Fast Business Loans
Streamline Your Cash Flow with a Fast Business Loan
A fast business loan provides funds within 24 to 48 hours with minimal documentation needed. With fast business loans, you can access the funds within the day.
For many small business owners, maintaining a healthy cash flow is crucial. However, cash flow issues are common and can lead to financial trouble if ignored. Fast business loans offer a solution by covering daily operations, purchasing inventory, upgrading equipment, and pursuing other business opportunities.
At SMB Compass, our loan programs start at a competitive 5.25% APR and offer quick approval – often within hours!
Every business is unique. That’s why we offer different fast business loan options. Whether you need immediate financing or want to explore your options, our lending experts are available to assist you.
If you need financing NOW and want to learn more, don’t hesitate to reach out to one of our lending experts today!
Ready to apply for a Fast Business Loan?
Why Should You Apply for Fast Business Funding
-
Limited Documents
Securing a fast business loan with a traditional business loan can require filling out pages of applications and providing years of financial documents. A fast business funds loan with SMB Compass can be secured with 3 months of bank statements and a one-page application - which can be completed online and takes less than 5 minutes!
-
Fast Approvals
One of the benefits of working with online lenders, like SMB Compass, is the fast turnaround and approval time. As soon as the bank statements and application are submitted, underwriting begins, and our loan managers will start working on the loan terms.
We prioritize understanding your business objectives to expedite the underwriting process. By gaining insight into your needs and goals, we can move swiftly and efficiently to provide the financing you need within your desired timeframe.
-
Immediate Funding
Once the closing document is reviewed and signed, the funds are wired into your account within hours or the next business day at the latest!
Pro tip: When reviewing the documents, look at the terms, specifically the loan amount, interest rate, monthly or maintenance fees, repayment structure, and duration. If you have more questions about the agreement, contact us immediately for clarifications.
-
Flexible Use of Funds
For small business owners, fast business loans are a valuable resource offering flexibility in allocating funds to address diverse needs. Whether you're facing unexpected expenses like equipment repairs or need to purchase inventory, these loans provide timely access to capital. They empower you to seize expansion opportunities by opening new locations or investing in marketing campaigns.
Additionally, fast business loans help you manage cash flow fluctuations, ensuring smooth operations during lean periods. By providing quick access to funds and flexibility in usage, these loans play a crucial role in supporting your business growth and sustainability.
The Best Fast Business Loans for Your Business
Bridge Loans
Bridge loans are short-term business loans designed to address time-sensitive business needs (bridging a cash flow gap, taking on a business opportunity, or paying for an unexpected or unforeseen expense) while waiting for a more permanent financing solution to come to fruition. Instead of digging into your cash reserves or passing on an attractive business opportunity, a bridge loan can cover these costs for you. The best part is that fast business loans can wire the funds into your account within the same business day.
Business Lines of Credit
If you’ve used a personal or business credit card before, you might already know how business lines of credit work. Once approved, lenders assign you a predetermined credit limit, which you can draw from whenever necessary. You’ll only have to pay for the money you used plus the interest rate on that amount. It’s a revolving credit line, so you can tap into it and pay it back if you don’t exceed the set credit limit.
Note that business lines of credit can come with a personal guarantee requirement. A personal guarantee puts the business owners responsible for paying off the debt if something happens to the company.
Equipment Financing
If you’re looking for fast business loans to purchase expensive equipment for your business, equipment financing is the best option. You can use the proceeds to buy costly equipment like backhoes, cranes, vehicles, ovens, etc. With an equipment loan, you won’t have to worry about cash crunches as you won’t have to pay for the equipment upfront.
One of the benefits of equipment financing is that it’s self-securing. That means the lenders are more likely to finance 100% of the equipment’s value, even with bad credit or revenue.
Merchant Cash Advance
You receive a lump sum of cash upfront with a merchant cash advance. You can then use the funds to finance your business operations – covering short-term cash flow gaps or reordering inventory. But unlike other types of loans, you are not required to repay the loan with monthly fixed payments.
Online lenders mainly offer merchant cash advances. The lenders will take a portion of your debit and credit transactions. This could be daily or weekly, depending on the lender you’re working with. The downside is that merchant cash advances can be more expensive as their interest rates tend to be higher. Financial advisors recommend looking into other loan programs and considering an MCA only as a last resort. Nevertheless, it’s a viable financing option that can give you access to fast cash within the same business day.
