Help getting a business loan
Do you need help getting a business loan? If you and your business has experienced going to traditional banks or alternative lenders and not fitting into one of their programs we have some options and free counseling. Find solutions, learn and understand which programs are best to help getting a business loan for your business.
Options for help getting a business loan include options based on assets such as equipment assets, and based on just the sales of your business.
We will discuss your company’s particular situation and needs. We will help you determine what the best funding options are for your business. Once that is identified, we will help you get together any paperwork you need for that program and get you started.
Most businesses have the easiest time qualifying for either the loan against assets or loan using bank statements.
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Many businesses that have been denied financing due to either unacceptable credit, collateral or financial statements have complained that if they have significant sales, so why can’t they get funding against their sales? We agree. We have assistance programs that provide help “getting a business loan” through just your company’s revenues or equipment. The funding functions similar to a business line of credit. The approval is based mostly on the business’s total monthly deposits, average daily balance and time in business.
We will provide help getting a business loan by assisting your business with the processing. Just provide your most recent 3 months complete business checking account statements and a short one page mini-app. Other ease of program include:
Fast and easy processing
No financial statements to provide
Easy personal credit and time in business requirements
Quick funding through a wire into the business checking account
within one to two business days.
Approvals are up to 125% of the total monthly deposits. If a business deposits $50,000 per month, the business may qualify for up to $62,500. The amount they will qualify for will depend further on the time in business and average daily balance. Terms are between
3 and 18 months, while most approvals are for 6 and 9 months. The customer can borrow and repay repeatedly. Once the customer pays the original balance down to about 40% of the original balance, they can borrow against the line again. The best way for help getting a business loan is to get the assistance of an experienced representative. Early payoff is limited and the customer will not get much of a discount.
We need to talk about time in business. The business only needs to be operating for 9 months, though any time in business more than 2 years means you will have more of a chance of being approved and increase the approval amount. All other things equal, a business that has been in business for 3 years will get higher approvals than a business that has been in business for only 6 months.
There are more choices for help getting a business loan through the loan against assets program. A business can get working capital using either their computer electronic equipment, machinery, industrial equipment, construction equipment, dental equipment or medical equipment. Loan sizes are from $10,000 to $250,000, with just an application only for most cases up to $40,000. The business just provides a one page application and equipment list. Up to 75% of the current value of the equipment can be obtained.
Terms are 24, 36, 48, or 60 months. There are early payoff options, although they are not favorable or give a large discount for early payoff. The funding is set up either as a lease or an equipment finance agreement. Leases are designed to provide the biggest deductions but are not the best for early payoff.
Sample transaction in which a business received help getting a business loan.
Sparks Engineering needs $50,000 in working capital. They complete a one page application and equipment list. The list includes technical equipment such as measuring instruments as well as computer equipment, including Servers, technical engineering software and hardware.
Their bank statements show they are depositing an average of $60,000 per month. They are approved for $30,000 on a loan based on bank statements and $30,000 on a loan against their equipment. The $30,000 loan based on bank statements is for 9 months. The loan against equipment can be done for 24 to 60 months. Sparks Engineering does not want to have the entire $50,000 financed for only 9 months because the monthly repayment would be too high. They decide to take $20,000 with a 9 month term and $30,000 with a 36 month term.
Both sets of documents are E-Mailed to the customer. They complete and return the docs. After the docs are checked for accuracy, a decisionlogic bank verification and final verbal verification is completed with the customer. Once the customer confirms the transaction, funds are wired into their account within 24 to 48 hours.
Most frequent Requests:
– I need a business loan.
– Get me a business loan.
– Help me get a business loan.
Some customers call in, skip the questions, and just ask us to do consolidate advances. All of these requests fall into the same MCA consolidation relief product.
Question: How much of a loan can we get?
Answer: The amount depends mostly on the amount of your business’s sales, the amount of equipment the business has, the time in business, and the credit.
For more information, you can visit Money Planet
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