Renewals: What They Are and How They Work… For You!Editor
You may have, or are thinking about, acquiring a small business loan from a company, like Fast Capital. Some of the benefits of our advances are how fast they are and there’s less paperwork to deal with. It also builds your credit, and renewals. I’m here to explain renewals in more detail.
Our main goal is to partner with your business. We want you to succeed and grow! We strive to get you as much capital as you need. However, there are times where we may not be able to get you the amount you’re requesting. There is a myriad of reasons this could be. Hurting your business is the last thing we want to do. We take all things into account and make sure a loan isn’t going to strap your cash flow. That doesn’t benefit you or us. The good news is that building a relationship with us, puts you in a better position the next time around. What’s more, is that you will not have to wait until your current advance with us is paid off.
Eligibility for renewal happens once a loan is paid down, roughly half way. Your account should also be in good standing. Because most of our advance programs have a short term, you can get more capital within months! This allows you the opportunity to receive additional capital to fund a new project or finish another one. Typically, renewals come with higher amounts, better terms, and/or rates than your first loan with us. Oftentimes, our clients are able to move their, originally second position loans, to a first position. Be mindful, after your original funding, to stay on top of your payments. You also want to be sure to pay down any other existing balances. This will put you in the best position possible for the most competitive terms available.
Something else that’s great about renewing funding with us… saved time. The process is much faster as we already have much of the documentation that we need for you to receive additional capital.
If you’re a current client, give your business adviser a call. If you’re in need of capital and not a current customer, call us at 800-735-6107. We can’t wait to help you move forward in YOUR business!