With business sales down during Covid-19, many businesses are still getting declined for a small business loan.
Need a fast business loan now? Apply below
Which business lenders are open and funding? Check out the:
Top Top 6 Fastest Business Loans available during Covid-19 Coronavirus during Covid-19 Coronavirus. Lenders are restricting industries they lend to and businesses are now being declined because sales have dropped. There are more exceptions for certain essential or critical business industries.
Understand which lenders to go to and why. Consider how they look at your business and choose the right alternative business loans. This includes bank statement loans, asset based loans, loans against equipment, vehicles and businesses that need a larger business loan.
How to get a business loan during Coronavirus Covid-19. How to steps, direction and tips.
Step 1. Preparation:
Pick lenders that are still lending to your industry and the current situation your business is in.
Tip: Be flexible and open minded to all funding options. The funding option you prefer may not be available or restricted. Credit has tightened a lot for business loans and qualifying is considerably harder even if the program is available.
Step 2. Have your information ready to go:
Tip: Consider all alternative programs that may be a better match for your business now.
Look at an asset based loan.
Step 3. Contact lenders that clearly say they are making small business loans during the Coronavirus Covid-19
Review the programs available and continue to match the strengths combined with the needs of your business in deciding which program you should apply for or not.
Tip: Try to pre-qualify over the phone by calling. With a representative, match the programs available with your company’s profile. List as much business income, collateral, and documentation of both you can to strengthen your request.
Documentation or proof may include bank statements, tax returns, copy of titles of equipment or vehicles. List the stronger credit owner first because you will increase your chances for approval and also get higher offers. For equipment purchases tell the lender how much down you have.
Step 4. Complete application for funding.
If you are approved, review terms and conditions including down payment requirements, fees and time to close. If you are not approved contact the lender to discuss available options.
Step 5. When you are approved, request documents.
Review terms and conditions including any down payment requirements, fees and time to close. If you are not approved contact the lender to discuss available options.
When you are ready to close, complete all closing items required and receive funding
FAQ How to get a small business loan during the continuing Coronavirus (Covid-19)
Can I get a small business loan while covid-19 continues?
We have several special alternative programs that are for virus and lower sales funding and match your business to the best program available.
Do we have any loan options during the virus with bad credit and lower deposits?
There are still cash flow and asset based business loan options available. These include revenue based programs, business loans against trucks, trailers, construction equipment and real estate.
What emergency funding can we get after our PPP money runs out?
Cash flow and collateral based options are being approved. If your business has most of it’s cash flow, then there are still options. Match your business strengths to programs that are open, approving and funding. Our programs specialize in taking customer’s profile and matching it to the most viable program.
Top 6 Fastest Business Loans available during Covid-19 Coronavirus
1 Cash flow loans or bank statement loans for Essential industries
2 Loans against vehicles or business vehicles
3 Paycheck protection program – PPP CARE
4 Business loans on Equipment
5 Advances on accounts receivables
6 Loans on Commercial Real Estate