Fast Business Loans

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Streamline Your Cash Flow with a Quick Business Loan

A fast business loan is a type of business financing that can be funded within 24 to 48 hours with minimal documentation. It allows companies to take advantage of opportunities like acquisitions or unexpected expenses, like broken equipment that needs replacing ASAP. With quick business loans, you can have the funds in your account within the next business day.

If you’re like most small business owners, you understand maintaining healthy cash flow is imperative to the success of your business. Unfortunately, many businesses encounter cash flow issues that, if left unaddressed, can lead to financial trouble. Business owners use quick loans to help cover the costs of daily operations, inventory purchases, upgrading equipment, and other different business opportunities.

Our loan programs start at 5.25% APR, and fast business loans only take hours to get approved. We offer eight different fast small 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.

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Advantages to Quick Small Business Loans

Limited Documents

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 ensure that we have a complete understanding of your business’s objective, so underwriting can move quickly and efficiently. We work fast and diligently to provide the financing you need in your timeframe. After sending your documents and application, we’ll have the loan terms and be ready to move on to the closing process.

Immediate Funding

Pro tip: When reviewing the documents, be sure to look at the terms, specifically the loan amount, interest rate, fees, repayment structure, and duration. If possible, review the contract with your business lawyers or accountant. If you have more questions about the agreement, contact us immediately for clarifications.

Once the closing document is reviewed and signed, the funds are wired into your account within hours or the next business day by the latest!

8 Best Options For Fast Funding

Businesses looking for fast business funding can choose among the types of business loans outlined below.

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, quick business loans can wire the funds into your account within the same business day.

Business Lines of Credit

If you’ve used a credit card before, you may already have an idea of how business lines of credit work. Once approved, lenders assign you a predetermined credit limit, which you can draw from whenever you need to. 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.

It’s also worth noting 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 quick business loans to purchase an expensive piece of equipment for your business, equipment financing is the best option for you. You can use the proceeds to buy costly equipment like backhoes, cranes, vehicles, ovens, etc. With the small business 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 a poor business credit score or revenue.

Multi-Year Term Loan

A multi-year term loan is a type of financing with repayment schedules ranging from two to five years. These longer repayment terms also come with lower interest rates and 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 a multi-year quick business loan, you will need a strong business trade credit, a good personal credit score, and a history of positive annual revenue.

Merchant Cash Advance

With a merchant cash advance, you receive a lump sum of cash upfront. You are then free to use the funds to finance your business operations – be it covering short-term gaps in cash flow or reordering inventory. But unlike other types of loans, you are not required to pay back the loan with monthly fixed payments.

Merchant cash advances are mainly offered by online lenders. With it, 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 advance can be a more expensive program 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 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.

Asset-Based Loans

Quick Business Funding for Urgent Needs For Every Industry

We provide different business loan programs to a wide range of industries. Different businesses and industries use a fast small business loan for an array of 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 don’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 the soonest possible time 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 it’s difficult to predict future revenue. Operations can be derailed quickly by outcomes beyond the business owner’s control, such as a broken oven or a leak in the roof. To avoid such damages, restaurant and bar owners need immediate funds to deal with whatever situation that may occur.

Doctors and Medical practices

Doctors and medical practices deal with many overhead expenses and slow-paying insurance companies. Having longer payment terms can strain their cash flow and make it difficult for them to function effectively. Moreover, medical supplies can be costly, and without having the proper financing, it can drain your cash reserves.

Whether you need to cover payroll or buy equipment and machinery, you can trust small business loans to help you cover the expenses.

Manufacturing

The manufacturing industry has an array of overhead and operating expenses. Business owners have to cover these for their company to operate efficiently. Not only that but there is a lot of expensive equipment and machinery required for their business to run. If the business owners don’t have enough cash available, it can disrupt the operations and endanger the company.

Without immediate financing, any unexpected expenses can be detrimental for a manufacturing company. Manufacturers have to move quickly to ensure everything can continue to run smoothly.

Hotels

Hotels, like some other industries, deal with seasonality. During the slower seasons, cash flow can easily get tight. Sometimes, this warrants business owners to secure financing – fast.

Besides the seasonality, hotels and other hospitality businesses accrue operating and overhead expenses. For instance, they may have to cover maintenance and repairs, which can be difficult on the business cash flow.

Construction

Construction companies face a ton of upfront expenses. From day-to-day operating costs to equipment and supplies, the total costs could go up to millions. Plus, with long payment cycles, contractors often experience cash flow gaps, making it harder for them to cover their daily and monthly expenses.

With hard deadlines to catch, contractors use quick business loans to ensure that 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 it’s difficult to manage cash flow with the expenses piling up. While it’s typical for a tech company to have separate investors and seed capital, they still need to set some cash aside to cover immediate needs, especially since software and equipment in the tech industry can be expensive.

Like construction companies, technology businesses come with time-sensitive projects, and they need access to immediate financing for them to meet the deadlines and attract more customers.

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.

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Qualifications for a Fast Business Loan

SMB Compass offers fast business loans 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 timeline of the business.

