad credit business loans are available for business owners with personal credit scores as low as 500. However, lenders may offer you a higher interest rate if you want to borrow money and have a lower credit score.
What credit score is needed for a business loan?
Each lender will have its own criteria based on the loan type. In general, you need a personal FICO Score of at least 500 and a business credit score of 80 to get a small business loan. But, the lowest business loan interest rates are typically reserved for borrowers with higher credit scores. If this doesn’t fit your business, online lenders may be more lenient with credit score requirements.
How much income do I need to get a business loan?
Most lenders look for minimum monthly or annual revenue when you apply for a loan. Many traditional banks do not publish their minimum revenue requirements, but online lenders tend to be more transparent. It’s common to expect a minimum annual revenue requirement of $50,000 or more for unsecured loans. However, you may be eligible for a business loan with a lower annual revenue if you can provide collateral.
What should I do if I'm rejected for a small business loan?
If you were rejected for a business loan, revisit the reason why. Focus on improving your personal credit and business credit scores. If you haven’t operated in business long enough, wait a bit. In the meantime, consider a small business credit card or a personal loan to access capital for any immediate business needs.
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Contact: 516-980-3299