Business Term Loan
Ready to take on a capital-intensive project? Finance the costs over a
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Loan Amount:
Up to $500,000
Estimated Repayment Term:
1 - 5 years
Interest Rate:
Starting at 7%
Speed of Funding:
As fast as 1 day
Short-Term Loan
Need capital to address a short-term expense or opportunity? Get financing for your small business in as little as 24 hours.
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Loan Amount:
Up to $500,000
Estimated Repayment Term:
3 - 18 months
Interest Rate:
Starting at 10%
Speed of Funding:
As fast as same day
SBA Loans
In need of capital for your small business, but not in a rush? SBA loans offer low interest rates and long terms.
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Loan Amount:
Up to $5 million
Estimated Repayment Term:
5 - 25 years
Interest Rate:
Starting at 7.25%
Speed of Funding:
As fast as 30 days
Working Capital Loans
Cover short-term operational needs with a working capital loan.
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Loan Amount:
$3,000 - $500,000
Loan Term:
3 months - 5 years
Interest Rate:
Starting at 7%
Speed of Funding:
As fast as same day
Equipment Financing
Need to purchase new equipment? There are options for nearly every need.
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Financing Amount:
Up to 100% of value
Estimated Repayment Term:
1 - 5 years
Interest Rate:
Starting at 8%
Speed of Funding:
As fast as 2 days
Business Line of Credit
Does your small business have ongoing financial needs? A line of credit is there if you need it.
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Loan Amount:
Up to $500,000
Estimated Repayment Term:
6 months - 3 years
Interest Rate:
Starting at 8%
Speed of Funding:
As fast as 1 day
Merchant Cash Advance
Need cash fast? Borrow against your future earnings with flexible requirements.
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Advance Amount:
Up to $500,000
Estimated Repayment Term:
3 - 18 months
Factor Rate:
Starting at 1.14
Speed of Funding:
As fast as same day
Commercial Loans
Looking to build, expand or grow? Cover business-related expenses with flexible financing options.
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Loan Amount:
Up to $5 million
Loan Term:
3 months - 25 years
Interest Rate:
Starting at 7%
Speed of Funding:
As fast as same day
Accounts Receivable Financing
Capital tied up in unpaid invoices? Gain instant access to the cash you’re owed.
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Advance Amount:
Up to 80% of receivable value
Estimated Repayment Term:
Until the customer pays the invoice
Factor Rate:
Starting at 1.02
Speed of Funding:
As fast as same day
Why Apply for a Small Business Loan?
When your business needs additional capital, securing a small business loan can be the best decision you ever make.
Avoid Cash Flow Disruptions
Each business, no matter their size, experiences periods where working capital is tight. A small business loan can help shorten these stretches without interrupting operations.
Keep Your Equity
Securing a small business loan lets you maintain control of your company. Use the business loan however you want, and keep any profits and gains that your business generates. You don’t need permission from the lender.
Long-Term Growth
To grow, you have to invest in your business continually. A small business loan can enable you to plan for the future without using any working capital from your day-to-day needs.
Expand
Trying to capitalize on a new market? With a small business loan, you can secure the business location you need to widen your reach.
Identify the Best Loan for Your Small Business
The pool of available business financing options is wider and deeper than ever before. With so many options to choose from, how do you find a lender and a small business loan that’s right for your needs and financial profile?
Start with these 3 steps:
Examine Your Goals
There are different types of loans to fulfill unique business aims.
- Are you looking to purchase a piece of machinery that will last 10+ years?
- Or are you ready to jump on a hot business opportunity?
For instance, your loan shouldn’t outlast the life of your investment. So, it’s not the best decision to take out a 10-year loan to purchase seasonal inventory you intend to turn in 90 days.
Typically, long-term loans for small businesses offer lower interest rates and smaller monthly payments. The tradeoff for these perks is more stringent qualification requirements and a slower time to fund. If you need to act on a business opportunity fast, you may be better served with a short-term loan or advance.
A look at your small business loan options
If you demand speed, consider:
- Short-term loans
- Business lines of credit
- Accounts receivable financing
- Merchant cash advances
If you’re looking to finance a capital-intensive project, consider:
- SBA loans
- Term loans
- Equipment financing
Determine Where to Get Small Business Loans
Small business owners can secure financing from large banks, the credit union around the corner or through online lenders. Where you get your small business loan comes down to two variables: your business’s financial profile and how quickly you need the funds.
Banks
When applying for a loan through a bank, small businesses go through a multi-step process that can take as long as 6 months.
Business owners are asked to complete an application and meet with a loan officer in person. Sometimes you’re required to present a proposal for how you intend to use the funds – and how it’ll benefit your business.
Qualification requirements are set high, too. If your credit score is below 660, you’re just starting out or your revenues are modest, your chances of securing a small business loan from a bank or credit union are slim.
Online Lenders
Online lenders have simplified and streamlined the application and approval process. It often takes minutes to apply, and the approval and funding process is shortened from weeks to days. In fact, depending on the type of online small business loan you’re applying for, funds can be deposited the same day you apply.
Online lenders like Fast Capital 360 are also willing to work with more small business owners. So if your business is young or you’re working to repair your credit, you still have options.
Borrowing from Traditional Banks vs. Online Small Business Lenders
Banks:
- Low interest rates and long terms
- Strict qualification requirements
- Lengthy and intensive application process
- Long time to fund (up to 6 months)
Online lenders:
- Higher rates and shorter terms
- Flexible qualification requirements
- Streamlined application process
- Same-day funding
Estimate What You Can Afford
The first question every lender asks is: How much do you want to borrow?
So, ask yourself how much capital you need to achieve your goals and how much capital you can afford to pay back.
To do this, take a hard look at your cash flow. Compare your cash flow against the loan’s payback requirements. Next, factor in any returns you expect to receive as a result of your investment. This is a great way to make sure you’re not taking out too large (or too small) of a loan.
Estimate how much you can borrow.
Small Business Loan Requirements
Now that you’ve narrowed down types of small business loans by need, filter your options further by your small business loan requirements.
Qualifications for small business loans vary depending on the lender and the program. While there’s no guarantee of approval, businesses with a good credit score, an established history and healthy revenues will qualify for business loans with the most favorable terms.
Credit Score
Lenders evaluate an applicant’s fundability by examining how you’ve handled debt in the past. While a credit score of Good, Very Good or Excellent (670 to 800) will qualify you with most, there are still programs suitable for business owners with Poor to Fair credit (<580 to 660).
Time in Business
The number of years you have under your belt also factors into what small business loans you’ll qualify for. In general, traditional lenders prefer to work with established entities in business for 2 years or longer.
Online lenders are more lenient when it comes to the time in business. If you’ve been in operation for 6 months or more, you’ll qualify for most online lending programs.
Annual Revenue
Before extending a loan to a small business, lenders will evaluate average monthly sales and annual revenue. Funders use this data to determine how much of a loan an applicant qualifies for.
You can secure funding through Fast Capital 360 with the following minimum requirements: Do you qualify?
Applying for a Small Business Loan Through Fast Capital 360
We help business owners find the best online small business loans on the market.
With Fast Capital 360, you won’t spend hours filling out paperwork. We fast-track the process using a simple and secure online application. The average users take less than 5 minutes to apply.
Answer a few basic questions about your company and we’ll guide you to your best business loan options. When we get to know you and your unique goals, we determine your loan eligibility without impacting your credit score. Using the latest in bank-grade encryption, we securely connect to your revenue data to identify lending options that are right for your business.How It Works
Tell us about your business.
Tell us all about you.
Connect your bank account.