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Business Capital Loan

What Are Your Business Capital Loan Options?


Business Capital Loan

Term Loans

A term loan is considered to be one of the most common loans available to business owners. It is a lump sum payment and it requires you repay regularly in installments for a certain period of time. Term loans are quite popular and for several reasons. There are several benefits that you can get when you get a term loan. First is that the process is simple. You can apply online and in just a matter of 48 hours or less, you will already know whether your loan application is approved. Once your loan is approved, you can already get the funding in just 7 days. In terms of interest rates, terms loans offer lower interest rates. When you pay your term loan on time, it can boost your credit score.

What Are the Requirements?

To apply for a term loan, you need to submit the following:

  • You have to submit your business financial statements. These will include personal as well as business cash flow.
  • Although term loans do not require collateral, some lending companies may also require you to submit the list of your assets both personal and business.
  • The time in business is also one of the main considerations.
  • Lenders also require that the borrowers submit business plans.

How do you qualify for a term loan? The eligibility criteria depend on the lender. But most lenders will require that the business have 2 years or longer operating history. Lenders also look at the annual sales and it should be at least $100K and with positive net income.

Merchant Cash Advance

Although a merchant cash advance is not really a loan, this is another financing option among business owners. It works as an advance on the credit card receipts by the business. An MCA enables a company to get an advance based on the credit card payments that the business has received. The downside of getting a merchant cash advance is that the interest rates are higher compared to other loan options. Before you even decide, it is crucial that you understand the complete terms being offered. With merchant cash advance, you will have to pay around 20% to 40% more of the amount you borrowed.

Application Process

The application process is not as tedious and complicated as the other loan options. Albeit the higher rates, some business owners prefer this option because the application process is fast.

    1. You need to apply for a merchant cash advance. You have to submit your business tax ID, social security number and your business information.
    2. You have to provide documentation. This include payment processing data and bank statements.
    3. Once you have submitted the documents, you can get approval within 24 hours.
    4. If your loan application is approved, you need to have a new credit card processor.
    5. The details will then be finalized. For instance, if a business gets $10,000 in funding and you need to pay $13,000 including all of the fees. 15% is debited to the merchant account until the whole amount is pad.

SBA Loans

SBA loans are backed by SBA making these loans less expensive to get. This type of loan is guaranteed by the government and it allows you to have flexible terms and lower interest rates. Depending on your business requirements and financial needs, there are several SBA loans which include the 7a flagship loan program, 504 loan program, microloans, and SBA disaster loans.

How about the repayment terms? It varies depending on where you intend to use the money. For daily operations and working capital, it is 7 years. For new equipment purchases, it is 10 years and for real estate purchases, it is up to 25 years.

How to Apply

The process can be quite a long one since they are strict when it comes to granting SBA loans. To apply, you need to submit the following documents:

      • You have to fill out the borrower information form.
      • Submit statement of personal history and personal financial statement.
      • You will also be required to submit your personal and business tax returns.
      • Other documents needed include: business certificate, business lease, and loan application history.

Bad Credit Business Loans

Now, what if you have a poor credit score? Does that mean that you can no longer get a loan? Yes, you can still get a loan. But if you want to get loan from a bank, it will be too difficult for you to qualify since banks require borrowers to have a credit score of 600 or even more. Your choices are limited.

You should know if you can qualify given your credit score

      • 700 and above: This is considered to be the minimum requirement. From bank to SBA loans, you have higher chances of getting your loan approved.
      • 650 to 700: This credit score is still a good one. You will be able to qualify for an SBA loan.
      • 620 to 650: Your loan options will be limited. But you can still qualify for a term loan.
      • 500 to 550: There will still be loan options available although it can be a bit difficult. You may have to get a secured business loan where you need to use a collateral.

If your credit score is way below 500, it can now be too challenging for you to acquire funding. Most lenders are adamant to provide funding to personal and business borrowers who have poor credit scores unless you are able to show and convince them that you can pay back your loan.