Invoice Financing
Invoice financing or invoice factoring is a type of funding where you, as a business owner, sell your outstanding invoices to third-party companies. These funding companies will then advance you 80% to 90% of the total value of your invoice, giving you access to instant cash. You’ll be able to receive the remaining 10% to 20% once your customers pay their invoices, minus a small lender’s fee.
The main requirement for invoice financing is that the business must work with reputable clients. With this type of financing, business credit won’t be the primary consideration. Instead, the lenders will look at your customer’s credit scores first.
Qualifications for a Fast Business Loan
When you need quick financing for your business, understanding the basic qualifications can streamline the process. Here's a breakdown of fast business loan qualifications:
1+ years in business
Minimum $20k/mo in revenue
Minimum credit score of 650 or higher
One-page application
3 months of bank statements
While most fast business loans share some basic requirements, different lenders might have slightly varied standards. It's important to check each lender's specific requirements before applying.
At SMB Compass, we consider factors like your industry, current cash flow, owner's credit history, and time in operation when evaluating your loan application. We offer loans for businesses with various credit profiles and cash flow situations, and our focus is on finding the best solution to meet your specific needs and timeline.
How To Apply for Fast Business Loans
1. Complete the Online Application
Fill out the online form with details about your business, including its name, address, phone number, email, type, incorporation date, and annual revenue. Additionally, provide personal information like your name, address, phone number, email, Social Security number, and credit score.
2. Submit Financial Documents
Upload necessary financial documents for both your business and personal finances. These may include business tax returns, bank statements, and personal credit reports.
3. Wait for Approval
We review applications quickly and efficiently, with most businesses receiving approval within 3 hours. This means you can get the funding you need to move forward with your plans without delay.
4. Sign the Loan Agreement and Receive Funds
When your application is approved, you'll need to sign the loan agreement and furnish any additional information requested by SMB Compass. Once the agreement is signed, expect to receive your funds within the day.
Ready to apply for a Quick Business Loan?
Fast Business Loans For Every Industry
We provide different business loan programs to a wide range of industries. Different businesses and industries use fast business loans for various reasons.
Our biggest clients include businesses under the industries outlined below.
Transportation
The transportation industry relies on financing to operate effectively. With notoriously long payment terms, a typical small business owner in the transportation industry doesn’t receive payments until 15 to 60 days after completing an invoice.
With that, they become more prone to cash flow gaps and issues, which calls for extra capital injection. If a truck goes down and they don’t have the money to repair or buy a new truck immediately, they lose significant revenue. The longer the truck is off the road, the more money a business owner loses.
With fast-funding business loans, they get the money as soon as they need it. They won’t have to worry about the lost revenue and get their trucks back on the road soon because they get business loans fast.
Restaurants
Most restaurants and bars deal with busy and slow seasons. Both times, they need access to quick financing to prepare for whatever comes their way. Expenses can add up quickly in this industry, and predicting future revenue is difficult. Operations can also be derailed by outcomes beyond the business owner’s control, like a broken oven or a leak in the roof. To avoid such damages, restaurant and bar owners need fast business loans to deal with whatever situation may occur.
Doctors and Medical Practices
Doctors and medical practices deal with many overhead business expenses and slow-paying insurance companies. Longer payment terms can strain their cash flow and make it difficult to function effectively. Medical supplies can also be costly, and without proper financing, it can drain your cash reserves.
Whether you need to cover payroll or buy equipment and machinery, you can use fast small business loans to help you cover the expenses.
Manufacturing
The manufacturing industry faces unique challenges. High overhead costs, expensive equipment, and the constant need for smooth operations create a demanding financial environment. Without sufficient cash flow, even unexpected expenses can disrupt operations and impact their financial health.
Fast business loans provide a lifeline for manufacturers. They offer the quick access to capital needed to overcome unexpected hurdles and keep operations running smoothly. This allows manufacturers to maintain efficiency and invest in growth opportunities, taking their business to the next level.
Hotels
Hotels, along with many other seasonal businesses, face the challenge of fluctuating cash flow. During off-peak periods, income dips, making maintaining a healthy cash flow difficult. This can necessitate the need for swift access to financing to bridge the gap and ensure smooth operations.
