Get Approved for Business Loan
REVENUE BASED LOAN
Revenue based Financing a quick, easy way to get a business capital with no need for collateral—even if you have less than perfect credit.
WHO QUALIFIES FOR REVENUE BASED FINANCING?
Businesses that have little or no collateral, limited business history, or a low credit rating, revenue based financing could be a solution for your needs. Revenue Based Financing has the easiest eligibility standards, so most small businesses shouldn’t have a problem qualifying.
For businesses that make a big portion of their revenue through credit card payments—if you own a restaurant or a retail store, for example—then you can use a Revenue Based Financing as a short-term tool. It can help with working capital, inventory purchases, debt payments, unexpected payments, and more.
Under the U.S. Small Business Administration’s various “SBA loan” programs, you can borrow money for nearly any business purpose—including adding to working capital, purchasing inventory or equipment, refinancing other debts, buying real estate, or even funding the acquisition of other businesses.
WHO QUALIFIES FOR AN SBA LOAN?
Securing an SBA loan is not the most rapid choice but it may provide the longest repayment period.
Are you eligible? Many businesses—including small or newer ones—can qualify for an SBA loan. The most important factor will be your credit score: SBA loans are for business owners with strong borrowing histories. Be prepared: SBA loans usually require a lot of time, energy, attention, and documentation.
It’s definitely not a loan that you’ll apply to and receive the funding for in a few days, but it is a loan you can use to grow your business, refinance your other debt, and more at the lowest available rates.
You might find it difficult to qualify for an SBA loan if your company has a limited track record or, especially, if your credit is poor. After all, the SBA and your lender are sticking their neck out on the belief that you’re a reliable borrower.
A traditional term loan is probably the most common form of business loan, so it’s pretty easy to understand. You borrow a lump sum of money—usually for a specific purchase you’re making for your business—and pay the loan back over a set term, most often at a fixed interest rate.
WHO QUALIFIES FOR TERM LOANS?
Plenty of businesses can qualify for a traditional term loan—as long as you’ve been in business for a bit, have a good credit score, and are generating revenue.
Not all term loans are the same, though: the interest rate, length of the term, and maximum loan size depends on your business revenues and credit rating. Since traditional term loans have longer repayment periods than short-term loans, your business’s financials and credit score are more important.