SkyCap Funding is a lending company that specializes in creating financing solutions for small businesses. Instead of providing traditional, collateral-secured loans, SkyCap Funding bases their financing offers on a business's projected revenue, much like a business cash advance, merchant cash advance, or credit card factoring. Consumers that choose SkyCap should remember that they must have a credit score of 550 or higher.
Fundbox Ltd was founded in 2012 and started offering its product in 2014 with a niche business model of providing advances on outstanding invoices to businesses and freelancers. One of the company's founders, Eyal Shinar, came up with the idea for Fundbox after he watched his mother struggle with cash flow in her staffing business in Israel. Fundbox's goal is to help small businesses maintain adequate cash flow by reducing the wait time for customers to pay invoices. Fundbox aims to address a more narrow and immediate need: paying business owners for the work they've already done.
Consumers that choose Sure Funding Solutions should remember that they must have a credit score of 550 or higher. Company has not yet verified this profile. We recommend researching the top companies shown below:
Halo Capital is an online lending company based in Indianapolis, Indiana. The company specializes in providing funding for startups and small businesses. Small business owners can apply and receive up to $10 million in funding within 24 hours with no required collateral, depending on qualifications; however, it does not disclose its interest rates range and fees on its corporate website. Consumers that choose Halo Capital should remember that they must have a credit score of 550 or higher.
Founded by entrepreneurs similar to you, Behalf's objective is to ease the process of borrowing money. It is quite different than your typical alternative lender in that they designed their service in a way which allows you to build and maintain relationships. Consumers that choose Behalf should remember that they must have a credit score of 550 or higher.
Founded in 2014, Fundera is an online marketplace that works to help match small business owners with loans that fit their needs and situations. To date, the company has helped more than 8,500 small businesses and has secured over $500 million in loans. Unlike a direct lender, Fundera matches borrowers with a number of financing options and reviews all offers to ensure that clients have the information necessary to make the best decision for their business. Fundera has about 25 lender options and is lender-neutral, meaning it is not incentivized to push one loan over the other. The company also offers a variety of loan types for borrowers. Consumers who are considering Fundera should remember that they must have a credit score of 550 or higher.
Redwood Credit Union (RCU) is a local community credit union serving anyone living or working in California's North Bay and San Francisco. Founded in 1950, the full-service credit union offers personal and business banking products. RCU has $2.7 billion in assets and is the 64th largest of approximately 6,300 credit unions throughout the United States. Serving more than 250,000 members, RCU operates 16 branch locations, and 30,000 fee-free ATMs. Consumers that choose Redwood Credit Union should remember that they must have a credit score of 550 or higher.
P2P stands for peer-to-peer. peer-to-peer loans are a viable option for business or personal loans if you do not qualify for or choose not to approach a bank for the funds. P2P credit offers small business loans in the form of start startup or operating loans. The loans are available with fixed rates starting at 5.99 percent. Small business loans can be used to add working capital to a current business, expand inventory, advertising, and other daily expenses. P2P credit provides access to personal loans, debt consolidation, and loans for bad credit. P2P Credit helps business owners link up with the right match for a loan. Most lending and investing is done through Lending Club and credibly.com. Consumers that choose P2P should remember that they must have a credit score of 550 or higher.
Ventury Capital was founded by Kevin Harrington and Nick Bentley. Harrington was one of the first Sharks on the television show Shark Tank and worked as a real estate and business broker before founding Ventury Capital. Bentley is an author and radio show host, whose articles have appeared in Forbes. To qualify for a small business loan with Ventury Capital, businesses must have been in operation for over six months and have earned over $120,000 in revenue in the past 12 months. More established small businesses that have been in operation for over three years may qualify for larger loans and longer terms. Consumers that choose Ventury Capital should remember that they must have a credit score of 550 or higher.
M&T Bank Corporation was founded in 1865 as the Manufacturers and Traders Trust Company in Buffalo, New York, providing financial services throughout western New York State. Since then, the company has grown to become one of the largest commercial bank holding companies in the nation. Business loans are just one of the many services they provide through 650 branches located in New York, Pennsylvania, Washington D.C., Virginia, West Virginia, New Jersey, Florida, and Delaware. They have even expanded into Canada, opening a branch in Toronto. M&T Bank was one of the only banks that was not forced to lower dividends during the 2008 financial crisis. Consumers that choose M&T Bank should remember that they must have a credit score of 550 or higher.
Do you dream of becoming your own boss? Or perhaps you’re already your own boss and want to expand your company. Those daring enough to take the plunge and apply for a business loan will find it can sometimes be a complicated process. To find a loan that fits your company, consider all the factors you’ll encounter when applying. Here are a few helpful things for you to know when looking for a business loan company:
Finding the right loan for your business is a daunting task. There are a plethora of business loans, each with unique aspects and requirements. Keep in mind all the factors that could affect your loan such as personal and business credit history, sufficient collateral, profitability, and cash flow. However, don’t let this discourage you. Don’t be afraid to ask questions and look around until you find the right lender and loan. Make sure to ask your lender what loans they offer and which one will help your business.The most important thing is to find a loan that will best benefit you and your company’s needs.
