Small Business Financing To Help You Grow
Get the funds you need to grow your business, purchase equipment or for other expenses. Great rates, flexible terms, easy financing.
- Loans From $10,000 - $5 Million
- 6 Months - 10 Year Terms
- Funding in 1 - 3 Days
Simple Application
In minutes, you can be matched with offers by filling out our simple online application in just 30 seconds.
No Cost Advisor
You'll get matched with your own dedicated Business Financing Advisor at no cost!
Larger Amounts
Match your application with the most suitable financing option with the highest amount of funding.
Same-day Funding
Fintech Speed is able to get you into and out of underwriting within a few hours and even same-day funding!
What Are The Requirements To Be Qualified?
3+ Months In Business
Our top financing options are available to you even if your business is only 3+ months old.
Monthly Gross Sales of $5,000+
To qualify for financing, the minimum income must be $5,000 per month or $60,000 annually in gross sales.
No Minimum FICO
All credit types are eligible for financing. You don't need to have a minimum FICO score in order to apply.
What Is A Small Business Loan?
When you are looking for growth opportunities or starting a new business, the question of How small business loans work is a natural one.
Existing or new companies can borrow money from a variety of lenders through small business loans. There are many loan options available to entrepreneurs to help them achieve their goals. Each loan’s operation is different depending on what type it is.
Perhaps you have a product that is unique and unmatched in the marketplace. Maybe you are looking for equipment to boost your business’s performance. You may also need funds to pay operating expenses because of outstanding invoices. It doesn’t matter what it is, it might be time to get a loan.
More About Small Business Loans
A small business loan can be described as any type of funding that is specifically tailored for small businesses. Existing or new businesses can borrow money from a variety of lenders to get small business loans. There are many loan options available to entrepreneurs to help them achieve their goals. Each loan’s operation is different depending on what type it is.
There are many types of business loans available. It can be helpful to look at just a few.
Term Loan: A standard bank-type loan. The funding is received and you pay the principal plus interest over time.
Equipment Financing: This is a great way for growing businesses to gain an edge. The equipment is purchased upfront and paid off over its life.
Accounts Receivable Finance: If you have outstanding invoices you can borrow against them. AR Financing offers lower rates because the invoices serve as collateral.
Merchant Cash Advance: A loan against future credit card sales. The lender is then paid a percentage of the borrower’s daily CC sales. You don’t even have to see the payments.
A Business Line of Credit: A credit card that works in the same way as a physical credit card. A line of credit is granted to a small business owner. The interest is only charged or the amount spent.
Get Started Today & Speak With An Advisor
Easy 30-second application. Get options in just minutes and funding in hours!
How To Apply For Small Business Loans
Although specifics may differ slightly, the general requirements for small business loans contain the same basic elements.
Credit Scores
Your credit score is important as it will determine the amount of the small business loan. Remember that the bank will need to see the credit scores of all owners, as well as the overall credit score for the business. It may be in your best interests to review your credit report to make sure there are no errors before you apply to the bank. You may also want to improve your score if you are near the top of the credit limit.
Bank Records for Business
To assess your bank records and to assign a rating to the business, the bank will need to see them. This rating determines how much money the business can borrow. To ensure your good standing, you should follow the following tips:
- To demonstrate responsible financial management and consistent revenue, it is ideal to keep a steady balance.
- Overdrawn accounts should be avoided. Set up overdraft protection.
- It may be a good idea to request a reference from the bank at your company. This could be a great way to convince a lender.
- Noting that lenders prefer to see businesses in business for at most 6 months, you might be asked to prove your time in business.
When determining your loan amount and rating, there are some key numbers that the bank will consider. Lenders prefer a broad approach so they will need monthly gross sales and annual gross sales.
- Gross margin
- Cash flow
- Ratio of equity to debt
- Accounts payable and receivable
- Earnings
Monthly Sales Volume, or List of Collateral Assets and Collateral
While some lenders require collateral, others don’t. Most lenders require that you list your company assets in the application. They will want to see what assets could be used to cover the loan repayments. You can also provide evidence of sufficient deposits to your business bank account, which can give the lender confidence that the loan payments will be made.
The Benefits of Small Business Financing
What type of funding are you looking for? You might be wondering ” where can i get a small loan to start a business?” Small business loans are a great way to achieve many of your goals. These loans can help you to keep your business in control, avoid loan problems from family and friends, and protect your personal assets from being put at risk.
There are many options for financing capital. You can choose to borrow more long-term, for longer periods, for equipment purchases, new inventory or leasehold improvements, or for short-term financing.
Sometimes you only need a line of credit to purchase products or services, pay your payroll, or finance receivables.
Get Started Today & Speak With An Advisor
Easy 30-second application. Get options in just minutes and funding in hours!
How To Get A Small Business Loan
1. Collect all documents required for funding.
These documents will be helpful in obtaining lender approval. They will also help to determine loan terms and amounts.
- Social security number or Tax ID
- Files and licenses for business
- Tax filings Profit/loss statement Balance sheet, bank statements
- Review individual lender for additional documents
2. Learn about the different funding options available to small businesses.
Traditional Bank Loans: These loans typically have a fixed amount that the borrower has to repay in monthly installments. A line of credit is the most common type of loan for existing businesses. This allows the borrower to access funds from the lender. These loans are more expensive than traditional loans, but they have higher credit scores.
Revolving Credit Lines of Credit: A borrower can borrow up to the credit limit just like a regular credit line. However, once the borrower has paid back the borrowed money, the credit limit will return or revolve back to its original amount. Credit cards are the most popular form of credit, but they should be used for small purchases only. For large purchases, other forms of revolving debt are better.
SBA Loan: These loans are provided by the federal agency, the Small Business Administration. Although the SBA does not directly offer loans, it minimizes risk for private lenders who manage them.
Titan Funding Solutions has many other business financing options. Check out our complete list of business financing options.
3. Apply
Once you have completed your research and have all the necessary documents, a small company can move forward in this period of uncertainty. Experts in business advise not to wait until you need the assistance. Approval and application will allow you to access what could be crucial funding.
Are you unsure which small business loan is right for you? Register with Titan Funding Solutions to complete a quick application and speak with a Business Financing Advisor.
What are the Average Small Business Loan Rates
It is important to understand the rates and types of small business loans so that you get the best possible funding.
The type of loan you apply for will determine the rate. You will also find variations depending on how much you borrow and the terms of the loan.
Alternative lenders may offer small business loans at rates that are higher than traditional bank loans. There is a trade-off. While some business owners might not be eligible for traditional bank loans, alternative lenders can help.
Small business loans interest rates can vary between 2 percent to 13 percent. The range for an SBA loan is slightly narrower, at 3.5 percent to just under 11 percent.
How To Get a Business Loan Without Collateral
It takes some diligence to obtain a small business loan with no collateral. These are some things that you can do to improve your chances of getting a small business loan without collateral.
1. Make Sure Your Credit Score is in Shape
You don’t have collateral if you aren’t able to provide it. Your reputation is what you can offer, which is basically your credit. You can improve your credit utilization ratio to increase your score. This is the only way to get small business loans with bad credit.
2. Calculate Cash Flow Projections
It is important to understand how you will repay the debt. You will struggle to convince lenders that you can repay the loan.
After you have all the information you need to be eligible for a small-business loan, you can start looking for the best lending option to secure your financial future. There are many options available to help you get on the right path.
Get Started Today
Simple 30-Second Loan Application
We’ll match you with a Business Funding Advisor after you complete this easy application.
This will help you choose the best financing options for your business or real estate venture.
