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The fastest business loans out there are typically the ones with the least risk to the lender. As a result, terms and rates may not be awesome, and security is often necessary. Still, if you need funds fast, there are options. You just have to figure out which ones will work best for you.
Expenses cannot wait. This is true whether they are planned or unexpected. Unexpected cash flow issues require that you know about and have access to the fastest business loans out there.
The cost of a fast business loan may include:
Usually, it is not possible for traditional lenders to be speedy when it comes to lending money. However, some alternative lenders can sometimes make it happen. The process goes even faster if you meet qualifications, like good personal credit and a steady cash flow. Of course, having collateral available for security is even better.
Furthermore, the more Fundable
your business the faster you can get funding. That all starts with building a Fundable foundation. The stronger the fundability of your business, the faster any loan process will go.
If you are a startup, have bad credit, or you have no collateral, you can still get fast business loans. Yet, it will cost more. Lower credit scores, less time in business, and lack of collateral equal higher interest rates, shorter terms, and lower limits.
Creditworthiness is not the only deciding factor when it comes to loans with alternative lenders. Other factors lenders might consider include assets, annual revenue, time in business, and more. Not only that, but the approval process is usually faster. In fact, some approve almost as soon as you hit “apply.”
They do not all have the same requirements, but generally you need to be in business for at least a year or two. Annual revenue requirements vary by lender.
Here are some of the fastest business loan options out there.
For Fundbox, you need at least 6 months in business and a FICO of at least 600. In addition, a minimum of $100,000 in annual revenue is necessary.
This is a short-term loan from a bank, alternative lender, or credit card issuer. The Credit Suite Merchant Cash Advance program has no collateral requirements. Better yet, bad credit is not an issue. Rather, funding is based on cash flow, per review of the most recent 3 months of bank and merchant account statements. They are looking for consistent deposits showing revenue is $50,000 or higher annually.
You can get up to $150,000 with the Credit Suite Credit Line Hybrid. This is unsecured, no-doc financing that has no collateral or cash flow requirements. Approval is based on personal credit only. However, if a borrower has bad credit they can use a guarantor that has good credit. Initially, rates can be as low as 0%.
Invoice financing can be a good option for businesses with irregular cash flow. It allows for immediate payment on invoices, covering cash flow gaps due to slow paying customers.
For the Credit Suite equipment financing program, you must have at least one year in business and a credit score of at least 680. There are no financials required, but you will need to provide details on equipment. You can get approval in as little as 24 hours.
For established businesses with good revenue and profitability, this is a great option. Large sums are available, and they are faster than standard 7(a) loans. In fact, it can take as little as 30 days instead of 45 to 60 days.
The more prepared you are the faster the process will be. Working now to build fundability is the best thing you can do. Find out more about how to start and these Credit Suite loans with a free business finance assessment today!
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There are 125 factors that affect the fundability of your business. They break down into more general core principles. One such area is business financials.
It probably comes as no surprise that your business financials affect the fundability of your business. But, what are lenders looking for? Is it just income and expense? Do they want tax returns and financial statements?
Initially, it may help to remember exactly what fundability is. Put simply, fundability is the ability of a business to get funding. It encompasses a number of things. The business financial information is just one. Now, let’s break down each factor within this principle.
For maximum fundability, lenders like to see at least 3 years of business tax returns. Some traditional lenders will not even consider an application without this.
Sometimes, these are the only financials they need to see. The longer your tax history, the better. Of course, all tax returns need to be up to date and taxes paid. If you aren’t paying your taxes, lenders will not believe you will pay a loan.
Mainly, they will want to see that you are solvent. That means, you can meet your obligations. Even if tax returns are enough, your fundability will be stronger if you can provide financial statements as well.
A business financial statement includes a number of statements actually. At a minimum, most have a statement of income and expense, a balance sheet, and a statement of cash flows. Not surprisingly, they want to see that the business is profitable. With these reports, lenders can also make a number of calculations that will help them make decisions.
Typically, traditional banks have a credit analyst that does this. For new credit decisions, a credit analyst will compare financial statements for at least the past three years.
If they can get more financial history, that is even better. First, they will look for trends and patterns. Then, they will ask for explanations for major changes from one year to the next. For example, if there is a sudden increase in debts or expenses, or decrease in the bottom line, they will question that.
This is why audited financial statements provide even stronger fundability. These statements will already have notes explaining any major fluctuation. Also, lenders view them as more reliable.
Of course, this makes it easier on credit analysts to make a recommendation and for underwriters to get their job done. Now, It does cost money to have financials audited. Yet, the fee is tax deductible.
Also, you can save money by making sure you are organized and prepared. Auditors typically bill by the hour, so the easier you make it on them, the less cost it is to you.
Lenders also look at certain ratios to help determine creditworthiness. These are some of the most common ones used.
First, the current ratio can help you understand whether a business will be able to meet obligations even if the unexpected happens. It is calculated as total assets divided by total liabilities.
Consider this example. If your business has $20,000 in assets and owes $10,000, the current ratio is 2:1. So, assets are double the amount of debt. As you might imagine, that looks good to lenders.
Another useful ratio is the quick ratio. This is similar to the current ratio, except it reduces total assets by total inventory. This is because you cannot turn inventory into cash immediately. It cannot really be used to pay obligations in the short term. If something happens and you need all the cash you can get from your assets immediately, inventory would not be part of that. For this ratio, a healthy number is 1 or more.
The debt to worth ratio is calculated as total liabilities divided by net worth. Net worth is simply total assets minus total liabilities. This ratio tells you, and lenders, how much you owe versus how much you own. In other words, how much of the business is really yours, free of debt.
The financials of the business, and all that goes along with them, are just a fraction of what affects fundability. In fact, when you consider out of 125 factors, 6 of them are related to business financials—a good 4.8 %.
Also, business financials are not the only financials that affect fundability. Other factors include:
If you take all of these into consideration, you end up at around 27%, or about one quarter. The Fundability Codex below gives a good visual.
It’s important to note that not all fundability factors are equal. Honestly, some do affect fundability more than others. Still, it’s easy to see that there is much more to fundability than just the business financial information. It’s true, having bad financials will get you denied by a traditional lender almost certainly. But, having good financials doesn’t guarantee approval. Really, you need strong overall fundability. Are you wondering about the fundability of your business? A free consultation with a business credit expert can help.
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