Lenders will want to know everything about your business. Take the time to tell them about your business, clients, and industry. You can also share how you plan to spend the loan money and where you want to be in the next 5-10 years. Additionally, be sure to bring any documents that can speak to the credibility of your business, including business and personal credit histories, business plans, proof of collateral, bank statements, tax returns, and any other legal paperwork.
You filled out your business loan application a few months ago and are waiting to hear back about the decision. However, the lender calls to inform you that your business loan was rejected. This news would bring anyone down and feel discouraged. In fact, this is the case for many people attempting to get a business loan. Some people never even figure out why their application was rejected. Before hanging up the phone ask what it was that influenced their decision. Sometimes it can be that your business involves to much risk or there wasn’t a clear business plan. Most of the time it is something that can be changed and fixed. Before you submit another application make sure to revisit all aspects of your business proposal to make sure they meet the requirements.
Traditional bank loans are probably the most common when starting to apply for loans. However, just because they are the most common doesn’t mean that it is the best fit for you and your company. Finding the right business loan company takes time and patience, so be prepared to shop around. Focus on companies that are best suited to your current needs.
Be aware of the following items that a lender will look for in your business loan application:
Personal credit score: Your personal credit score plays a key role in whether a lender decides to grant you a business loan. Lenders want to try to guarantee that you’ll make your monthly payments and pay back the entire loan. A personal credit score allows lenders to make a judgement call about whether they’ll approve the loan. Generally, most lenders prefer a credit score of 700+, but there are exceptions.
Amount of time in the business industry: Lenders will consider how long your company has been operating. Most lenders require that your company be in business for 1-2 years before they’ll consider you for a loan.
Collateral: Before giving you the loan, lenders will want to know that if something goes wrong they’ll have something tangible to sell. Collateral can be a car, real estate, work equipment, cash, accounts receivable, or other assets. Lenders tend to undervalue collateral as it lessens the risk they have to take. Undervaluing the collateral requires a borrower to provide more assets to secure the loan.
What types of business loans are there?
Depending on the company and industry you’re in, there are various options for business loans. Each loan lender will specialize in different kinds of loans, and not all of them will be right for your company. Some loans are customized for startup companies, seasonal companies, companies that need equipment, companies that want to increase their working capital and more.
Why should I get a business loan?
While loans can be risky, they can also benefit your company. You can get a business loan for a variety of reasons:
How can I increase my credit score and qualify for larger loans?
Many business owners choose to take out smaller, short-term loans. Consistently making on-time payments will build your business’s credit score and credibility, making it more likely for you to qualify for larger loans in the future.
How long does it take to get a business loan?
This can depend on a number of factors, but don’t expect to walk out of your lender's office with a handful of money on day one. Assuming all documents are correct and present, it can still take weeks or months for your business loan to be accepted. Research each lender’s application and approval process before taking out the loan, just in case it takes longer than you thought.
What’s the difference between a bad business credit score and a thin business credit score?
A business credit score is based on various factors, including your payment history, bankruptcies, liens, etc. A bad credit score shows that you have failed to make your scheduled payments, otherwise known as payment defaults. Whereas, a thin credit score means you don’t have a sufficient amount of business credit history, making it hard for lenders to determine creditworthiness. In both cases, it can negatively affect whether you get the loan.
How can I fix my bad/thin business credit score?
Fixing your credit score will take some time, but there are several steps you can take. Be aware that it could be a while before you see any drastic results.
First, pay all your bills on time or, even better, pay them early. A late payment will lower your score, and it only gets worse the longer you leave it. Second, be on good terms with your vendors. Your suppliers can make a big difference in your credit score. Some vendors will report your on-time payments or early payments to credit bureaus, which will raise your credit score. Another tactic to fix your credit score is to open more than one credit line. Or, you may want to try getting a secured credit card. A secured credit card allows you to set up a security deposit that acts as collateral. If you put down a $500 security deposit, your card limit is $500. Making regular, consistent payments to this card will positively affect your credit report. Last, keep your personal finances and business finances separate. A simple way to do this is to open two separate accounts, one for business and one for personal.
What is the best business loan company for me?
First, identify what your company needs. If your company is looking to expand, don’t apply to a loan company that focuses on equipment financing. The best thing you can do for yourself and your company is to take the time to find the right lender. Reading reviews, calling and asking questions, and reaching out to those who started their own businesses will help you find the best fit. Each business loan company will have different requirements and qualifications so taking the time to conduct your own research is key to finding the right business loan company.