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Instant Business Loans

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What are Instant Business Loans?

Getting approved for traditional financing through a bank is always an undertaking. The document requirements, paperwork, and credit requirements result in a lengthy process and often times, business owners find out they are not approved. Rather than waiting for a bank to approve your loan, there are instant approval business loans available which eliminate the intense document process. Instead of waiting months to get approved for a much-needed business loan, we can provide instant business loans which allow companies to secure financing and focus on growing their businesses. Instant approval business loans can be closed and funded within 24 hours and have a hassle-free process!

Benefits of working with our team!

Our company is dedicated to providing an in-depth overview of financing programs available to small businesses. We are solutions experts, not product sales people. Our objective is to take the time to understand each and every business that we work with and provide unbiased information on financing options. There are dozens of products that small business owners can use to finance their companies, but not every product is the right fit. By speaking with a dedicated Lending Advisor each and every small business owner is armed with the knowledge to make an educated and thoughtful decision. Knowledge is power and our goal is to share our expertise with each and every business owner we work with.

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Advantages to Instant Business Loans

Limited Documentation

The application process to apply for business financing through a bank is a daunting task. The document list is long and can include business tax returns, personal tax returns, years of financials, and extensive application documents that need to be filled out. Instant business loan programs can require as little as a one-page application and 3 months of bank statements. The light document requirements and speedy process make it easy for small business owners.

Fast Underwriting

Once documents are received underwriting takes just a few hours, sometimes even faster! The credit and cashflow analysis are completed as soon as documents are received, and feedback is provided quickly. This is one of the biggest advantages compared to traditional financing programs. While banks take weeks to underwrite, instant business loans are underwritten quickly and efficiently.

Quick Approvals!

Approvals are immediately issued when underwriting is complete. The biggest advantage of the quick approval process is they are normally not subject to change. Once an approval is issued the terms of the loan are firm and the next steps are closing documents. Requirements for closing is typically a short list of information to help verify the original documents that were provided. As an example, a business tax return might be requested to verify ownership of the company.

Same Day Funding

The best part about instant business loans is the funding and closing process. Closing review is quick and when a signed agreement is received, along with the applicable closing documents, funds are wired the same day. Small business owners can complete the application and funding process the same day and get back to focusing on growth, rather than financing.

Types of Instant Business Loans

Equipment Financing

Instant equipment loans are available for small business owners that are looking to borrow less than $250,000 for equipment. These programs are available to a wide range of industries and include; transportation, medical, construction, retail, manufacturing, wholesale. The application process is document light and can be completed in just 5-10 minutes. The document list needed for an approval is a one-page application, equipment invoice, 3 months of bank statements, and credit report for the business owner.

Invoice Financing

Quick invoice financing programs allow for small businesses to access capital based on outstanding invoices. These programs are designed to accelerate and improve cash flow rather than waiting 30-90 days for customers to pay invoices. This flexibility enables companies to act quickly, improve working capital, and focus on growing their businesses. The application package consists of a simple application, a copy of an A/R aging report, and the invoices you’re looking to finance.

Bridge Loans

Small businesses frequently come across opportunities where they need to act quickly. Bridge loans are designed with a speedy process to enable business owners to strike when the time is right! The terms for bridge loans range from 3 to 18 moths and loans can be closed in just a few hours. Documents required for bridge loans are as easy as it gets. With just an application and bank statements bridge loans can be approved up to $500,000.

Lines of Credit

Similar to bridge loans, business lines of credit can be closed and funded almost instantly. The biggest benefit of a line of credit is the flexibility in draws and repayment. Unlike a bridge loan, all the money is not funded at one time. Business owners have the flexibility to draw as needed and use the money when the time is right. Often referred to as standby capital, business lines of credit provide a cushion for when capital is needed. Business owners can apply for a business line of credit up to $250,000 with a one-page application and three months of bank statements.

Term Loans

Term loans are used by business owners to address an urgent need and could have terms anywhere from 3 months to multiple years. A term loan can be used to cover expenses as well as take advantage of different opportunities. Term loans require limited documentation and can be approved and funded within 24-48 hours.

How to use Instant Business Loans

Working Capital

Instant business loans provide a cash cushion for business owners to use for ongoing working capital. Often times daily expenses are unaligned with customer payments and sales. When this is the case there is a cash flow gap that needs to be filled. Utilizing instant business loans provides businesses with the working capital that needed for ongoing operations and potential opportunities.

Machinery and Equipment

Purchasing equipment is a frequent need for many companies and most often time is of the essence. A fast equipment loan process gives businesses the capability to act quickly and receive discounts on much needed equipment. Instant business loans can be used for both new and used equipment and the terms can stretch as long as 6 years!

Payroll

Making payroll is always the number one priority for small businesses. In order to keep good employees, it’s crucial to make sure that invoices are paid on time. It’s easy to avoid being in a bind for payroll by planning ahead and having access to a line of credit. If you don’t have a line of credit, then you can access an instant business loan. Whether a bridge loan for a quick cash infusion or a line of credit to tap, there are a variety of ways to solve working capital challenges.

