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Choose from the Best Business Loans

The Insider’s Guide to Financing Your Business in 2019

It’s becoming a borrower’s market. Small and medium-sized business are now enjoying loans with rates and terms that were once exclusive to large corporations. So, how can you be sure you’re choosing from the best business loans? Which loan is right for your present and future needs as a business owner? In The Guide, Fast Business Financial highlights the right ways (and wrong ways) to finance a business as well as answer the most common questions our lending specialists receive, such as:

  • When is the right time to secure a business loan?
  • What are the advantages to the different types of loans?
  • Which is right for my business?
  • Can I qualify for a business loan with bad credit?
  • Is a business loan my only option?

Sometimes, access to working capital is the only thing separating good businesses from the great. If your business is hampered by slow growth, then this info is for you.

Welcome to The Insider’s Guide to Financing Your Business in 2019. Let’s boost your lending IQ.

The Best Options for Financing Your Business in 2019

In a recent Forbes article, the guest columnist highlighted three ways to get the most out of a business loan: recruitment, customer acquisition, and expansion. In The Guide, we further develop these concepts and how they relate to all the various loan options. And, yes, an SBA loan is still a great option for borrowers, but focusing on this perennial favorite might mean you miss out on other, possibly more lucrative opportunities out there.

To help you narrow down your financing opportunities we will start with the most popular loan categories for small and medium-sized businesses.

 

Fast Business Loans

With fast business loans through Fast Business Financial, businesses can receive quick business loans — typically within 24 hours of approval! A fast business loan is essentially a fast-tracked short-term business loan that allows businesses to quickly cover unexpected expenses (machinery replacements, repairs, etc.).

Who Qualifies?
  • Credit score of 550 or above
  • At least 1 year in business
  • Over $100k in annual revenues
  • No recent bankruptcies or foreclosures

Loan Amounts

$2,000 – $250,000

Term Duration

90days – 18months

Interest Rates

10% and up

Learn More

Short-Term Business Loan

A short-term business loan shares many similarities to a business term loan, but as the name implies, short-term business loans typically have a term length of only 3 to 18 months. Most businesses apply these types of loans to upgrade equipment, hire additional staff, or wipe out high-interest debts.

Short-term business loans are ideal for business owners with less-than-stellar credit and those who value a set repayment structure. Also, short-term business loans require less paperwork than SBA loans and business lines of credit. (There’s much less paperwork to contend with, too.)

Who Qualifies?
  • Credit score of 500 or above
  • At least 1 year in business
  • Over $100k in annual revenues

Loan Amounts

$2,000 – $250,000

Term Duration

90days – 18months

Interest Rates

10% and up

Learn More

SBA Loan

As one of the most sought-after borrowing options, SBA loans remain popular with owners of small- to medium-sized businesses, who would otherwise not qualify for a low-interest loan with this type of term flexibility.

SBA loans are backed by the Small Business Administration (up to 85% of the total value of the loan). To qualify, applicants should have a credit score of 680 or better. Since this is a loan backed by the federal government, you can anticipate a good deal of paperwork to accompany your loan application.

Who Qualifies?
  • Credit score of 625 or above
  • 2 years as a business entity
  • No recent bankruptcies or foreclosures

Loan Amounts

$10,000 – $1000,000

Term Duration

180 days to 5 years

Interest Rates

7% and up

Learn More

Business Term Loan

A business loan consolidation can bring much-needed relief to small businesses bogged down by multiple loans or debts. Many businesses love the convenience of making a single monthly payment instead of multiple payments staggered throughout the month.

While the terms of a business loan consolidation are often more flexible, you might end up repaying your debts at a higher interest rate if your credit score has taken a hit due to late payments or maxing out numerous lines of credit.

Who Qualifies?
  • Credit score of 500 or above
  • At least 1 year in business
  • Over $100k in annual revenues

Loan Amounts

$2,000 – $250,000

Term Duration

90days – 18months

Interest Rates

10% and up

Learn More

Business Line of Credit

A business line of credit works in a similar way to a credit card. The lender is given a line of credit and only pays back the amount borrowed (plus interest), up the credit line.

Many small- to mid-sized business prefer business lines of credit. The average monthly payment is typically lower than you’d find with a short-term business loan. And, the structure of these payments is set in advance, so they are no surprises when it comes to paying back a business line of credit. But, you should check the terms and conditions if you decide to pay off the debt early; many business lines of credit come with pre-payment penalties.

Who Qualifies?
  • 2 years in business
  • Those with collateral equaling the loan
  • Documentation of revenues and profits

Loan Amounts

$25,000 – $500,000

Term Duration

1 to 5 Years

Interest Rates

7% and up

Learn More

Business Loan Consolidation

A business loan consolidation can bring much-needed relief to small businesses bogged down by multiple loans or debts. Many businesses love the convenience of making a single monthly payment instead of multiple payments staggered throughout the month.

