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Manufacturing Business

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How Manufacturing Business Loans Can Help You

When you are running a manufacturing company, it is important that you have access to capital when you need it for all the extra costs that may arise. From hiring new staff to purchasing or upgrading manufacturing equipment, there are many different costs which can add up for manufacturing company owners Whether you are buying, building or simply looking to grow your amanufacturing business, we will design a loan package that supports your business goals.

Qualifications for a Manufacturing Business Loan

1. A business plan outlining the purpose of the loan and how it will be used.

2. Financial statements for at least the past two years, including income statements, balance sheets, and cash flow statements.

3. Tax returns for the past two years.

4. Bank statements for the past three months.

5. A list of current assets and liabilities.

6. Personal financial information from all owners of 25% or more of the business, including credit reports and bank statements for the past three months.

7. Business licenses, permits, and other documents related to your business operations.

8. Collateral to secure the loan.

How Do Manufacturing Loans Work?

Manufacturing loans are typically used to finance the purchase of equipment, materials, and other resources needed to produce goods. The loan is typically secured by the equipment or other assets purchased with the loan proceeds. The loan is usually structured as a term loan, with a fixed interest rate and repayment schedule. The loan may also include a line of credit, allowing the borrower to draw funds as needed. The loan may also include a balloon payment at the end of the term, which is a lump sum payment of the remaining balance. The borrower is responsible for repaying the loan according to the terms of the agreement.

Ready to Apply?

Filthy Rich Idea makes it easy to get a business loan for your manufacturing 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!

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?