If your cash reserves are running low, just when demand for your products is high, or you’re faced with unforeseen business expenses, you can’t afford to wait months to get the funding you need. Having access to next day business loans can definitely save your company in its time of crisis.
SMB Compass understands that businesses have urgent needs that require an immediate solution. We take pride in our ability to provide next day business loans to more than 1,000 businesses all over the United States. In some cases, you don’t even have to wait until the next day due to our ability to acquire funding within 24 hours.
If you want to know more about next day business loans, talk to one of our lending experts today!
8 Loan Programs for Next Day Business Loans
Business Line of Credit
A business line of credit works just like a business credit card. Once your approved, lenders assign you a predetermined credit limit which you can withdraw funds from at any time. Once you’ve paid back the loan, you can use the money again, as long as you don’t exceed your credit limit. You can use a business line of credit is a convenient way for you to address business-related expenses.
Small businesses and startup companies have a hard time qualifying for business loans at traditional banks. That’s why the Small Business Administration (SBA) has created business loans that help small business owners secure the financing they need.
Equipment financing is a type of financing used to purchase expensive equipment and machinery. You can use it to acquire trucks, construction equipment, office furniture, and more. With next day business loans, you can also purchase or lease the equipment you need immediately.
If your business owns assets you can use as collateral, you can apply for an asset-based loan. As the name suggests, business or personal assets act as security for an asset-based loan. You can use inventory, accounts receivable, purchase orders, machinery and equipment, commercial real estate, marketable securities, and intellectual property as collateral.
Multi-Year Term Loan
Multi-year term loans are a type of loan with longer repayment periods. You usually need to repay this type of loan within two to five years. Since a multi-year term loan has low monthly payments and longer repayment terms, it’s a great option for small business owners looking to manage cash flow more efficiently.
Merchant Cash Advance
A merchant cash advance is an advance against your future credit or debit sales. Lenders give you a lump sum of cash up front, and you repay it by giving the lending company a percentage of your credit/debit sales.
Technically, invoice financing is not a loan, but rather a business transaction. To receive immediate financing, business owners sell their outstanding invoices to third party companies. Lenders usually give you 85% of the total invoice value. You will receive the remaining 15%, minus a small transaction fee, once your customers pay their dues.
A bridge loan is a short-term loan used to address immediate financing needs. Business owners often use it to bridge cash flow gaps, fund unexpected expenses and take advantage of new business opportunities. Once approved, you can receive the funds within 24 hours.
Next Day Business Loans for Every Industry
Whether you run a construction company or a mom and pop beauty salon, the experts at SMB Compass can provide you with the funding you need to grow your business. We’ve worked with more than a thousand businesses from various industries, such as:
- Doctors/Medical Practices
- Beauty Salons/Spa
- Retail Stores
- Auto Repair and Sales
- Landscaping Services
- Toy/Gift Industry
- Accountants and Auditors
- Veterinary Financing