Fast Business Loans
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Over $160 million delivered to 1,100+ small businesses
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Fast Business Loans
If you’re like most small business owners, you understand maintaining healthy cash flow is important to the success of your business. Unfortunately, many businesses deal with cash flow issues. Business owners use fast business loans to help cover the costs of daily operations, inventory purchases, upgrading equipment, and other different business opportunities.
SMB Compass has helped provide financing for over 1,000 small and medium sized businesses throughout the United States. We understand that your business needs require immediate attention. Our team provides small businesses with quick business loans that are flexible and helpful for businesses in every industry. Our flexible loan programs come with rates starting as low as 5.25% APR and can be funded within hours. We offer eight different types of loans for every business need imaginable. If you need financing now and want to know more, you can speak to one our lending experts right now!
Advantages to Quick Business Loans
Securing a business loan with a bank can require filling out pages of applications and providing years of financial documents. A fast business loan with SMB Compass can be secured with 3 months of bank statements and a one-page application. The application can be filled out online and takes less the 5 minutes to complete.
As soon as the bank statements and application are submitted, underwriting immediately begins working on a proposal. We ensure we have a full understanding of your businesses objective so underwriting can move quickly and efficiently. We work fast and diligently to ensure we provide the financing you need in your timeframe. In a matter of hours after you send over the documentation, we are able to present terms and begin moving to the closing process.
The closing process is quick and easy. We make this as simple as possible to ensure we are meeting your timeframe. After the loan is approved and accepted, a closing document is emailed for you to review. Once the closing document is reviewed and signed the funds are wired into your account within hours!
What are the different types of Fast Business Loans?
Bridge loans are short-term loans created to address immediate funding needs. This type of loan is best used when you have the need to bridge a cash flow gap, leverage on a business opportunity, or pay for an unexpected or unforeseen expense. Instead of draining your savings or passing on an attractive business opportunity, a bridge loan can cover these costs for you. These funds can be wired into your account within 24 hours or less.
Business Lines of Credit
If you’ve used a credit card before, you already have an idea on how a business line of credit works. Once approved, lenders assign you a predetermined credit limit, which you can draw from whenever you need to. You only pay for the money you’ve withdrawn plus the interest.
If you’re looking to purchase an expensive piece of equipment for your business, equipment financing is the best loan program for you. You can use this type of financing to purchase or lease vehicles, furniture, machinery, and much more.
Multi-Year Term Loan
A Multi-year term loan is a type of loan that comes with long repayment schedules, ranging from two to five years. These longer repayment terms also come with low monthly payments that promote healthy cash flow for small businesses. Once approved, your company will receive funding in as little as three to five days. To qualify for multi-year quick business loan, you will need to have a strong business trade credit, as well as good personal credit and a history of positive cash flow.
Merchant Cash Advance
With a merchant cash advance you receive a lump sum of cash up front. You are then free to use the funds to finance your business operations. But unlike other types of loans, you are not required to pay back the loan with monthly fixed payments. You simply make payments by withholding a percentage every time a client purchases via a credit or debit card. A merchant cash advance is a more expensive program, but you are able to receive funding within 24 hours.
Invoice financing is a type of funding where you as a business owner sell your outstanding invoices to third party companies. These funding companies will then pay you 80% to 90% of the total value from each invoice, giving you 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 Small Business Administration (SBA) created SBA loans to help small business owners secure much needed financing. The SBA itself doesn’t lend you the money, but they do guarantee up to 85% of your loan in order to mitigate the risk for lenders. The process to obtain an SBA loan is longer then the typical loan process, and take anywhere from 30-45 days.
An asset-based loan is a type of financing secured by your existing assets or collateral. Common forms of assets and collateral include inventory, accounts receivable, purchase orders, machinery and equipment, or commercial real estate. If you have any of those existing assets to use as collateral, you are a prime candidate for an asset-based loan.
Quick Business Loans for Every and All Industries
We provide financing for businesses in a wide range of industries; different businesses and industry’s use fast business loans for an array of reasons.
The transportation industry relies on financing to operate effectively. With notoriously long payment terms, some business owners are not paid until 15-60 days after completing an invoice. While some businesses do decide to factor their invoices, there is always a need for extra working capital. If a truck goes down and they don’t have the money to repair it or buy a new truck immediately, they are losing out on significant revenue. The longer the truck is off the road the more money a business owner is losing. Whether the need is equipment or working capital, the faster the business owners gets the financing, the quicker they are back to generating revenue.
Most restaurants and bars deal with busy and slow seasons, and need access to quick financing for whatever comes their way. Expenses can add up quickly in this industry and it’s difficult to predict future revenue. Business can be derailed quickly by outcomes out of the business owner’s control, such as a broken oven or a leak in the roof. Restaurant and bar owners need immediate funds to properly react to whatever situation occurs.
Doctors and Medical practices
Doctors and Medical practices deal with a lot of overhead expenses and slow paying insurance companies. Having longer payment terms can distress the cash flow in the business and make it difficult to function effectively. Medical supplies can be very expensive to purchase without having the proper financing. With substantial operating expenses, businesses loans help cover everything from payroll to equipment and machinery.
