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How A Business Loans Can Help You

A business loan can help you finance the growth of your business. It can be used to purchase new equipment, expand operations, hire additional staff, or cover operating expenses. A business loan can also help you manage cash flow and provide you with the funds needed to take advantage of new opportunities. With a business loan, you can access funds quickly and have more flexibility in how you use them. This can help you stay competitive and grow your business faster.

Qualifications for a Business Loan

1. A detailed business plan that outlines the purpose of the loan, how it will be used, and how it will be repaid.

2. Financial statements for the business, including income statements, balance sheets, and cash flow statements.

3. Personal financial information for all owners of the business.

4. Tax returns for the business and its owners for the past three years.

5. A list of collateral that can be used to secure the loan, such as real estate or equipment.

6. Bank account information to verify cash flow and other financials.

7. A credit score of at least 650 or higher for all owners of the business (or a cosigner with a good credit score).

Best Working Capital Loans

SBA 7(a) Loan

SBA 7(a) Loans

The most attractive of all small business loans, SBA 7(a) loans, provide long repayment periods and low interest rates. Small banks, which are the primary lenders of these loans, are guaranteed up to 85% of the loan by the U.S. Small Business Administration in case of borrower default. This security allows for competitive rates for borrowers.

Best SBA Loan Alternative

Business Line of Credit

Business Line of Credit

Business lines of credit provide access to funds that can be used for a variety of business needs, including working capital, inventory purchases, and more. They also tend to have lower interest rates and fees than traditional SBA loans, making them an attractive option for small businesses.

Best Loan for Supplemental Purchases

Personal Loans or Business Line of Credit

Personal Loans or Business Line of Credit

Personal loans typically offer lower interest rates than credit cards, but may require a higher credit score to qualify. Credit cards may offer more flexibility in terms of repayment and can also provide rewards or cash back on certain purchases.

Best Loan for Everyday Expenses

Business Line of Credit

Business Line of Credit

A line of credit provides businesses with access to funds that can be used for everyday expenses such as payroll, rent, inventory, and more. It also allows businesses to borrow only what they need when they need it, making it a great option for managing cash flow.

Best Loan to Finance Equipment and Supplies

Equipment Financing

Equipment Financing

If you're in the market for equipment, from heavy machinery to computers, then this type of loan allows you to purchase large items without having to put up collateral. After being approved for a loan, you'll receive a quote for the items and a lender will finance a large portion of the cost.

Best Loan for Cash Flow

Business Line of Credit

Business Line of Credit

A business line of credit is a revolving loan that allows businesses to borrow up to a certain limit and repay the loan over time. This type of loan is ideal for businesses that need quick access to cash for short-term needs or unexpected expenses.

Ready to Apply?

Filthy Rich Idea makes it easy to get a business loan for your business. Apply online and we will give you a decision within minutes. One of our Loan Specialists will tailor a loan package for your business needs. As soon as we receive the application and documents, your dedicated Funding Advisor will be in touch to discuss the application and next steps. Approval typically takes 24-48 hours, and funds can be deposited into your account the following business day. It’s that simple!

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FAQs

What information and documents do I need to apply for funding?

Our lending partners will need 3 months of bank statements, the government IDs of all applicants, 1 or 2 years of business tax documents, business P&L and balance sheets, business licenses and formation documents, and a business EIN.

What is APR?

APR stands for Annual Percentage Rate and is a measure of the cost of borrowing money. It is the interest rate expressed as a yearly rate, including fees and costs associated with the loan. It's a good way to gauge the overall cost of your loan and your planned repayment schedule.

How long does it take to get the money once my business is approved?

Once approved, transfer times vary depending on the lender, but it is possible to receive your capital in as little as 72 hours after approval. Lines of credit, on the other hand, may be used immediately upon receiving approval in some cases.

How do I pay back the funding amount?

Our lenders offer secure digital payment portals so that you can make your repayments on time and without penalty. You may be able to change due dates and other important information.

How To Best Prepare for a Business Loan

Determine the amount of money you will request—and do not request an excessive amount.

Although you may have the option of a small business loan, it is important to only request the amount of money that you need and can afford to pay back. This will demonstrate to your lender that you are financially responsible and increase your chances of approval.

Understand the limitations and costs of your loan.

Before committing to a loan, be sure to consider the speed, flexibility, and cost. Some loans are more or less flexible while others charge for speed. Understand the APR and other associated fees and costs so you can make an informed decision.

Avoid taking out multiple loans.

If you already have a loan, it is not advisable to take out another one. This is calledstacking loans and is generally not allowed, except in certain cases (e.g. having a business line of credit with a term loan). If you stack loans without the permission of your original lender, you could be in breach of your loan agreement and default on your first loan. Before taking on another loan, check with your lender to make sure it is allowed.

Ready to Apply?