While the terms of a business loan consolidation are often more flexible, you might end up repaying your debts at a higher interest rate if your credit score has taken a hit due to late payments or maxing out numerous lines of credit.

Who Qualifies?
  • Credit score of 550 or above
  • At least 1 year in business
  • Over $50k in annual revenues
  • No recent bankruptcies or foreclosures

Loan Amounts

$5,000 – $1,000,000

Term Duration

5 days – 15months

Interest Rates

8% and up

Learn More

Get Funded Today

Are you ready to apply for a business loan? Call Fast Business Financial at 1-866-277-2907 and discuss your options with a loan specialist. As a direct lender, Fast Business Financial can offer loans with better rates and terms than most — and with zero brokerage fees. Business financing can be yours in as little as 24 hours when you use our same-day business loan application.

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Business Loan Consolidation

In applying for working capital, you are bound to encounter a few snags, roadblocks, and headaches along the way. These are all part of the process. But, one thing you don’t want to experience after securing a loan is regret. By reading through these tips, you will be better prepared when it comes time to apply for a loan.

1

Ask yourself, “Do I really need a business loan?”

business loan always sounds like an attractive way to take care of present issues in your business. Keep in mind, without a solid reason to take out a business loan, you may find yourself burdened by unnecessary debt. So, be sure you are taking out a business loan for the right reasons and ask yourself, “Do I really need a business loan and how will I apply it?”

The first part of the question is the easiest to answer; you’re seeking a loan due to a shortage of working capital. But, how you deliver this information to a lender can open (or close) certain loan opportunities. Most lenders are hesitant to lend money to a business that is struggling to earn money. But, lending money to a business that is successful and seeking funds to become more successful? That’s a completely different animal.

Part two of that important question is how you will apply the loan. You should have an investment target in mind and have some reasonable way to quantify the cost and benefits of this investment.

2

Choose a business loan based on your needs.

term business loan to purchase equipment, or is your business undergoing a company-wide transformation that requires a long-term loan? Securing a loan with a 5-year term to pay for an equipment upgrade or other investment that can otherwise be repaid in a matter of months is a waste of your business’ finances.

Put your loan requirements into numbers and choose a business loan that is in line with your needs. Remember: Loans work best as investment tools, not financial buffers.

3

Put your paperwork in order.

When was the last time you checked your credit score? In the eyes of lenders, there is a huge difference between a credit score of 620 and one at 800. What about annual revenue?

Take advantage of free annual credit reports and have your tax returns ready so this information is ready when it comes time to apply for a loan.

4

Give your options a reality check.

As a small business owner, you may run into a situation where you find a loan that seems perfect for your business; the terms, rates, and loan amount fit perfectly with your situation. But, a credit score of “fair” or a limited financial history of your business might derail your ambitions.

If you have been in business less than two years, conventional lenders may refuse your application outright or only offer loans with rates that seem unreasonably high. If this sounds like your situation, you may want to look into other loan options or hold off taking out a loan until your credit score and business history improve.

5

Choose the right lender.

For years, the only way to get a business loan was to cozy-up to a business loan specialist at the local bank and hope for the best. But, with the emergence of online-based lenders, such as Fast Business Financial, your lending opportunities are now wide open. The best way to find the right lender for you is to consider your business’ financial needs and the other factors above, then seek out a lender that caters to businesses in a similar situation.

 

Get Working Capital in Just 24 Hours

Time is money. As an online business lender, Fast Business Financial offers some of the best rates on conventional and non-traditional popular business loans. In addition to our competitive rates, Fast Business Financial can help you secure working capital in as little as 24 hours.

Some of our most popular loan options include:
  • Fast business financing
  • SBA loan
  • Business line of credit
  • Short-term business loan
  • Business loan consolidation
Fast Business Financial has helped over 7,500 small business secure over half-a-billion dollars in capital, and we can help you!

Even with Bad Credit, Business Loans are Still Feasible

There’s no two ways about it, having bad credit is going to limit your loan opportunities and prevent you from qualifying for the most sought-after business loans, such as SBA loans. But, even with bad credit, business loans are still a feasible and there are even some options that will help your credit score in the long run.

With online business lenders such as Fast Business Financial you don’t have to settle for your local bank’s “best offer” (or their unappealing terms). There are enough options out there that you can find a business loan or line of credit that feels like it was mad
e specifically for your business.

If you have less-than-stellar credit, Call Fast Business Financial to learn about the loans available to you.

Why Non-Traditional Business Loans Might Be Right for You

Non-traditional business loans, or loans from “alternative lenders,” are offered to small businesses that often do not meet the lending criteria of traditional banks and financial lenders. Those who seek these types of business loans may have poor credit, little credit, or other factors that prevent them from seeking financing through a traditional lender.

Fast Business Financial offers a number of traditional small business loans that you would find at your local bank, but also a number of (*conventional loans) loan options for business owners that need working capital, but do not qualify for a conventional small business loan.

