Running a successful business fuels the dreams of entrepreneur’s everywhere.
However, as all business owners know, the road to success can be stressful and full of challenges. For instance, there will be times when your business can not afford to wait for months to receive much needed funding from a traditional source such as a bank, which can take more than 90 days.
If you’re in need of instant funding, it’s virtually impossible to get one through banks. However, there is the good news. If you need an immediate business loan, SMB Compass offers you a quick financing solution for your business. Our company has funded more than 1,000 businesses all over the United States. To discover more about our funding options, be sure to talk to one of our lending experts today, especially if you’re in need of a:
Business Line of Credit
When you acquire a business line of credit, lenders assign you a predetermined credit limit that you can draw funds from as needed. Unlike a traditional structured business loan, you are only required to repay the funds you withdraw, plus interest.
The Small Business Administration (SBA) created the SBA loans program for the purpose of helping small business owners secure financing. The SBA doesn’t lend you the money, but SBA-approved lenders do. The SBA guarantees your loan up to 85%, which mitigates the risk for lenders. This means that in the unfortunate event you default on your loan, lenders will still get paid.
On the other side of the equation, if you’re looking to purchase vehicles, machinery, or even office supplies for your business, you may want to consider equipment financing. By receiving an instant business loan, you can immediately acquire the machinery and other hard goods quickly, when you need them. However, keep in mind that this type of financing can only be used to purchase or lease equipment.
You may also want to consider acquiring an asset-based loan. This type of financing is secured by business assets. The value of your collateral determines the amount you’re able to borrow. In addition to other assets, some of the collateral you can offer as security are inventory, equipment and machinery, your accounts receivable as well as commercial real estate.
Multi-Year Term Loan
If you prefer a loan with longer repayment terms, you owe it to yourself to inquire about out a multi-year term loan. This kind of loan amortizes for a period of two to five years, and comes with low monthly payments. In order to qualify for a multi-year term loan, you need to demonstrate a history of positive cash flow, strong business trade credit, together with high personal credit.
Merchant Cash Advance
Compared to other types of financing, a merchant cash advance is not a loan, but rather an advance against your future debit or credit card sales. Lenders provide you with a lump sum of money in exchange for a percentage of your card sales and a small fee.
Invoice financing is more of a business transaction rather than a loan. You as a business owner sell your outstanding invoices to third-party companies in exchange for immediate funding. You can receive up to 85% of your total invoice value and also acquire the remaining 15% (minus a small fee) once your customers pay their invoice.
A bridge loan is a short-term loan used to fund immediate business needs, such as the bridging of cash flow gaps, taking advantage of new business opportunities, or even paying for unforeseen, and unexpected business expenses. A nice aspect to a bridge loan is, once you’re approved, you receive and can have use of the funds within 24 hours.
Instant Business Loans are Available for Every Industry
SMB Compass offers instant business loans for small businesses in every industry. That’s why we’re confident we can help you secure the financing you need… when you need it. Here’s a sampling of the industries we’ve helped.
- Doctors/Medical Practices
- Beauty Salons/Spas
- Retail Stores
- Auto Repair and Sales
- Landscaping Services
- Toy/Gift Industry
- Accountants and Auditors
- Veterinary Financing
Plus, numerous others!