Lines of Credit

Similar to bridge loans, business lines of credit can be closed and funded almost instantly. The biggest benefit of a line of credit is the flexibility in draws and repayment. Unlike a bridge loan, all the money is not funded at one time. Business owners have the flexibility to draw as needed and use the money when the time is right. Often referred to as standby capital, business lines of credit provide a cushion for when capital is needed. Business owners can apply for a business line of credit up to $250,000 with a one-page application and three months of bank statements.

Inventory Purchases

Taking advantage of inventory discounts enables small business owners to increase their margin and earn more profit. Earning more money on each sale does a lot more than just increasing profit margins. It also impacts available working capital for payroll, additional inventory purchases, expansion, marketing, as well as other business opportunities.

Business Expansion

Hiring new employees or investing in new marketing and advertising campaigns are revenue generating investments that help companies grow. When cash on hand isn’t available, small businesses can use instant business loans to expand their companies. Other growth opportunities include acquiring other businesses, opening new offices, and expanding product offerings.

Industries that use Instant Business Loans Manufacturing

Hotels

Technology

Restaurants

Transportation

Construction

Criteria and Eligibility for an Instant Business Loan

The documents needed to apply for an instant business loan often depends on what the money is being used for. For general working capital needs, such as payroll, inventory, or just an infusion of cash, the process is quick and simple. With just a one-page application and 3 months of bank statements you can receive funds in as quick as a few hours. When financing or leasing equipment the only documents that would be added for underwriting is an invoice for the equipment and a copy of a credit report for each owner of the company.

Case Studies of Instant Business Loans

Case Study #1

There was a client that worked in the retail industry and needed capital to purchase inventory for the upcoming tourist season. They are based out of Hilton Head, South Carolina and generate a majority of their revenue in the summer months. Cash flow was tight from the winter and they needed to ensure they had the inventory in stock to take advantage of the busy season. If they did not have the inventory, they would be losing out on tens of thousands of dollars in revenue that they relied on to operate the business. They needed a line of credit to be able to purchase the inventory and pay back the line as they generated new sales. They were able to make the inventory purchase, meet the demands of the busy season and generate the revenue to pay off the line. We provided them with a revolving line of credit so they always have capital to purchase inventory and operate effectively.

Case Study #2

A client owned a hotel in a college town in Ohio and needed capital for expansion to meet the demands and quantity of guests. One of their competitors had recently closed and they had a unique opportunity to take on more business. They had 6 months before the new school year began and wanted to make sure that the expansion and renovation was complete before their busiest time of the year. They wanted to expand from 60 to 80 rooms and needed financing for the all of the renovation costs. The anticipated time for the renovation to be complete would be close to the start of the school year and they had to move as quickly as possible. They had money to start the renovations but needed a bridge loan to ensure that it could be completed properly and within their timeframe. With the bridge loan they were able to complete the renovation, purchase new furniture and hire additional employees. We secured the financing in the timeframe they needed so they were ready for the start of the new school year and were able to generate the additional revenue.

Case Study #3

A construction company had the opportunity to take on a large contract and needed to ensure they would be able to purchase and lease the equipment necessary to take on the project. They would need to be able to prove that they not only had the equipment but also the financing that was needed to take on a project of that size. Although they had been in business for over 10 years they had never taken on a project that large and never needed this great of an amount of capital. This was an opportunity for them to generate a large amount of revenue for the business and they didn’t want to miss out on the opportunity. They were confident they could do the job and this would lead to other business opportunities but without financing, there was no way they could complete this job. We were able to meet their timeframe and secure them with the financing they needed to take on the contract. They completed the project and the client was more then satisfied with the job they did.

FAQ About Instant Business Loans

What is an instant business loan?

An instant business loan is a loan that can be secured in 24- 48 hours and typically does not require much documentation. It allows businesses to address any urgent need that a business may have.

How do you qualify for an instant business loan?

To qualify for an instant business loan, the lender will consider the time in business, owner’s personal credit, and the cash flow in the business. During a brief conversation with a lending advisor you can be qualified for the loan.

How long does the application process take for an instant business loan?

The application process for an instant business loan is quick and easy. It typically only takes 5 to 10 minutes to complete the application and submit bank statements to the lender.

How would you use an instant business loan?

Instant business loans are usually used for an immediate need that a business owner may have. Businesses use these loans to address expenses and take advantage of unique opportunities.

Is collateral required for an instant business loan?

Collateral is not commonly required when securing an instant business loan. Larger size loans may require collateral but it is more common that the loan will be secured based on the amount of money that business is generating and the cash flow.

What are the different instant business loan options?

There is an array of different financing options that businesses use when securing an instant business loan. Some of the most common forms of financing used are bridge loans and lines of credit.