If commercial lenders have turned you down, or you’ve found their rates to be simply too steep, Fast Business Financial invites you to reach out to us to discuss the options available to you

More Businesses are Choosing Online Business Lenders

These days, more small and mid-sized businesses are turning to online business lenders to secure working capital. According to a recent survey conducted by the Electronic Transactions Association, 91% of respondents stated they would consider working with an online business lender the next time they take out a loan.

There are several reasons business owners are turning to online lenders. For one, the industry’s reputation is now on par with traditional lenders. Secondly, the rates and terms offered by lenders such as Fast Business Financial are simply too attractive to ignore. Here are some of the best reasons you should consider working with an alternative business lender for your next loan.

?

You Need Working Capital — and Fast!

Clients of Fast Business Financial love the fact that funds can be directly wired to their business checking accounts the same day the loan is approved. With fast business financing, businesses can use these funds to start growing their business right away.

?

You’ve Only Been in Business a Short Period and Lack Collateral

Compared to traditional banks, direct lenders like Fast Business Financial are in a better position to offer loans to those with no collateral or who have only been in business for a year or two. Since, online-based direct lenders have very little in the way of overhead and operating costs, this often translates into more competitive terms and rates.

?

You Don’t Want to Be Pressured into a Loan

Many find working with online business lenders and direct lenders to be less of a hassle than working with conventional lenders. For one, by working with a direct lender you are going directly to the source, so you don’t have to wait extended periods for status updates on your loan. Secondly, there is no one sitting across a table from you pressuring you into signing a loan agreement that may not be in your best interest.

?

You Value Your Financial Privacy

In just the last few years alone, The New York Times has reported on nearly 100 instances of banks being hacked and/or accidentally leaking the sensitive financial information of their clients. All it takes is one rogue employee or a hacker gaining access to a single bank branch to expose the sensitive financial information of millions. With online business lenders like Fast Business Financial, all loan applications are encrypted and stored behind state-of-the-art firewalls, ensuring your personal information is secure.

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You Want More Options

So, how do you decide between conventional lenders and this new breed of business financing operations? If lenders are beating a path to your door with offers to finance your business, you can essentially go anywhere and expect to receive a loan with a reasonable rate. But, if your small business has only been open for a few years and generating less than a million dollars of annual revenue, it may be worth your while to seek a loan through an “alternative lender” such as Fast Business Financial.

Let’s Discuss Your Business Loan Options

Fast Business Financial is a direct lender. Often, this means customers can skip “the middleman” and enjoy some of the best rates and terms on the market.

Whether you are seeking a short-term business loan, business line of credit, revenue-based business loan, or even unsecured business loans, we would be happy to discuss the options available to you. Call us today at 866-277-2907 or apply for same-day funding through the Fast Business Financial website!

When Business Financing isn’t the Best Option

As an online business lender, the team at Fast Business Financial loves working with small to medium-sized businesses. But, we also know that business financing isn’t the only way to raise capital. If you are just starting out and haven’t quite discovered your “hungry crowd,” a business loan may do very little in helping you build a customer base. Likewise, if your business has a negative growth trajectory due to holes in your strategy, a business loan can be just as effective as dropping anchor on a sinking ship; you will simply end up with more financial burdens once you’ve exhausted the loan.

Here are a few of the instances in which business loans may not be in the best interest of your business:

1

Throwing money at a flawed business model.

The market simply wasn’t ready for gourmet pizza rolls. Your friends and family might have been enthusiastic, but maybe your business’ offerings simply don’t appeal to a large enough audience. Failure to gauge market demand is the number one reason businesses fail. While you could take out a loan and cover your costs for the short term, you would likely be better off growing your business organically or increasing prices.

2

Taking out a loan without a clear investment plan.

Loans should never be used as “play money” to make impulse purchases. They are tools to grow your business. If you take out a business loan without having a clear idea of how to invest it, you may find your business in worse shape than before the loan originated

3

Consolidating before crunching the numbers.

Consolidating business debts is often signals to lenders that your operation is struggling to repay existing loans. You may be able to secure a better rate if your credit score has improved since taking out the loans, but you should always crunch the numbers to make sure convenience is not your sole reason for consolidation.

About Fast Business Financial

Since 2014, Fast Business Financial has loaned over $500 million to over 7,500 small and medium-sized businesses around the globe, translating to an average loan amount of over $65,000 per transaction. To date, Fast Business Financial has maintained an A+ rating with the Better Business Bureau.

We are proud pioneers in the world of quick business loans while at the same time offering some of the lowest rates and most generous term options. In fact, most loan types are approved and delivered directly to client accounts in as little as 24 hours.

Before you discuss a business loan with your local bank, call Fast Business Financial at 1-866-277-2907 , or complete our same-day business loan application . We can recommend a loan that will seem like it was made specifically for your business.

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