One of the biggest challenges, when you are running a small business, is to get financed to meet short-term funding needs. Most large banks can fund you if you are a large corporation or when you are looking for a big loan-size for an extended term. However, when it comes to short-term loans, you have to resort to alternative business lending. If you are looking to fund your small business goals, you can try these ways:
1-Small Business Loans
If you don’t need significant capital to meet your business needs, you can try hands at alternative small business loans. The size of such loan usually varies from USD 10,000-500,000. The interest rate levied is relatively low on such loans. Many business owners end up borrowing more money this way.
Nevertheless, a small business loan is one of the less expensive ways to secure the funding. The chances of getting such a loan approved are high with non-traditional business lenders like us as compared to the large nationwide banks. Getting a loan from AdvancePoint Capital involves the following steps:
- You need to keep these factors in mind like amount requested, monthly gross sales, and time in business and credit score.
- Make an application and provide the documents that are needed. Upon approval, the loan is disbursed on the same day.
2- Try for Business Line of Credit
Critical equipment handling your manufacturing went down, and you had to replace it immediately. You had to pay a large sum of money to purchase and bring your business back to normal. But now, you are facing a cash-flow crunch. What should you do to pay your monthly bills? It is where a business line of credit can help you. To get one from AdvancePoint Capital, the process is as under:
- Make an application and complete the paperwork with whatever credit score you have.
- The loan is disbursed immediately after the application is approved.
- You can get the credit up-to USD 100,000 and make the re-payments within 12-months. You can get the cash when you need.
3- You Can Also Consider Invoice Factoring
You are expecting money from your customers in 30-90 days as your customers pay you within this time-frame. You are planning to boost manufacturing, so you plan to add another machine. It is where you can sell your account receivables to get cash up front. Although slightly expensive, you can get a large line of credit this way. Here is what you will have to do to make an application:
- You will have to make the application online and provide the details like the amount of credit you want, the term, the duration for which you have been doing business.
- Once you have made the application; you will have to provide the account receivables and account payables reports. You will not have to undergo the credit checks as business owners. But the receivables due in the coming 90 days will only be accepted.
- You can get credit lines up-to USD 2.5 million it this way and will be meet your immediate financing requirements.
4- Get Merchant Cash Advance
In this option whether you are a small or mid-sized company, you can raise the cash by selling a portion of the future sales at a discount to the lender. You will get cash in exchange for this. A key thing that differentiates business cash advance from the loan is that it is considered as purchase and sales of future receivables. Here is how you can get it from us:
- Once you have applied for it, you will have to provide the latest merchant processing statements. Else, you can also provide the business bank statements that show consistency in the cash-flow. You will not have to give the tax returns. While you don’t need to have a high credit score, but you should be in business for a long time, more than six months.
- After the approval, you can get loan advances ranging from USD 10,000-USD 500,000. There is no term limit, and you can repay it as a percentage of future sales.
5-Get Money for Equipment Leasing
For many small businesses, buying new equipment is not feasible. It is where you can go for equipment leasing. You can quickly get fund for the same if the lease amount falls between USD 500-150,000.
- Make an online application and provide the details of the equipment that you want on the lease. If the lease amount is less than USD 10,000, you can get a decision within seconds.
Get Funds Now!
To get the funds in any of the ways mentioned above
- Make an application here
- Call on 1-(800) 381-8920 for a free quote.