Fast Business Loans

If you’ve used a credit card before, you may already have an idea of how business lines of credit work. Once approved, lenders assign you a predetermined credit limit, which you can draw from whenever you need to. You’ll only have to pay for the money you used plus the interest rate on that amount. It’s a revolving credit line, so you can tap into the credit line and pay it back as long as you don’t exceed the set credit limit.

It’s also worth noting that business lines of credit can come with the personal guarantee requirement. A personal guarantee basically puts the business owners responsible for paying off the debt if something happens to the company.

If you’re looking for quick business loans to purchase an expensive piece of equipment for your business, equipment financing is the best option for you. You can use the proceeds to buy expensive equipment like backhoes, cranes, vehicles, ovens, and much more. With the small business loan, you won’t have to worry about cash crunches as you won’t have to pay for the equipment yourself upfront.

One of the benefits of equipment financing is that it’s self-securing. That means the lenders are more likely to finance 100% of the equipment’s value, even with a poor business credit score or revenue.

A Multi-year term loan is a type of financing with repayment schedules ranging from two to five years. These longer repayment terms also come with lower interest rates and monthly payments that promote healthy cash flow for small businesses. Once approved, your company will receive funding in as little as three to five days.

To qualify for a multi-year quick business loan, you will need a strong business trade credit, along with a good personal credit score and a history of positive annual revenue.

With a merchant cash advance, you receive a lump sum of cash upfront. You are then free to use the funds to finance your business operations – be it covering short-term gaps in cash flow or reordering inventory. But unlike other types of loans, you are not required to pay back the loan with monthly fixed payments.

Merchant cash advances are mainly offered by online lenders. With it, the lenders will take a portion of your debit and credit transactions. This could be daily or weekly, depending on the lender you’re working with. The downside is that merchant cash advance can be a more expensive program as their interest rates tend to be higher. Financial advisors recommend looking into other loan programs and considering an MCA only as a last resort. Nevertheless, it’s a viable financing option that can give you access to fast cash within the same business day.

Invoice financing is a type of funding where you, as a business owner, sell your outstanding invoices to third-party companies. These funding companies will then advance you 80% to 90% of the total value of your invoice, giving you access to instant cash. You’ll be able to receive the remaining 10% to 20% once your customers pay their invoices, minus a small lender’s fee.

The main requirement for invoice financing is that the business must work with reputable clients. With this type of financing, the business credit won’t be the main consideration. Instead, the lenders will look at your customer’s credit scores first.

The Small Business Administration (SBA) created SBA Loans to help small business owners secure much-needed financing at lower interest rates. The SBA itself doesn’t lend you the money. Instead, they guarantee up to 85% of your loan. This guarantee incentivizes the lenders to extend credit to small business owners that otherwise, won’t qualify for the loan without the government backing. Obtaining an SBA loan is longer than the typical business loan process. The process can take anywhere from a few weeks to months from start to finish.

An asset-based loan is a type of financing secured by your existing assets or collateral. The most common forms of assets and collateral include inventory, accounts receivable, purchase orders, equipment, or commercial real estate. If you have assets you can use as collateral, you are a prime candidate for an asset-based loan.

Most restaurants and bars deal with busy and slow seasons. Both times, they need access to quick financing to prepare for whatever comes their way. Expenses can add up quickly in this industry, and it’s difficult to predict future revenue. Operations can be derailed quickly by outcomes beyond the business owner’s control, such as a broken oven or a leak in the roof. To avoid such damages, restaurant and bar owners need immediate funds to deal with whatever situation that may occur.

Doctors and medical practices deal with many overhead expenses and slow-paying insurance companies. Having longer payment terms can strain their cash flow and make it difficult for them to function effectively. Moreover, medical supplies can be costly, and without having the proper financing, it can drain your cash reserves.

Whether you need to cover payroll or buy equipment and machinery, you can trust small business loans to help you cover the expenses.

The manufacturing industry has an array of overhead and operating expenses. Business owners have to cover these for their company to operate efficiently. Not only that but there is a lot of expensive equipment and machinery required for their business to run. If the business owners don’t have enough cash available, it can disrupt the operations and endanger the company.

Without immediate financing, any unexpected expenses can be detrimental for a manufacturing company. Manufacturers have to move quickly to ensure everything can continue to run smoothly.

Hotels, like some other industries, deal with seasonality. During the slower seasons, cash flow can easily get tight. Sometimes, this warrants business owners to secure financing – fast.

Besides the seasonality, hotels and other hospitality businesses accrue operating and overhead expenses. For instance, they may have to cover maintenance and repairs, which can be difficult on the business cash flow.

Construction companies face a ton of upfront expenses. From day-to-day operating costs to equipment and supplies, the total costs could go up to millions. Plus, with long payment cycles, contractors often experience cash flow gaps, making it harder for them to cover their daily and monthly expenses.

With hard deadlines to catch, contractors use quick business loans to ensure that they have the capital they need to obtain the right equipment and supplies to complete their projects on time.

The technology industry is notoriously expensive, and it’s difficult to manage cash flow with the expenses piling up. While it’s typical for a tech company to have separate investors and seed capital, they still need to set some cash aside to cover immediate needs, especially since software and equipment in the tech industry can be expensive.

Like construction companies, technology businesses come with time-sensitive projects, and they need access to immediate financing for them to meet the deadlines and attract more customers.

Being a business owner in retail can be very difficult if you don’t have access to financing in a timely manner. Like many businesses, they experience seasonality which can potentially cause a strain on their cash flow. There always needs to be money to ensure that you can maintain inventory. With overhead and inventory expenses, access to immediate financing becomes crucial for the survival of every retail business.

Another client experienced late-paying customers, and he needed the capital to make the following week’s payroll. He knows how important it is to make the payments on time, or his employees would lose morale. He had to make sure that their pay was on time.

It was a Thursday, and he needed the funds to be in his account by Friday to pay his employees on time. Fortunately, he was able to secure a line of credit from us. He logged into his online account on Thursday and sent in a request. By Friday, the funds were already available.

As soon as his clients paid him the following week, he paid the amount he drew and the interest. Now, he still uses the line of credit to cover unexpected or short-term cash flow gaps. According to him, his line of credit is one of the most valuable and reliable financial resources.

One of our clients owned a trucking company, and a few of his trucks needed to undergo repairs and maintenance ASAP. He reckoned that the longer he stored the trucks, the higher the losses his company would incur. Moreover, he had clients relying on him to deliver their goods on time. He knew that if he missed out on these deliveries, his reputation would be affected, and he would lose clients.

SMB Compass was able to provide immediate financing for our client so that he could get his trucks back on the road in no time. With that, he didn’t have to worry about missing out on more revenue.