Furthermore, hotels and similar hospitality businesses grapple with ongoing operating and overhead expenses, including maintenance and repairs. These costs, while essential, can put a strain on their already fluctuating cash flow. Fortunately, fast business loan options exist to help hotels and similar businesses overcome these financial hurdles and maintain smooth operations.
Construction
Construction companies face a ton of upfront expenses. From day-to-day operating costs to equipment and supplies, the total costs could increase to millions. Plus, with extended payment cycles, contractors often experience cash flow gaps, making it harder to cover their daily and monthly expenses.
With hard deadlines to catch, contractors use quick business loans to ensure they have the capital they need to obtain the right equipment and supplies to complete their projects on time.
Technology
The technology industry is notoriously expensive, and managing cash flow with the expenses piling up isn't easy. While seed capital and investors are common, ongoing expenses from expensive software and equipment can quickly strain resources. Similar to construction companies, tech businesses often face time-sensitive projects requiring immediate access to financing to meet deadlines, maintain growth, and attract new customers. This is where fast business loans can become a valuable tool for tech companies, bridging the gap between ongoing expenses and future funding rounds or project completions.
Retail
Being a business owner in retail can be very difficult if you don’t have access to financing in a timely manner. Like many businesses, they experience seasonality, which can potentially cause a strain on their cash flow. There always needs to be money to ensure that you can maintain inventory. With overhead and inventory expenses, access to immediate financing becomes crucial for the survival of every retail business.
Ready to apply for Immediate Funding?
Business Owners That Used Quick Business Loans
-
Case Study #1: Retail Business
One of our clients runs a small retail company, and her manufacturer offered the opportunity to purchase a bulk of inventory for less. She usually buys her inventory every quarter, but in this case, she was offered six months of inventory at a significantly discounted rate. Unfortunately, she didn’t have enough capital to take advantage of the opportunity and needed to notify the manufacturer by the end of the week.
She decided to apply for our fast-funding loans. As a result, we were able to provide her with the capital, allowing her to grab the opportunity her manufacturer offered. After that, she grew her cash flow drastically because of the increased margins she was making off her discounted inventory. After financing her inventory multiple times, she has enough working capital to order the stocks she needs without applying for more financing.
-
Case Study #2: Marketing Business
Another client experienced late-paying customers and needed capital to make the following week’s payroll. He knows how important it is to make the payments on time or his employees will lose morale.
It was a Thursday, and he needed the funds to be in his account by Friday to pay his employees on time. Fortunately, he was able to secure a line of credit from SMB Compass. He logged into his online account on Thursday and sent in a request. By Friday, the funds were already available.
As soon as his clients paid him the following week, he paid the amount he drew and the interest. He still uses the line of credit to cover unexpected or short-term cash flow gaps. He says his line of credit is one of the most valuable and reliable financial resources.
-
Case Study #3: Trucking Business
One of our clients owned a trucking company, and a few of his trucks needed repairs and maintenance ASAP. He realized the longer he stored the trucks, the more losses his company would incur. He also had clients relying on him to deliver their goods on time. He knew that if he missed out on these deliveries, his reputation would be affected and he would lose clients.
SMB Compass provided immediate financing for our client so that he could get his trucks back on the road in no time. He didn’t have to worry about missing out on more revenue!
Ready to Grow Your Business?
Flexible and Fast Business Loans to Meet Your Unique Needs
SMB Compass has helped provide flexible financing for over 1,000 small and medium-sized businesses throughout the United States. We understand your business needs quick and easy access to funding. That's why we offer fast business loans to address your immediate needs.
Our team provides small businesses with quick loans that are flexible and helpful for companies in every industry. Our flexible loan programs come with interest rates as low as 5.25% APR and can be funded within the day.
We offer different types of business loans for every business need imaginable. If you need financing now and want to know more, you can speak to one of our lending experts right now!
Common Questions. Straight Answers.
Online lenders often offer quicker funding times than traditional lenders when it comes to getting a small business loan fast. Some alternative lenders can provide funds as little as 24 hours after approval, while others may take a few days. The speed of funding depends on the lender's underwriting process, the completeness and accuracy of your application, and the availability of funds.