Same Day Business Loans

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The Ultimate Solution to Addressing Immediate Business Expenses

Small business owners are familiar with the difficulties associated with qualifying for small business loans. And it doesn’t help that banks reject almost 82% of these loan applications. Even if you qualify, it takes weeks or months before you can receive funding, making it difficult for you to address immediate expenses. If you can’t afford to wait around for additional working capital, check out same day business loans.

Whether it’s a broken piece of equipment or a business opportunity that’s too good to pass up, same day business loans give you the cash you need within 24 hours. Many business owners prefer same day funding to address immediate business expenses, such as:

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Repairing broken equipment;
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Seizing new business opportunities;
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Safety and health of your employees; and
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Utility problems like plumbing, electrical problems, etc.

When It Comes to Financing, We’re Your Ideal Business Partner

With over 10 years of lending expertise, we have a successful track record of supporting small business owners. We’ve funded over $160 million to small businesses in the United States and our number keeps on growing.

SMB Compass believes that when it comes to funding, time is of the essence. We offer a quick and easy same day business loan application. We don’t want you to be burdened with excessive paperwork and excruciatingly long timelines. Our loan applications are conducted online and the entire application won’t take more than five minutes of your time.

Here at SMB Compass, our financial experts tailor loan recommendations based on your unique goals and needs. We take the time to get to know your business model, which allows us to offer unbiased information.

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Check Out Your Same Day Business Loan Options

1. Bridge Loans

When you’re faced with a business opportunity and you need to act quickly, bridge loans could be the one for you. Bridge loans can be processed within the day, which allows business owners to seize business opportunities. The terms for this type of loan can range from three to 18 months. The entire application is closed within a few hours and you’ll be able to receive your funds within the day and you can borrow up to $500,000.

Required Documents:

  • One-page online application
  • Updated bank statements

2. Equipment Financing

Equipment financing is perfect for business owners looking to loan up to $250,000 or less to purchase equipment. Whether you operate within the transportation industry, construction, manufacturing, retail, medical, or wholesale, equipment financing is perfect if you need equipment.

Required Documents:

  • One-page online application
  • Equipment invoice
  • Three months of bank statements
  • Your credit report

3. Invoice Financing

Invoice financing enables business owners to access additional working capital by selling outstanding invoices to third-party companies. Instead of waiting for 30 to 90 days to get paid, you can receive 80% to 90% of your total invoice value upfront. Once your clients pay their invoices, we will forward you the remaining percentage minus a small transaction fee.

Required Documents:

  • One-page online application
  • Invoices you want to finance
  • Copy of A/R aging report

4. Business Lines of Credit

A business line of credit offers flexibility in terms of drawing and repaying the loan. Once qualified, we will assign you to a predetermined credit limit that can go up to $250,000. You have the liberty to withdraw any amount you want at any time you want. Because of this flexibility, many business owners use the funds from a business line of credit as standby capital or a cash cushion. You can also use it for immediate expenses since you’ll be able to receive funding within 24 hours.

Required Documents:

  • One-page online application
  • Three months of bank statements

The Benefits of Getting Same Day Business Loans

1. Easy to Qualify

Compared to traditional loan options, same day business loans have higher approval rates. Even if you don’t have an extensive business history or strong credit, there’s a great chance that you’ll still qualify for same day funding. In addition, we’ll most likely review your personal and business credit but the qualifications won’t be as stringent as traditional financial institutions.

2. Secure Extra Cash During an Emergency

Setbacks and emergencies can happen any time. Even though you can’t prevent them from happening, you need to be as prepared as possible. Knowing you have access to same day funding, you can prevent any emergency from putting a dent on your working capital.

3. Receive Working Capital in as Little as 24 Hours

As the name suggests, same day business loans allow you to access funds within 24 hours after closing! The funds will be deposited directly into your business bank account and you can use them immediately. However, keep in mind that bank transfer delays may happen, depending on the bank you’re working with. Be sure to check in with your local bank before applying for same day funding.

4. Inject Cash into Your Business

If you’re running low on funds, same day business loans can inject cash into your business. You’ll be able to keep your customers happy and keep your company running despite financial constraints.

Criteria and Eligibility for Same Day Business Loans

Since there are different types of same day business loans, the qualifications and the requirements will depend on several factors, like:

  • The Use of Funds
  • Profitability
  • Trade History
  • Collateral
  • Personal and Business Credit Scores

For more information on qualifications and requirements, be sure to call us and speak with one of our lending experts at SMB Compass. Just dial our toll-free number at (888) 853-8922! Our team of professionals is eager to help you out, from your initial inquiry to closing!

Learn About Your Financing Options