Stew Business Loans has provided over $100 million in business loans since its founding in 2011. Led by Kevin Harrington, an original “Shark” from the hit TV show Shark Tank, the company finances startups and other small businesses regardless of size or personal credit history.
Compared to a bank’s typical approval timeline (weeks), this company’s approval timeline is impressive. You can potentially get a loan with Stew Business Loans the day after applying for one.
The process simply involves filling out an online form with information regarding your monthly sales, time in business, and credit score. Then a representative can fill you in on your options. At that point, you can review your options and select your loan.
One explanation for this speedy process is the minimal documentation required. Compared to the documentation that would be required for a bank loan, paperwork with Stew Business Loans is kept to a minimum.
Typical barriers to getting a loan from a bank, such as a low credit score and short time in business, are not deal-breakers when it comes to Stew Business Loans. The company even considers startups and small businesses with a low personal credit history.
Repayment and spending are also flexible. Rather than a fixed repayment structure, the company will work with you to come up with a customized repayment schedule. There are also few spending stipulations.
Keep in mind that your gross monthly sales are relevant to funding decisions.
In addition to a loan, Stew Business Loans can connect you with additional business services by sharing your information with lenders, brokers, and other service providers, where relevant.
The approval form includes questions that suggest what these services might be, including the following:
Stew Business Loans says your information is kept confidential. That being said, both the disclaimer and disclosure explain that your email address and phone number will be shared with trusted third parties that can help finance and assist your business in other ways. These third parties include lenders, brokers, and other service providers. This could potentially lead to excessive calls, texts, or emails from service providers while you’re loan shopping or even afterward.
While the purpose of sharing your information is to give you access to goods and services that could be of interest to you, you should be aware that to stop these communications, you’ll need to opt-out of receiving them with the third parties directly.
Stew Business Loans stands out from the crowd with the following three benefits:
The main drawback is the lack of control you’ll have over the initial communication you receive. When you complete the online form, you agree to receive marketing materials from third parties, even if that just means trustworthy potential lenders and service providers.
Stew Business Loans is worth looking into. Just be aware that despite lower eligibility requirements, approval is not guaranteed. The company website states that you can get up to $150,000 with a line of credit, but additional funding and maximum loan amount details require a conversation with a company representative.
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