You have just started up a small business and think that you have potential to do well in this venture, but just don’t have the capital or finance to start up your project, then if might be a good idea to take out a business loan. With the proper paperwork and all of the pre-requisites satisfied, most lenders are more than likely to advance the funding for small business to the prospective owner. We typically fund loans within 24 hours after we receive the signed loan documents. They do this to encourage the bank to make small business loans because these businesses create two out of every three new jobs in the U.S. and account for a little over half the American workforce.
This application is then scrutinized by financial experts to find the repayment capability of the consumer, by judging from the credit rating of the customer. WBCs help women succeed in business by providing training, mentoring, business development, and financing opportunities to over 100,000 women entrepreneurs annually across the nation.
Next business day funding is dependent on a variety of factors, including, your processor/processing arrangements, your repayment method, loan amount and product term. This includes any type of capital equipment your business might use in manufacturing and retail applications.
To qualify, you must have been in business for at least a year, have a personal credit score over 500 and annual revenue of more than $100,000. The annual percentage rate can range from 70% to 350%, much higher than small-business loans from banks or online lenders.
This lender offers bad-credit business-loan alternatives to businesses in any industry, provided the business has been operating for at least two to three months and has a monthly cash flow of $15,000. You also need to consider the amount of interest that you will have to pay back; in addition, most people do not know that they will be charged extra if they repay their loans early.