Business Owners that have used Quick Business Loans

Case Study #1

One of our clients runs a small retail company, and her manufacturer offered the opportunity of purchasing a bulk of inventory for less. She typically buys her inventory quarterly. 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.

With that, she decided to apply for our fast funding loans. With the financing, we were able to provide her with the capital, allowing her to grab the opportunity her manufacturer offered. After that, she was able to drastically grow her cash flow because of the increased margins she is making off her discounted inventory. After financing her inventory multiple times, she now has enough working capital to order the stocks she needs without applying for more financing.

Case Study #2

Another client experienced late-paying customers, and he needed the capital to make the following week’s payroll. He knows how important it is to make the payments on time, or his employees would lose morale. He had to make sure that their pay was on time.

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 us. 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. Now, he still uses the line of credit to cover unexpected or short-term cash flow gaps. According to him, his line of credit is one of the most valuable and reliable financial resources.

Case Study #3

One of our clients owned a trucking company, and a few of his trucks needed to undergo repairs and maintenance ASAP. He reckoned that the longer he stored the trucks, the higher the losses his company would incur. Moreover, he 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 was able to provide immediate financing for our client so that he could get his trucks back on the road in no time. With that, he didn’t have to worry about missing out on more revenue.

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 that your business needs quick business funding to get a business loan fast that requires immediate attention.

Our team provides small businesses with quick loans that are flexible and helpful for businesses in every industry. Our flexible loan programs come with interest rates as low as 5.25% APR and can be funded within hours.

We offer eight 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!

Ready to apply for Immediate Funding?

Apply Now

FAQ

How fast can you get a small business loan?

When it comes to getting a small business loan fast, online lenders often offer quicker funding times than traditional banks. Some online lenders can provide funds in 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.

What are your fast business loan options?

Some loan options may take longer to approve than others. If you’re looking for fast funding, you can also look into different loan options with a shorter funding time. We’ve done the legwork for you and compiled the best chance to consider if you’re planning to apply for a loan to get quick cash.

Business Lines of Credit
If you’re looking for a credit option that can give you fast access to cash if and when you need it, a business line of credit is an excellent option. Lenders grant businesses a credit line with an established credit limit. Companies can draw money from the credit line, repay, and use the same pool of funds again if needed.
Equipment Loans
If you need money to replace broken equipment fast, equipment loans could be a viable way to fund your purchase. Equipment financing is a self-securing loan that finances your equipment purchase, so you won’t have to use your cash reserves and pay for the equipment outright. It’s a more practical option because it allows you to spread your payments, making the equipment more affordable. Since the equipment itself will serve as the collateral for the loan, lenders are more likely to fund 100% of the equipment’s value. That also means you won’t have to pledge a down payment as a form of security. Once approved, the lending company can wire the funds to you within 24 hours.
Merchant Cash Advance (MCA)
With a merchant cash advance (MCA), businesses receive a lump sum of cash upfront, which they then pay using a percentage of their future credit card transactions. In other words, you’ll be selling your future sales to lenders at a discount. Most MCA companies can approve and fund you within 24 to 48 hours. While it’s an excellent way to get quick funding, it’s also worth noting that merchant cash advances come with steep fees. That said, be sure to consider other forms of financing before applying for MCA.
Short-term Loans
As the name implies, short-term loans are financing options designed to address short-term business needs. Loan amounts range from $5,000 to $50,000, which is repaid in daily or weekly increments (depending on the lender) within one year or less. Short-term loans are considered less risky than medium- or long-term loans, which is why lenders are more likely to approve applications quicker.

Affordable Financing Option: SBA 7(a) Express Loans

If you can wait a week or two for funding, you might want to consider SBA 7(a) Express Loans. While other SBA loans are known for their lengthy application process, SBA 7(a) Express Loans, as the name implies, have quicker approval times. Many lenders specialize in SBA loans and can get you approved within 36 hours after applying. Once approved, you can get as much as $150,000 in funding.

SBA loans can be an excellent option because they offer low rates and a more flexible loan term for small businesses. For instance, loans less than $50,000 will have an interest rate of prime rate plus 6.5%, while loans more than $50,000 will have an interest rate of prime rate plus 4.5%. These rates are significantly lower than non-SBA Loan options.

The SBA 7(a) Express Loan is an extension of the SBA 7(a) loan program. That said, anyone who’s looking to apply for the loan will have to meet the same eligibility requirements as the 7(a) Loan, such as:

Businesses must operate for-profit
Must have a physical location in the United States or its territories.
Owners must have some reasonable equity invested in the business
Must be unable to get credit elsewhere

Banks and other lending institutions may also require businesses to meet specific qualifications, including:

A credit score of at least 680
Business history of at least two years (although some may accept businesses with one year of business history)
Annual revenue of $100,000 or higher

To be sure, ask the lender what their requirements are, then assess whether your business can qualify for financing or not.

What can be used for collateral?

You can use the following assets as collateral for a secured loan:

Accounts receivable (A/R)
Inventory
Purchase orders
Machinery and equipment
Commercial real estate
Marketable securities
Intellectual property