Manufacturing has an array of overhead and operating expenses that have to be covered for businesses to operate efficiently. There’s a lot of equipment and machinery costs and if business owners don’t have the money readily available it can derail the entire operation. Without immediate financing, any unexpected expenses can be detrimental for a manufacturing company. Manufacturers have to move quick to ensure everything can continue to run smoothly.
Hotels, like some other industries deal with Seasonality. There are different parts of the year that generate a majority of certain hotels revenue. During the slower seasons cash flow can get tight and it’s important for business owners to have access to fast financing. Besides the seasonality of the hotel industry, there are a lot of operating and overhead expenses. Hotels require a lot of maintenance and repairs, which can be difficult on a businesses cash flow.
The construction industry requires a ton of upfront expenses that contractors are typically responsible for. With hard deadlines, contractors use quick business loans to ensure they have the capital needed to finish jobs adequately and on time. It’s common in construction that they are longer payment terms and cash flow can get increasingly tight. If a contractor is waiting to be paid, they can’t continue working and take on new jobs without having the extra working capital from a business loan. With all the upfront and unexpected expenses, it is crucial to have the proper financing in a fast and timely manner.
The technology industry is notoriously expensive and it’s difficult to manage cash flow with added expenses. While it’s typical for a tech company to have separate investors and seed capital, it’s common for there to be immediate financing needs. Software and equipment in the tech industry can be time sensitive and they need access to immediate financing when different expenses and opportunities arise.
Being a business owner in retail can be very difficult if you don’t have access to financing in a timely manner. There’s a busy and slow times in retail and there can be a strain on the cash flow during different seasons. There always needs to be money to ensure that you can maintain inventory. With overhead and inventory expenses, the access to immediate financing is crucial for every retail business.
Qualifications for a Fast Business Loan
SMB Compass provides financing for businesses with a variety of different credit profiles and cash flow situations. There is a range of different factors considered, including the industry, current cash flow, owner’s credit, and time in business. Each situation is unique and we work to ensure we are meeting the objective and time line of the business.
Business Owners that have used Quick Business Loans
Case Study #1
One of our client’s owns a small retail company and her manufacturer offered her the opportunity to purchase a large quantity of inventory at a discounted rate. She typically bought her inventory on a quarterly basis but was offered 6 months of inventory at significantly discounted rate. She didn’t have the extra capital available to take advantage of the opportunity and needed to notify the manufacturer by the end of the week. We we’re able to secure her the financing that allowed her to buy the discounted inventory. After buying the inventory at a lower rate she was able to drastically grow her cash flow because of the new margins she is making on her inventory. After helping her take advantage of the discounted inventory multiple times, she now has enough working capital where she no longer has to borrow!
Case Study #2
A client had vendors that were late paying him and he needed extra capital to make payroll for that week. He had employees that relied on him and with cash flow tight he had to make sure his employees were taken care of. It was a Thursday and he had to have the funds in his account to pay his employees on Friday. We worked quickly to secure a line of credit that would fit his timeline. He pulled from the line of credit on Friday and made sure payroll was covered. Once his vendors paid him the following week, he paid off the amount he pulled from the line of credit and stopped paying interest. He still uses the line of the line of credit to cover expenses when cash flow in the business is tight.
Case Study #3
Our client had a truck go down and needed capital to get the truck back on road as soon as possible. The longer the truck was off the road, the more revenue he was losing out on. He had clients that he worked for and he had to make sure he was not losing future business opportunities with them by having his truck down for any more time. We were able to provide immediate financing so he was able to get back on the road and not miss out on any more revenue.
FAQ About Fast Business Loans
What is a fast business loan?
A fast business loan is a business loan that can be funded in 24-48 hours and usually can be funded with minimal documentation. A fast business loan allows businesses to take advantage of opportunities and cover unexpected expenses.
How do you qualify for a fast business loan?
The main criterion that is considered when determining if a business qualifies for a fast business loan includes the business owner’s personal credit, the cash flow in the business, and the amount of time the business has been operating. Traditional banks tend to be sterner on determining if a business qualifies for a loan in comparison to private lenders.
How long does the application process take?
The application for a fast business loan takes 5 to 10 minutes to complete. After getting prequalified by a lending advisor you just have to complete a brief application and submit bank statements.
How would you use a fast business loan?
Businesses use fast business loans to cover unexpected expenses and take advantage of different business opportunities. Typically, they are used to address an immediate need that a business may have.
Is collateral required for a fast business loan?
Collateral is not commonly required for a fast business loan, although at times it may be necessary depending on the size of the loan and the type of financing. Fast business loans are typically secured through the existing businesses cash flow.
What are the different fast business loan options?
There are numerous different financing options to consider when securing a fast business loan. Business lines of credit and terms loans are two of the most common types of fast business loans.
Interested in learning about your financing options?
Speak with a Lending Advisor today!