How to Decide?
Some things to first consider:
There are many different types of financing options available to business owners today. Unfortunately there are options out there that are heavily marketed and do not fit the business well. In addition, there are options that would make a good fit, but, require extensive criteria to qualify.
What are the Funds For?
First filter out by your use. For example, working capital and equipment financing are broad categories. Would you need for financing be met with a lump sum payment or through cyclical access to capital?
What is Your TimeLine?
Each loan type typically requires a different underwriting process. As a rule of thumb, apply for financing a few weeks before you really need it. Unfortunately, this does not always work out. To break down by tiers, the most favorable terms typically require 2-4 weeks for thorough analysis. For immediate funding, 2-4 days is all that is needed, however, expect to pay a higher premium for this turnaround.
How Is Your Credit History?
Lastly, understanding your credit score/history is important no matter what some lenders tell you. Fortunately, credit scores are a tertiary focus for us, however, they still play a role.
COmparing Current Options:
Equipment Financing
up to
$5,000,000
2-5 Years.
Majority fall in the 10-20% range. Time in business and credit are major influencers for equipment financing.
1-2 weeks.
Monthly, Weekly
- New Vehicles
- Restaurant Equipment
- Construction Equipment
- Machinery
- Office Hardware and Software
Working Capital
up to
$1,000,000
6-72 months.
SBA: 3-7%
Term Loan: 10-20%
Line of Credit: 12-25%
Merchant Cash Advance: 25%+
48 Hours to 4 Weeks depending on sought after financing type. SBA is the longest with MCA being the shortest.
Monthly, Weekly, Daily
- Payroll
- Inventory and Marketing
- Gaps in Accounts Receivable
- Cushion Cash Reserves
Expansion Loans
up to
$1,000,000
3-10 Years.
Variable by business.
2-4 Weeks
Monthly, Weekly
- Marketing
- Distribution
- New Location
- Licensing
Quick and Straightforward Financing
"These Guys care. I needed help and they thoroughly Walked me through the options I had."
Mike Agola
Cafe la NottE
*A Brooklyn, NY based small business owner with two authentic Italian restaurants
The Process
Apply Online
Takes 3-5 minutes.
Sign Electronically
We'll send everything online.
Receive Funding
Via wire or ACH.